I feel it's peak despair on the TL. There is very little activity, and most replies are AI slop. - $ETH sentiment is at ATL, negative flow on ETFs, institutions are not buying your bags - EF did some good initial signaling but hasn't move much beyond some defi deposits, vitalik meow at robots instead of being in war mode. - Borrowing activity is not growing fast enough to cover deposits with interest rate and thus yield at the floor as investors are weary of taking directional position. yield is equivalent to peak bear last cycle. - OI volume is down and Ethena-like yield too as funding is headwind - L1, staking and app revenue are suffering - SOL/ETH was in decline in Q1, but it reversed in March, still it's about who drop the slowest - USD deposits in Defi are down as asset valuations drop faster than new deposits inflow. It all sound quite grim, yet: - Pectra is around the corner with underestimated UX improvement - Despite what KOLs tell you, activity is not quite down, ETH stays the best onchain economy of the industry far above anything else (Tron is a bit special if you look under the hood) - Aave deposits in ETH shows an exponential curve, USD value is weight down by asset value but growth is still in full speed - Aave signed today the 10th quarter of Active loans market share growth in a row, from 50% when ACI launched to 70 %+ now. - a quarter of ALL Defi is Aave. - Aavenomics proposal is in code review and will be published imminently The Aave DAO is strong, with a $110M cash reserve and still cash-positive flows, allowing it to withstand virtually an infinite runway while doing buybacks. - Chainlink SVR was implemented, allowing a large new revenue source for the Aave DAO, especially in a market environment where liquidations are likely to happen - Umbrella is in the implementation phase, making Aave the protocol with the largest user deposit protection system. - GHO is at supply ATH, in a very hostile market environment, the supply did 10x in 2024, if we reach 1B$ in 2025 (easy target) this will double current Aave revenue. - The Dao is preparing to launch new instance and products to increase revenue and market share. Optimism when everything looks grim will allow you to seize opportunities. Onwards.