Covalent|Oct 19, 2026 17:01
$2.48B borrowed against $2.52B supplied. Just $38M of USDC remained available to lend on Aave in early October.
Borrowing had risen for 11 straight weeks. The week of Oct 12 brought the first decline in 12 weeks.
The question is whether this is a pause or the start of a broader cooldown.
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