The decline is significantly less severe than the 70%–90% drawdowns experienced in previous market cycles.

Its research and development division has been rebranded as “Protocol,” with a renewed focus on L1 scaling, blobs, and user experience, reducing headcount from 110+ to under 100.

The bank expects Aave to benefit as DeFi assets grow 37x and tokenized finance moves onchain.

Long positions took the biggest hit, with approximately $779.92 million in liquidations.