PANews reported on March 1st that, according to on-chain analyst Yu Jin, the governance dispute between Aave's development team and community has lasted for three months, since the beginning of December. During this period, Aave's TVL has dropped from $36 billion to $26.5 billion (Defillama data). This is due to both the value reduction caused by the decline in the prices of major deposit/collateral assets such as WBTC and ETH, and the fact that whales have switched their holdings to other lending platforms due to the governance dispute.

The biggest whale to reposition was Justin Sun. During this period, he withdrew $910 million of stablecoins from Aave and deposited them into Sky and its subsidiary DAO Spark. Since the beginning of December, his deposits in Sky and Spark have increased from $570 million to $1.48 billion.