据 CryptoQuant 数据，DeFi 杠杆正在消退，Aave 的借贷量自 8 月以来下降了约 70%，原因是随着价格下跌，风险偏好降低。

<div><p>据 CryptoQuant 数据，DeFi 杠杆正在消退，Aave 的借贷量自 8 月以来下降了约 70%，原因是随着价格下跌，风险偏好降低。</p><p><img alt="" src="https://www.wublock123.com/uploadfile/2025/1224/20251224072652399.jpeg"></p><br><br></div>

数据：DeFi 杠杆降温，Aave 借贷量自 8 月以来下滑约 70%

According to CryptoQuant data, DeFi leverage is receding, with Aave's lending volume down by about 70% since August, as risk appetite decreases as prices fall.

<div><p>According to CryptoQuant data, DeFi leverage is receding, with Aave&#39;s lending volume down by about 70% since August, as risk appetite decreases as prices fall.</p><p><img alt="" src="https://www.wublock123.com/uploadfile/2025/1224/20251224072652399.jpeg"></p><br><br></div>

Data: DeFi leverage cools down; Aave lending volume has declined by approximately 70% since August.

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This article is from Prince, co-founder of Avon.
Compiled by Odaily Odaily(@OdailyChina); Translated by Azuma (@azuma_eth)
TL;DR
People's use of DeFi has become highly similar. The market and infrastructure are maturing, but users' mentality has gradually shifted from curiosity to caution. The reward mechanism has changed from "users bear the risks and rewards themselves" to "users wait to be rewarded," and participation behavior has gradually converged around incentives.
The Fading DeFi
DeFi gives people the feeling that...