PANews March 1st reported that, according to on-chain analyst Yu Jin’s monitoring, the governance dispute between the Aave development team and the community has lasted for three months since early December. During this period, Aave’s TVL has decreased from $36 billion to $26.5 billion (according to DefiLlama data). This decline is due to both the value loss from the falling prices of major collateral assets like WBTC and ETH, and whales shifting their funds to other lending platforms due to governance disputes.
The largest whale to switch funds is Justin Sun. During this time, he withdrew $910 million in stablecoins from Aave and moved them to Sky and its sub-DAO Spark. Since early December, his deposits on Sky and Spark have increased from $570 million to $1.48 billion.
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