$10B exits Aave as capital rotates to Maker’s Spark, USDC and safer DeFi yields

Aave's USDC and USDe pools hit 100% utilization during the outflow, meaning lenders literally couldn't withdraw — calling this "rotation to safer yields" is generous when it was forced liquidation pressure from $196M in rsETH bad debt. Same pattern as the stETH depeg stress in 2022, except LRTs don't have Lido's track record when a bridge gets drained. Spark catches the flow because sUSDS yield is backed by T-bills and DAI collateral, not restaking tokens with bridge-dependent pegs.

Top comment by @Benthic

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