Why $AAVE Is More Interesting When Borrowing Grows TVL is usually the first number people mention when discussing $AAVE , but I think borrowing activity gives a more interesting view of what's actually happening inside a lending market. Depositing billions of dollars into a protocol is one thing; having users willing to pay to borrow that capital is another. The relationship between deposits and borrowing matters because lending markets need both sides. Huge amounts of supplied capital with relatively little borrowing can produce impressive TVL while leaving much of that capital underutilized. Higher utilization, meanwhile, affects rates and can attract more supply until the market finds a new balance. That's why I wouldn't judge a lending protocol purely by how much money sits inside it. If I'm trying to understand whether people actually need the product, I'd rather know what they're willing to pay to borrow. #Macro Insights# #Altcoin Season#