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Aave users so that they can withdraw their funds borrow stablecoins (USDT & USDC) currently at an interest rate of about 15% with their locked collateral.
This rate is equivalent to about 4~5 times the average return they were getting. That means they’re currently at a loss even if the deposit period of their funds on the protocol is relatively long. The returns during this period do not cover the current borrowing rate.
Of course, the current borrowing rate has risen due to increased demand for exiting the protocol and higher risk levels, but most users prefer to exit with a partial loss rather than losing all of their money.
The truth of what’s happening in DeFi right now is a farce that can’t be described except with very unpleasant words.
$USDT $USDC