risk managerGauntletcomp.xyz
↓Compound Treasury Consolidation: Sources, Methodology and Framework
AAVE reserves in deprecated v2 markets are being pulled above threshold to support treasury programs.
Overview
Aave(AAVE)
Token Price$62.04
24h Change-3.17%
All Time HighMay 18, 2021$661.69
All Time LowNov 5, 2020$26.02
Key Metrics
Market Cap$941.83m
Fully Diluted Valuation$992.72m
Circ. Supply15.18m AAVE
Max Supply16m AAVE
Outstanding FDV$952.21m
Volume 24h$214.3m
CEX Volume$120.35m
DEX Volume$457.52m
Treasury$67.84m
Majors$1.77m
Stablecoins$20.47m
Own Tokens$38.25m
Others$7.35m
Income Statement for Aave
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $131.64M | $197.61M | $280.77M | $296.11M | $138.35M | $192.46M | $173.33M | $100.56M | $104.96M | $77.59M | $38.54M | $25.93M | $21.69M | $19.08M | $15.13M | $27.13M | $47.37M | $47.76M | $104.23M | $85.77M | $51.02M | $11.41M | $177.12K |
| Borrow Interest | $104.73M | $165.67M | $246.59M | $288.36M | $127.89M | $159.96M | $165.17M | $80.41M | $96.71M | $74.55M | $37.72M | $25.17M | $21.26M | $18.53M | $15.04M | $27.01M | $46.97M | $47.76M | $104.23M | $85.77M | $51.02M | $11.41M | $177.12K |
| Liquidation Fees | $25.84M | $29.85M | $30.76M | $3.46M | $7.87M | $28.56M | $4.39M | $18.28M | $6.30M | $2.42M | $498.03K | $699.80K | $427.56K | $551.12K | $82.44K | $118.50K | $404.41K | $310 | |||||
| Flashloan Fees | $196.71K | $852.32K | $1.22M | $1.37M | $221 | $442 | $234 | $157 | $960 | $90 | $88 | $19 | $55 | $37 | $8 | $10 | $18 | $0 | |||||
| Borrow Interest GHO | $810.85K | $1.22M | $1.99M | $2.63M | $2.33M | $3.44M | $3.60M | $1.86M | $1.93M | $617.45K | $321.03K | $62.45K | |||||||||||
| Paraswap Partner Fees | $489 | $1.84K | $202.83K | $280.87K | $247.35K | $488.79K | $168.42K | ||||||||||||||||
| Chainlink SVR | $57.90K | ||||||||||||||||||||||
Cost of Revenue | $114.67M | $172.24M | $244.91M | $254.69M | $118.60M | $165.32M | $147.40M | $84.83M | $86.73M | $65.68M | $31.96M | $22.01M | $18.92M | $16.69M | $13.25M | $23.97M | $42.08M | $42.44M | $93.16M | $76.92M | $45.57M | $10.23M | $162.34K |
| Borrow Interest | $91.41M | $145.38M | $217.23M | $251.58M | $111.51M | $139.62M | $143.45M | $68.38M | $81.06M | $63.51M | $31.52M | $21.38M | $18.54M | $16.20M | $13.17M | $23.87M | $41.71M | $42.44M | $93.16M | $76.92M | $45.57M | $10.23M | $162.34K |
| Liquidation Fees | $23.25M | $26.86M | $27.67M | $3.10M | $7.08M | $25.69M | $3.95M | $16.44M | $5.67M | $2.17M | $438.75K | $629.60K | $378.57K | $494.70K | $74.15K | $106.64K | $363.96K | $280 | |||||
Gross Profit | $16.97M | $25.37M | $35.85M | $41.42M | $19.75M | $27.13M | $25.92M | $15.73M | $18.23M | $11.90M | $6.58M | $3.92M | $2.76M | $2.39M | $1.87M | $3.15M | $5.29M | $5.32M | $11.07M | $8.85M | $5.45M | $1.18M | $14.77K |
| Borrow Interest | $13.31M | $20.29M | $29.36M | $36.79M | $16.37M | $20.33M | $21.71M | $12.02M | $15.65M | $11.04M | $6.20M | $3.78M | $2.71M | $2.33M | $1.86M | $3.14M | $5.25M | $5.32M | $11.07M | $8.85M | $5.45M | $1.18M | $14.77K |
| Liquidation Fees | $2.58M | $2.99M | $3.08M | $358.48K | $789.82K | $2.86M | $442.91K | $1.83M | $635.27K | $250.96K | $59.28K | $70.20K | $48.97K | $56.39K | $8.27K | $11.84K | $40.43K | $31 | |||||
| Flashloan Fees | $196.71K | $852.32K | $1.22M | $1.37M | $221 | $442 | $234 | $157 | $960 | $90 | $88 | $19 | $55 | $37 | $8 | $10 | $18 | $0 | |||||
