Galaxy's Aug. 7 snapshot of Aave V3 Core found 19,073 loans on the protocol after applying standard filters. Fewer than 9% of those positions are using Aave's E-mode setting, account for roughly half of all outstanding debt on the platform, and show an Ethereum correlation trade.
Source: [CryptoSlate](https://cryptoslate.com/half-of-aaves-debt-sits-in-just-9-of-positions-built-around-one-ethereum-correlation-trade/)