According to a report by the Bank of Canada, Aave V3 had zero defaults in 2024, with a total loan volume of approximately $6 billion, a utilization rate of around 40%, and a net interest margin of 0.64%. The study, based on on-chain data analysis from January 2023 to May 2025, pointed out that over-collateralization and automated liquidation mechanisms effectively prevent lender losses, but the risks are primarily borne by borrowers, and capital efficiency is lower compared to traditional credit systems. Additionally, platform revenue is highly concentrated in assets like WETH, USDT, and USDC, with leveraged trading accounting for about 20% of borrowing volume. Liquidation losses account for roughly 10% to 30% of liquidation volume, without causing significant or lasting impacts on market prices. https://(wublock123.com)/news/canada-central-bank-aave-v3-zero-defaults-2024-borrower-risk-59058