New deposit data shows Aave lost $15.1 billion in 3.5 days after the rsETH incident, while SparkLend gained deposits and Morpho saw a smaller decline.
Following the rsETH incident referenced in Aave’s earlier update, Aave’s total deposits fell from $48.5 billion to $30.7 billion, implying about $15.1 billion in withdrawals over 3.5 days. Morpho also recorded a decline, with deposits dropping from $11.7 billion to $10.2 billion. In contrast, SparkLend’s total value locked rose from $1.9 billion to $3.2 billion, indicating it captured part of the capital that exited Aave. The earlier Aave update had cited a LlamaRisk report outlining two possible bad debt outcomes and said DAO service providers and ecosystem participants were working to address the issue, with protocol treasury reserves of about $181 million.