Aave Resilient Through USDC Volatility

A bit of delayed reply here, but I’d be curious to understand any historical context regarding the Avalanche market.

It’s not obvious to me why the Avalanche v3 market in eMode had meaningfully more exposure to USDC price swings vs. other markets. Does Gauntlet have any analysis on Avalanche and its nuanced difference vs. other markets?

Along the same lines, why did the Avalanche market lag behind the other markets in USDT borrows even with eMode on USDC and a large market?