The Aave governance dispute that has been ongoing for the past three months has actually had a real impact on the ecosystem. Its TVL has plummeted from $36 billion to $26.5 billion — a significant figure not to be overlooked.

Based on tracking data, it appears that Sun Zhen has withdrawn around $910 million in stablecoins from Aave and redirected them to Sky and Spark. This is not just a small transfer — it’s a major shift in liquidity strategy within the ecosystem.

What’s interesting is the timing. Since early December, Sun Zhen’s deposits in Sky and Spark have surged from $570 million to $1.48 billion. This means Sky is now their main savings platform, no longer Aave. It shows that this internal dispute is genuinely affecting the decisions of major stakeholders.

This conflict between the developer team and the community seems to reflect deeper tensions about the direction of governance. When disagreements occur at this level, investors and liquidity providers naturally start looking for alternatives. In this case, they found Sky and Spark as more attractive options.

From an ecosystem health perspective, this is a warning sign. Ongoing governance issues could continue to drive outflows from the main platform. Whether this is temporary or a signal of structural changes within the Aave ecosystem, we need to keep monitoring in the coming months.