Five straight months of TVL decline? Five straight months of shrinking active loans? Read only those two lines and you'd think June was quiet for $AAVE. Six other numbers say otherwise 👇 1) v4 is compounding fast → TVL went from $4.5M in March to $170.5M in June, roughly 38x in three months, growing against a shrinking aggregate. 2) v4 borrowing is outpacing deposits → active loans ended June at $75.5M, up from a $47.3M average in May, a sign the new markets are being used for credit, not parked as idle liquidity. 3) RWA lending crossed $500M. Active RWA-backed loans across Horizon and Aave's other markets hit that mark at the end of June. 4) Gold collateral quadrupled in a month → $XAUT backing gold loans on v4 went from $1.1M to $4.4M, an all-time high for that market. 5) $GHO hasn't had a down month in a year → its market cap rose for a twelfth straight month to $547.9M, up 128.5% year on year. 6) Revenue grew while fees kept shrinking → DAO revenue hit $8.4M in June, up 70.8% MoM and 11.1% YoY, even as total fees were still down 21.5% YoY. In a couple weeks of July, we've seen $GHO deployed natively on Arbitrum, Stable Vaults and the Global Dollar Hub. If the pace holds, H2 will likely see TVL recovering and more channels giving these Aave stats a boost, further securing its place as one of the top DeFi blue-chips.