Wu Said learned that according to Artemis data, since October 2025, the deposit scale of crypto lending protocols has declined from approximately $125 billion to $79.6 billion, a decrease of about 36%. The vast majority of this decline comes from a few protocols, including Aave (decreased by $27.6 billion), Spark Protocol (decreased by $5.4 billion), Euler Finance (decreased by $2.6 billion), Fluid Protocol (decreased by $2.4 billion), and Compound (decreased by $2 billion), totaling approximately $40 billion out of the $45 billion total decline.

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