DEFI TAKEOVER AAVE DOMINANCE • defi lending market share hit 60%, up 3x in 4 years • total volume at $19.1b, exceeding all cefi lending • dao accumulated 10k+ $aave tokens • recent 7,169 token buy at $139 avg CROSS CHAIN EXPANSION • live on 8 networks with $28b tvl • ethereum leads with $21.6b • soniclabs integration adds $480m tvl • stablecoins = 31.3% of $8.8b tvl CIRCLE MOVES • s-1 amendment filed for ipo • targeting ticker $crcl • revenue: $1.7b from usdc reserves (2024) • base network: usdc volume up 20x to $4.29b