Delphi Digital: Aave's three core markets have structural issues, resulting in an annual loss of approximately 52 million dollars
By: rootdata|2026/05/19 20:45:02
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Delphi Digital pointed out in its latest post that WETH, USDT, and USDC are the three largest lending markets on Aave's Ethereum market, accounting for 89% of the total borrowing volume. The supply rates for these three markets are about 25%-35% lower than the borrowing rates, resulting in an annual loss of approximately $52 million, nearly half of Aave's annualized revenue for the first quarter. Even if the reserve factor is completely eliminated, there would still be a loss of about $36 million.
Delphi believes that Aave's peer-to-pool model has significant structural flaws. The KelpDAO bridge attack on April 18 further exposed this issue. The attacker leveraged $292 million in rsETH on Aave, leading to nearly $200 million in bad debt for Aave, and the main markets like WETH experienced 100% utilization, freezing for up to 5 days.
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