| Borrow Interest GHO | $810.85K | $1.22M | $1.99M | $2.63M | $2.33M | $3.44M | $3.60M | $1.86M | $1.93M | $617.45K | $321.03K | $62.45K | |||||||||||
| Paraswap Partner Fees | $489 | $1.84K | $202.83K | $280.87K | $247.35K | $488.79K | $168.42K | ||||||||||||||||
| Chainlink SVR | $57.90K | ||||||||||||||||||||||
Incentives | $18.36K | $45.85K | $424.55K | $809.65K | $1.89M | $2.17M | $2.34M | $1.39M | $661.63K | $493.06K | $554.68K | $461.75K | $158.98K | $223.42K | $374.82K | $1.38M | $8.78M | $18.32M | $43.60M | $54.71M | $38.87M | $0 | $0 |
| Lending/Borrowing Rewards | $7.10K | $35.79K | $358.36K | $256.82K | $159.65K | $195.43K | $433.01K | $355.72K | $135.39K | $273.69K | $554.68K | $461.75K | $158.98K | $223.42K | $374.82K | $1.38M | $8.78M | $18.32M | $43.60M | $54.71M | $38.87M | ||
| GHO Incentives | $11.26K | $10.06K | $66.19K | $552.83K | $1.73M | $1.97M | $1.91M | $1.03M | $526.23K | $219.36K | |||||||||||||
Earnings | $16.95M | $25.32M | $35.42M | $40.61M | $17.85M | $24.96M | $23.58M | $14.34M | $17.56M | $11.41M | $6.02M | $3.45M | $2.60M | $2.16M | $1.50M | $1.77M | -$3.48M | -$13M | -$32.53M | -$45.86M | -$33.42M | $1.18M | $14.77K |
Token Holder Net Income | $155.55K | $9.41M | $9.83M | $11.40M | $11.56M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Token Buy Back | $155.55K | $9.41M | $9.83M | $11.40M | $11.56M |
Risks
How much debt can be issued against AAVE as collateral across lending protocols.
Maximum possible exposure to AAVE
$22.09m
$10.75m (max additional borrows against AAVE) + $11.34m (bad debt if AAVE was hacked now)
Aave V3
$22.08m at-risk exposure = $11.34m bad debt if hacked + $10.75m additional borrowable against AAVE
Morpho V1
$9.2 at-risk exposure = $0.087 bad debt if hacked + $9.11 additional borrowable against AAVE
Venus Core Pool
$6,842 at-risk exposure = $6,842 bad debt if hacked + $0 additional borrowable against AAVE
Methodology and limitations
Showing collateral exposure for AAVE on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
- These metrics describe lending exposure only and are not a full protocol risk rating.
- This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
- Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
- Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.
Show exposure details
Each row is one protocol-chain exposure for AAVE as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
AAVE0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 | $8.62m | $10.55m | ||
AAVE0xd6df932a45c0f255f85145f286ea0b292b21c90b | $1.51m | $567,042 | ||
AAVE0xba5ddd1f9d7f570dc94a51479a000e3bce967196 | $349,237 | $218,700 | ||
AAVE0x63706e401c06ac8513145b7687a14804d17f814b | $264,279 | — | ||
AAVE0xd6df932a45c0f255f85145f286ea0b292b21c90b | $9.11 | $0.087 | ||
AAVE0xfb6115445bff7b52feb98650c87f44907e58f802 | $0 | $6,842 |
Risk Timeline
Risk-management actions published about AAVE by tracked risk managers and governance contributors, newest first.
contributor@ACIgovernance.aave.com
→Aave Labs $86M funding and track record critique
Aave Labs holds 23% of token supply from ICO and has received $86M in funding including DAO payments, but lacks accountability reports; their push to freeze V3 improvements and fund unproven V4 amid BGD's departure raises concerns over protocol maintenance, security, and revenue sustainability.
