Recently, I've come across a few discussions about Aave, which are quite interesting. I have to say, this protocol is much more stable than the market expected, typically in a state where you get used to its presence and don’t really assess how much it’s worth.

The V3 phase actually launched a while ago; many people thought it was just a version upgrade. But now, looking at the chains it’s connecting and the features it’s using, it’s slowly starting to have the feel of a 'mainstream L2 lending hub'. The volume on Base and OP has clearly increased in recent weeks.

It seems that GHO hasn’t really attracted much attention; it feels a bit disappointing, having been around for so long without much presence. But despite looking weak, this token actually has good stability, and the binding collateral logic provides a direct benefit back to Aave itself. From the current token issuance pace, it doesn’t seem to be about creating a breakout model; rather, it feels more like a gradual rollout, slowly capturing the market.

Looking at Aave's protocol itself, its income, TVL, and stability are all online. It just isn’t moving up and can't tell a compelling story. But because it can’t tell a story, it doesn’t have much expectation pressure; when it finally starts to rise, it might not surprise anyone. If you look at the DeFi sector now, there aren’t many who can confidently say their fundamentals are more stable than Aave’s. Earlier this year, many heavily invested in 'new models'; now those projects are basically silent, while Aave remains stuck in its old ways but continues to make money.

The market’s bias against these old protocols is quite obvious; everyone thinks it has completed its lifecycle and there’s nothing left to explore. But you often find that when the later stages of the market see a rebound, it’s the protocols that seem emotionless, lack heat, and aren’t being called out that attract capital willing to invest.

It’s not that there’s no activity; it’s just that the activity is too small for anyone to notice. But with some projects, you turn around and find they’ve risen significantly, and when you look back again, they’ve already surged higher. $AAVE