Looking at this @aave chart from the 2021 cycle: Aave hit peak utilization in October 2021: $19.1B TVL $12.0B borrowed (63% utilization ratio) Nearly 2:3 borrow-to-deposit ratio at cycle peak Compare to August 2025: $37.6B TVL (96% higher) $27.5B borrowed (129% higher) 73% utilization ratio (16% more efficient) Today's market is borrowing more aggressively than 2021 peaks. Higher utilization means protocol generates more fees. Capital efficiency has actually improved since the last cycle.