risk managerChaos Labschaoslabs.xyz
→Aave Net Positive After Recent Market Stress
AAVE collateral drove additional liquidation volume in the 7-day period of elevated activity, yet the event resulted in minimal protocol losses and substantial fee/SVR revenue exceeding deficits.
contributor@EulerLabsforum.euler.finance
↑Euler launches DeFi token lending market
AAVE is being added as a supply-only collateral asset in the new Euler DeFi market, allowing users to deposit it for liquidity without borrowing exposure to mitigate risks from its governance-driven liquidity profile.
risk managerLlama Riskllamarisk.com
↑Aave Chainlink SVR v1 Activation Phase 2
AAVE shows OEV potential with a lin_res score of 122, driven by its volatility as a governance token, positioning it for further SVR development to capture liquidation opportunities.
risk managerLlama Riskllamarisk.com
↑LlamaRisk April 2025 Monthly Community Update
AAVE token onboarding supported on Aave V3 Base given sufficient liquidity and market maturity, enabling broader ecosystem integration without excessive volatility concerns.
risk managerChaos Labschaoslabs.xyz
→Chaos Labs SVR Monitoring Platform Launch
SVR feeds for AAVE have generated the most significant revenue to date, approximately $15K, through auctions capturing OEV during liquidations where AAVE serves as debt or collateral. The platform tracks recapture rates, showing variations due to oracle updates and market factors, with overall protocol recapture at 20.9%.
risk managerLlama Riskllamarisk.com
↑March 2025 Monthly Community Update
Supported onboarding as collateral-only on Aave V3 Base with conservative parameters due to sufficient liquidity, broad distribution, and established market presence.
risk managerLlama Riskllamarisk.com
↑Add AAVE as collateral on Aave V3 Base
AAVE on Base has grown sufficiently liquid and distributed, with over 27,000 tokens available and strong DEX liquidity via Aerodrome pool enabling 2M USD trades at 10% price impact. Bridging to mainnet provides additional liquidity for liquidators, supporting collateralization despite concentration in a single major LP.
risk managerLlama Riskllamarisk.com
→Aave Chainlink SVR v1 Phase 1 Activation
The SVR pilot introduces a 5-block price feed delay, with historical deviations showing a 99th percentile of 1.05% for AAVE. Increasing the liquidation bonus covers potential under-collateralization from these delays without altering borrowing or collateral exposure.
Markets
Token Rights and Value Accrual
Updated Apr 13, 2026Overview
- Token(s)
- AAVEstkAAVEaAAVE
- Token Type
- Governance
- Utility
- Staking
AAVE is the governance and utility token of Aave, enabling holders to propose and vote on protocol upgrades, risk parameters, and treasury decisions, while staking in the Safety Module provides backstop security against shortfalls and earns incentives.
Governance Rights
ControlGovernance includes protocol parameters, treasury management, upgrades, and onchain revenue decisions. AAVE, stkAAVE, and aAAVE all carry voting power. Two community-elected 5-of-9 Guardian multisigs exist: the Protocol Emergency Guardian can pause markets, and the Governance Emergency Guardian can veto malicious proposals. Delegated Steward roles handle risk parameters and treasury operations within governance-set boundaries. The Aave Will Win framework establishes a community-protected vehicle to independently govern Aave's brand assets and IP on behalf of token holders.
Governance Decisions
AAVE
AAVE, stkAAVE, and aAAVE holders vote onchain via Governance V3 with execution through Timelock. Short Executor proposals have a 3-day voting period, Long Executor proposals (governance parameter changes) have a 10-day voting period. Cross-chain voting is supported on Polygon and Avalanche via storage proofs
Treasury Decisions
AAVE
The Aave Treasury is a Collector contract deployed on each network, controlled by governance. It receives the reserve factor (a percentage of borrower interest), liquidation fees, flashloan premiums, and 100% of GHO borrow interest. Fund transfers require governance proposals. Delegated Finance Stewards manage treasury operations within governance-approved parameters.
Revenue Decisions
AAVE
Token holders control all fee parameters via governance: reserve factor rates, liquidation fees, and flashloan premiums. The admin roles that set these parameters are ultimately controlled by token holders. The $50M annual buyback budget was approved by governance vote.
