.@aave just crossed $60B in TVL - and is the first DeFi protocol ever to do it. @The3D_ walks through how the protocol works, why people borrow crypto to buy cars, and what's coming in V4. Timestamps: 00:00 - Aave’s beginnings and ETHLend 03:53 - How collateral and borrowing work 07:48 - Lessons from the 2020 crash 08:50 - Governance and upgradability 11:32 - Why Aave launched GHO 15:03 - GHO’s peg and design trade-offs 17:47 - Facilitators and minting flexibility 23:45 - Scaling and liquidity challenges 28:01 - Yield mechanics with esGHO 31:14 - RWAs and the Horizon Initiative 39:20 - Capital efficiency vs risk 42:34 - Aave V4 architecture