lending protocol review
Aave V3
Multi-chain lending markets with governance-managed collateral listings, caps, e-mode categories, price feeds, and emergency roles.
reviewedhigh
TVL
$18.60B
Protocol reported or analyst-entered value.
Exposure
$9.40B
Mapped collateral and market exposure.
Dependencies
29
1 critical dependencies.
Markets
3
3 monitor signals configured.
Protocol facts
Static fields from the typed research record.
ProductsCore pool, Isolation mode, E-mode, GHO facilitator exposure
ChainsEthereum, Arbitrum One, Base, OP Mainnet, Polygon PoS
Categorylending
Review statusreviewed
Markets
Collateral, oracle, cap, and liquidation parameters by market.
| Market | Chain | Collateral | Oracles | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|---|
| Ethereum core pool | Ethereum | oracle:ethereum:chainlink:eth-usd, oracle:ethereum:chainlink:usdc-usd, oracle:ethereum:exchange-rate-lsts | 78% | 83% | $8.00B | $5.20B | 74.0% | |
| Base core pool | Base | oracle:base:chainlink:eth-usd, oracle:base:chainlink:usdc-usd | 75% | 80% | $2.60B | $1.50B | 69.0% | |
| Arbitrum core pool | Arbitrum One | oracle:arbitrum:chainlink:eth-usd, oracle:arbitrum:chainlink:stablecoins | 75% | 81% | $3.40B | $2.10B | 72.0% |
Risk findings
Findings separate the observed evidence from the analyst outcome.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| high | exposure concentration | Large collateral listings inherit asset controls | Bad debt can accrue. | Aave accepts stablecoins, LSTs, LRTs, and wrapped assets whose issuer or bridge controls sit outside Aave. | |
| medium | governance admin | Emergency roles can pause markets | Withdrawals or borrows can halt. | Market risk parameters and emergency actions are governance or guardian controlled. |
Dependency edges
Inbound and outbound trust assumptions touching this protocol.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | outbound | accepts collateral | Aave V3 -> WBTC | Aave V3 Ethereum core pool accepts WBTC as collateral or core liquidity |
| high | outbound | accepts collateral | Aave V3 -> weETH | Aave V3 Ethereum core pool accepts weETH as collateral or core liquidity |
| high | outbound | accepts collateral | Aave V3 -> USDe | Aave V3 Ethereum core pool accepts USDe as collateral or core liquidity |
| high | outbound | accepts collateral | Aave V3 -> weETH | Aave V3 Base core pool accepts weETH as collateral or core liquidity |
| high | outbound | accepts collateral | Aave V3 -> weETH | Aave V3 Arbitrum core pool accepts weETH as collateral or core liquidity |
| high | outbound | depends on | Aave V3 -> Curve | Aave liquidation assumptions depend on Curve liquidity for stablecoins and LSTs |
| medium | outbound | accepts collateral | Aave V3 -> wstETH | Aave V3 Ethereum core pool accepts wstETH as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> USDC | Aave V3 Ethereum core pool accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> USDC | Aave V3 Base core pool accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> wstETH | Aave V3 Arbitrum core pool accepts wstETH as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> USDC | Aave V3 Arbitrum core pool accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> USDT | Aave V3 Arbitrum core pool accepts USDT as collateral or core liquidity |
| medium | outbound | governed by | Aave V3 -> Ethereum | Aave governance and payload execution ultimately depend on Ethereum governance contracts |
| low | outbound | settles on | Aave V3 -> Ethereum | Aave V3 deployment inherits Ethereum settlement risk |
| low | outbound | accepts collateral | Aave V3 -> WETH | Aave V3 Ethereum core pool accepts WETH as collateral or core liquidity |
| low | outbound | accepts collateral | Aave V3 -> WETH | Aave V3 Base core pool accepts WETH as collateral or core liquidity |
| low | outbound | accepts collateral | Aave V3 -> cbETH | Aave V3 Base core pool accepts cbETH as collateral or core liquidity |
| low | outbound | accepts collateral | Aave V3 -> WETH | Aave V3 Arbitrum core pool accepts WETH as collateral or core liquidity |
Blast radius
Highest-severity paths that could transmit risk into or out of this protocol.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | outbound | accepts collateral | Aave V3 -> WBTC | Aave V3 Ethereum core pool accepts WBTC as collateral or core liquidity |
| high | outbound | accepts collateral | Aave V3 -> weETH | Aave V3 Ethereum core pool accepts weETH as collateral or core liquidity |
| high | outbound | accepts collateral | Aave V3 -> USDe | Aave V3 Ethereum core pool accepts USDe as collateral or core liquidity |
| high | outbound | accepts collateral | Aave V3 -> weETH | Aave V3 Base core pool accepts weETH as collateral or core liquidity |
| high | outbound | accepts collateral | Aave V3 -> weETH | Aave V3 Arbitrum core pool accepts weETH as collateral or core liquidity |
| high | outbound | depends on | Aave V3 -> Curve | Aave liquidation assumptions depend on Curve liquidity for stablecoins and LSTs |
| medium | outbound | accepts collateral | Aave V3 -> wstETH | Aave V3 Ethereum core pool accepts wstETH as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> USDC | Aave V3 Ethereum core pool accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> USDC | Aave V3 Base core pool accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> wstETH | Aave V3 Arbitrum core pool accepts wstETH as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> USDC | Aave V3 Arbitrum core pool accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Aave V3 -> USDT | Aave V3 Arbitrum core pool accepts USDT as collateral or core liquidity |
| medium | outbound | governed by | Aave V3 -> Ethereum | Aave governance and payload execution ultimately depend on Ethereum governance contracts |
| low | outbound | settles on | Aave V3 -> Ethereum | Aave V3 deployment inherits Ethereum settlement risk |
| low | outbound | accepts collateral | Aave V3 -> WETH | Aave V3 Ethereum core pool accepts WETH as collateral or core liquidity |
| low | outbound | accepts collateral | Aave V3 -> WETH | Aave V3 Base core pool accepts WETH as collateral or core liquidity |
| low | outbound | accepts collateral | Aave V3 -> cbETH | Aave V3 Base core pool accepts cbETH as collateral or core liquidity |
| low | outbound | accepts collateral | Aave V3 -> WETH | Aave V3 Arbitrum core pool accepts WETH as collateral or core liquidity |