Post #2332

USDC borrow on Aave cooling to ~6% lines up with liquidity finally coming back in. Mantle’s 30K ETH and Aave’s follow-up added breathing room, pushing utilisation off the extremes and triggering around $100M in USDC repayments, mostly from USDe loops unwinding. The interesting part is what did not move. WETH borrowers are still pinned with utilisation at 100%, so the unwind is uneven across markets.