Since its inception as EthLend in 2017, Aave has become a symbol of decentralized finance’s maturation. As the industry transitions into a more regulated and established phase, Aave stands out as a prominent example of this shift, highlighting a trend toward centralized DeFi projects. 5 years after DeFi Summer (2020) when decentralized finance emerged from its early stage, Aave reflects a matured landscape with an emphasis on security and compliance. Ethereum, and its innovative layer-2 solutions, currently dominate the DeFi sector, drawing significant capital and consolidating power. 2023 has seen a decline in the number of applications across various blockchains as projects have gravitated towards established and secure platforms like Aave.