Fee Switch
ON$50M annual budget for AAVE buybacks, passed as a permanent program in November 2025. Weekly purchases range depending on market conditions. Revenue sources include reserve factor fees from borrower interest, liquidation penalties, flashloan premiums, and GHO borrow interest.
Resources
Foundation Multisigs / Addresses
0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7
Treasury runway dashboardaave.tokenlogic.xyz
Primary Value Accrual
BuybacksValue accrues through governance-approved $50m annual buyback program funded by protocol revenue, with additional yield to stkAAVE stakers
Equity Statement
Aave Labs (subsidiary of Avara, the parent holding company) operates the primary interface at aave.com and collects frontend fees independently of the DAO. In December 2025, a CowSwap integration replaced the previous Paraswap routing, redirecting swap fees from the DAO treasury to an Aave Labs-controlled address. Labs maintained the interface and frontend are separate from the protocol, independently funded. On February 12th 2026, Aave Labs created a proposal for the Aave Will Win Framework, which was approved and directs 100% of Aave-branded product revenue to the Aave DAO treasury and create a framework for the DAO to fund strategic growth and development.
Economic Rights
Value Capture$50M annual budget for permanent AAVE buybacks funded by protocol revenue, plus stkAAVE staking yield from the Safety Module. According to the Aave Will Win framework, AAVE holders own the brand, users & integrations of Aave and revenue is directed to the DAO.
Buybacks
AAVE
The $50M annual buyback program directs weekly purchases of $250K–$1.75M in AAVE, adjustable based on market conditions, liquidity, and protocol revenue. Bought-back tokens are directed to the DAO treasury.
Dividends
N/ANo direct revenue distribution to holders is currently active. Staking AAVE as stkAAVE in the Safety Module earns yield from the treasury for bearing slashing risk, but this is an incentive program rather than a revenue share. The Safety Module is being transitioned to Umbrella (aToken staking for automated bad debt coverage).
Burns
N/ANo burn mechanism is currently active
Ownership
- Fundraising
- Token Sale
- Equity Revenue Capture
- No
- Associated Entities
- DAOLabsParent / Holdings Co
- IP & Brand
- Labs, Parent / Holdings Co
- Domain
- Labs, Parent / Holdings Co
Token Usage
An is required to view token usage.
Liquidations
An is required to view token liquidations.
Unlocks
An is required to view token unlocks.
Yields
Showing 10 of 61 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWETH-AAVECL200 - 0.3% | $605,084 | 42.33% | 14.70% | 30.92% | |||||
| open in new tabWETH-AAVE0.3% | $268,009 | 44.31% | 44.31% | 21.21% | |||||
| open in new tabAAVE-WETH0.05% | $255,906 | 42.60% | 42.60% | 20.85% | |||||
| open in new tabAAVE-USDC | $237,129 | 52.94% | 52.94% | 16.33% | |||||
| open in new tabETH-AAVE1.11% | $156,868 | 100% | 100% | 72.00% | |||||
| open in new tabWBNB-AAVE0.3% | $71,799 | 34.38% | 34.38% | 51.40% | |||||
| open in new tabSKY-AAVE0.30% | $69,354 | 49.72% | 49.72% | 24.28% | |||||
| open in new tabWETH-AAVE0.30% | $50,300 | 36.27% | 36.27% | 4.22% | |||||
| open in new tabUSDC-AAVE0.3% | $29,387 | 47.91% | 47.91% | 22.06% | |||||
| open in new tabAAVE-ETHUniswap | $23,344 | 137% | 11.60% |
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Borrow
Showing 10 of 25 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabAAVE âžž WBTC | $1.812b | -0.24% | 0% | -0.35% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž CBBTC | $1.019b | -0.20% | 0% | -0.28% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž WETH | $671.25m | -1.42% | 0% | -2.06% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž TBTC | $114.99m | -0.19% | 0% | -0.28% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž LINK | $65.95m | -0.60% | 0% | -0.86% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž GHO | $40.18m | -1.77% | 0% | -2.56% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž WETH | $5.88m | -1.27% | 0% | -1.84% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž LUSD | $1.33m | -1.45% | 0% | -2.10% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž CRVUSD | $134,562 | -1.74% | 0% | -2.52% | 69% | $48.6m | $0 | ||
| open in new tabAAVE âžž GHO | $6,900 | -1.90% | 0% | -2.75% | 69% | $48.6m | $0 |
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