Three assets make up nearly 80% of Aave V4 Bluechip deposits. ➥ WBTC: 36.3% ➥ wstETH: 29.7% ➥ cbBTC: 11.8% That’s nearly $24M concentrated in some of DeFi’s most established collateral assets. The collateral base is already taking shape. The next step is converting more of that liquidity into borrowing demand, which makes the recent focus on USDC borrower incentives especially relevant. With utilization still around 14%, there is plenty of room for the market to become more productive. That’s the metric I’d watch next.
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