Why Aave’s mechanics matter: lending, borrowing, and the new GHO stablecoin in practical terms
Surprising fact to start: on many Aave markets, a single percentage-point change in utilization can move the variable borrow rate by several basis points — and for traders using leverage that shift compounds across positions faster than most people expect. That sensitivity to utilization underlies almost every risk and opportunity on the protocol. For U.S.-based …