Recently, cryptocurrency prices have returned to levels last seen in February during the market drop. In their aftermath, the number of liquidations on lending protocols has dropped significantly. This is not a coincidence. This event can be seen, in practical terms, as a (very) brief borrowing opportunity. At the same time, it is clear that we are not in a liquidation-free zone. Thus, participants in the decentralized finance (DeFi) space are being appropriately, if not overly, cautious. Aave, one of the most significant lending platforms, has experienced a steep decline in high-risk loans on its Mainnet. The total value of
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