加拿大银行研究发现 Aave V3 在 2024 年没有不良贷款，理由是存在超额抵押和递归杠杆风险
A Bank of Canada research report analyzed。
A Bank of Canada research report analyzed Aave V3 from January 27, 2023 to May 6, 2025 and found zero不良贷款 in 2024, attributing this success to the platform's reliance on过度抵押 and automatic liquidation mechanisms that protected lenders in its Ethereum lending market. However, the study highlighted significant trade-offs: risk was shifted to borrowers and capital efficiency decreased compared to traditional lending systems. Recursive leverage—where users repeatedly deposit borrowed assets as new collateral to further borrow and amplify exposure—accounted for over 20% of total borrowing volume, increasing borrower exposure during market downturns. Liquidations occurred in concentrated waves, primarily affecting Wrapped Ether (WETH), Wrapped Staked Ether (wstETH), Wrapped Bitcoin (WBTC), and Wrapped eETH (weETH). Borrowers incurred losses of 10% to 30% due to liquidation fees and missed gains.
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