AAVE: the DeFi bank everyone's using.

▪️ $19.88B TVL, $11.46B borrowed proof real demand, not inflated pools.

▪️ $67.6M in revenue yearly (off $351.5M in fees) shows heavy reinvestment to dominate liquidity, not maximize extraction.

▪️ Treasury: $87.9M, Annual expenses: $18M. It's enough cash to outlast multiple cycles without touching market funding.

▪️ $483.9M staked (~20% of market cap) to secure its system with real skin.

At this points, $AAVE isn’t competing with other protocols but with TradFi credit markets.