My view on AAVE is quite cautious. Ultimately, it's just a lending protocol platform—users deposit assets to earn interest, and the platform then lends them out for profit, which is a straightforward business logic. The problem is that growth potential is limited. It's normal for deposit sizes to shrink during a bear market, but what about during a bull market? Users won't casually lock their money in the protocol just because the market is optimistic, unless the yields are particularly extraordinary to attract incremental capital. Currently, the entire lending sector has basically been shaped, and there are no new stories to tell. AAVE is a bit like LINK—its initial growth potential has already been exhausted, and its current position is just like this. It won't die, but don't expect a super cycle either. Steady capital entering is fine, but if you want to achieve a leap in wealth through it, that's another story.