PANews reported on April 3rd that, according to a research report released by the Bank of Canada on April 2nd, 2026, Aave V3 had a loan volume of approximately $6 billion in 2024, a utilization rate of 40%, a net interest margin of 0.64%, and no non-performing loans. The research, based on on-chain data from January 1st, 2023 to early May 2025, concluded that over-collateralization and automatic liquidation effectively protect lenders, but at the expense of capital efficiency, with borrowers bearing more of the risk. Returns are highly concentrated in three assets: WETH, USDT, and USDC, contributing nearly 83% of the platform's revenue. Revolving leveraged borrowing accounts for approximately 20% of total borrowing, and liquidation losses are approximately 10%-30% of the liquidation value, limiting its impact on the broader market.