Recently revisited some of the core assets of decentralized exchanges and want to discuss the leading projects in the lending sector.

**AAVE's Fundamentals**

Total supply of 16 million tokens (fixed and certain), currently about 15.3089 million in circulation, with recent prices oscillating around 149.25 USDT. As a leader in DeFi lending, it is tied to the Ethereum ecosystem and has expanded across multiple chains in recent years, covering ecosystems like Polygon, Arbitrum, etc. The strategic layout is clear—where users are, liquidity should be there. The token itself carries governance rights, and community decision-making still holds weight. From a fundamental perspective, it is quite stable.

**Where is the potential?**

The lending market size is established, and DeFi itself is unlikely to disappear. Once market sentiment improves and funds become active again, infrastructure projects like this tend to be among the first to benefit. Multi-chain deployment means a larger capture area—there is still room for user growth.

**But we also need to be aware of risks**

Honestly, it has fallen 54.42% over the past year, which is not a small figure. The overall cooling of the DeFi sector is one thing, and there are many competitors; user dispersion is happening. The yield model largely depends on whether there is money in the market—without capital activity, lending demand weakens.

**Expected scenarios**

In a typical small bull market, with a moderate recovery in DeFi, there might be a 3-5x upside, corresponding to a price range of about 450-750 USDT. If it becomes the main theme of the market and a real bull run kicks in, an 8-10x increase is not a dream, and the price could approach or break through the historical high of 666.87 USDT.

Of course, these are projections based on current logic; the actual trajectory will depend on market sentiment.