Wu said that according to Artemis data, since October 2025, the size of crypto lending protocol deposits has dropped from about $125 billion to $79.6 billion, a decrease of about 36%. The vast majority of the decline came from a handful of protocols, including Aave (down $27.6 billion), Spark Protocol (down $5.4 billion), Euler Finance (down $2.6 billion), Fluid Protocol (down $2.4 billion), and Compound (down $2 billion), which together accounted for about $40 billion of the $45 billion decline.