Active Loans are one of the best metrics to measure a lending protocol, rather than TVL. On this level, Aave is still far ahead, accounting for over 60% of the entire network. The upcoming lending protocol WLFI Markets is about to launch. Whether it can challenge Aave in terms of scale will be very interesting to watch. If it fails to change the current lending market structure, it will further validate Aave's moat. I think WLFI Markets' advantage still lies in institutional demand. When Aave set its 2026 strategic roadmap earlier, it also clearly pointed out the current market situation: the on-chain funds in DeFi are already very fixed and saturated. So, Aave's growth will also rely on RWA/institutional demand. In this area, WLFI Markets seems to have certain channel advantages. It all depends on how the project team plans. Competing for the on-chain market might not be a wise choice.