Aave v3 (Ethereum)

Aave DAO · Ethereum · algorithmic (utilisation) · on-chain since 2022-12-29

What we can see here. Rates are live, quantity is collecting, and composition is collecting. Each section below states its own case. Sections are never dropped when they are empty — an absent section and an absent number are different things.

1Structure

What kind of credit this is. Attributes, not scores — one column per structural property, factual values only, each with the contract, document or filing establishing it. Nothing here is ranked or weighted.

Oracle dependency what price the loan depends on, if any	multiple Aave v3 PoolAddressesProvider 0x2f39d218133AFaB8F2B819B1066c7E434Ad94E9e → getPriceOracle(). AaveOracle holds one source per asset (setAssetSources) across every reserve, plus a fallback oracle, and governance can replace any of them. A pooled venue's solvency depends on all of the feeds backing the reserves an account touches, not on one.
Liquidation what happens when collateral falls	threshold Aave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — liquidationCall() is permitted once an account's health factor falls below 1e18, computed from per-reserve liquidation thresholds across the account's whole collateral basket.
Term whether the loan has an end date	open-ended Aave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — borrow()/repay() carry no maturity; a position persists until repaid or liquidated.
Rate certainty whether the rate can move after origination	variable Aave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — the variable rate is recomputed from utilisation on every ReserveDataUpdated. Aave v3 did ship a STABLE borrow mode that was fixed at origination (though rebalanceable by the protocol); it was frozen and then removed across deployments, so no current borrowing is fixed at origination. Our ledger keeps its stable_* columns because historical positions used it.
Rate mechanism how the rate is set	algorithmic (utilisation) Aave v3 DefaultReserveInterestRateStrategy per reserve — a two-slope function of utilisation with a kink at the optimal ratio: algorithmic_utilisation per v1 §8.2.
Custody who holds the collateral	protocol-custodial Aave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — supply() transfers the underlying to the reserve's aToken contract under the Pool's control; the depositor holds an aToken claim rather than the asset.
Collateral what secures the borrowing	BTC reserves (7): BTC.b, cbBTC, eBTC, FBTC, LBTC, tBTC, WBTC credit_aave_reserves, resolved on-chain in R1 from the Pool's reserve list and flagged is_btc by address. NOTE: Aave is POOLED and multi-collateral, so a BTC reserve's presence does not mean a given borrow is secured by it — attributing a borrow to Bitcoin specifically is a modelling decision (v1 §6.4), which is why this venue's composition coverage reads `partial` rather than `full`.
Recourse whether liability stops at the collateral	non-recourse Aave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — liability is bounded by the account's collateral. Aave v3.3's DeficitCreated writes off the residual debt of a borrower with nothing left to seize: the protocol absorbs the shortfall rather than pursuing the borrower. (That same event is why this venue's composition axis is still unvalidated — see the readiness matrix, hole #3.)

2Rates

What it costs to borrow here, and what it pays to lend, both sides never conflated. Rates are normalised to a continuously compounded annual figure so venues quoting four different ways are comparable.

live

This venue’s rate is published in the cross-venue comparison rather than duplicated here, so the figures on both surfaces cannot drift apart. See it beside every other venue.

3Quantity

Collateral locked and debt outstanding, and the origination, repayment and net flow behind them.

collecting

Rate history is independent of the loan-level backfill and current. Quantity and composition are WITHHELD: the durable verdict (migration 027) is clean on no chain, Optimism sits at tip with no verdict at all, and 2,532 accounts across six chains hold materially negative collateral (readiness matrix hole #3). SV0-D2 — an unvalidated series never ships.

4Composition

Who owes it and on what terms: LTV distribution, how long positions actually reside, position-size concentration, and liquidation incidence by origination-LTV cohort.

collecting

5Markets

The individual markets this venue runs in scope. A venue is usually a family — one row per (collateral representation, debt asset, chain).

7 markets are resolved for this venue; the per-market list is not published on this page yet.

6The interest-rate model, plotted

Specific to how this venue sets its rate — algorithmic (utilisation). Every venue of the same mechanism class gets the same panel.

Rate as a function of utilisation, with the kink(s) and the current operating point marked, plus utilisation history. The venue’s reaction function — how violently the rate moves if utilisation shifts — read directly from chain.

The interest-rate model, plotted, with what is held behind each input and what is not →

Contract addresses, reserve lists and market identifiers are resolved from this venue’s own on-chain registry rather than taken from its documentation, and re-checked whenever the registry changes. Where documentation and chain disagreed, the chain won and the disagreement is recorded. Last resolved 2026-07-24.