Lenders earn yield from interest paid by borrowers. Borrowers deposit collateral into Aave and borrow overcollateralized loans from liquidity pools. The interest paid by borrowers is distributed to lenders who have supplied assets to the liquidity pool.
AUM
$176m
Net APY
3.23%
Active Users
141k
Type
Lending
Network
Base
BBB
Elevated RiskCeiling A
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BBB to A reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security100
KMPKey Management Permissions91
MMarket100
LLiquidity85
CCollateral83
PMProtocol Mechanics93
ICEInfra Counterparty Exposures58
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience87
TLCTeam Legal Compliance93
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 1.21%
$176m
Over the last 30 days, the total value of Aave v3 USDC has dropped 1.21% with $2.16M in outflows.
Supply APY · 30D▼ 3.29%
3.23%
Over the last 30 days, the APY has decreased from 3.34% to 3.23%.
Active Users · 30D▲ 0.00%
141k
Over the last 30 days, active users have increased by 0.00%, reaching 140.6K wallets.
Market Details
ChainBase
Treasury$388.00M
Code AuditsOpenZeppelin ↗Trail of Bits ↗Sigma Prime ↗Certora ↗PeckShield ↗Sherlock ↗MixBytes ↗Pashov ↗
Oracles UsedChainlink Price Feeds (Base) ↗Base AaveOracle ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0x4e65...F5c0AB
Oracle0x2Cc0...6Ae156
Collector0xBA94...A37057
USDCToken0x8335...a02913
ACLManager0x4395...46FD33
LendingPool0xA238...98d1c5
PoolConfigurator0x5731...9A96be
PoolAddressesProvider0xe20f...7ad64D
Key Strengths
S1Runs the same battle-tested Aave V3 Origin codebase as Ethereum, with extensive audit coverage from top firms and continuous formal verification, plus an active bug bounty.
S2Fully non-custodial, with all Base USDC deposits held in a verified Pool contract and permissionless withdrawals.
S3Robust shared governance with on-chain DAO voting executed cross-chain to Base, diverse Guardian multisigs, and standard and critical timelocks.
S4Organic supply yield sourced entirely from overcollateralized borrower interest, with no liquidity-mining incentives on the supply side.
Key Risks
R1Base is a centralized L2 run by a single Coinbase sequencer with no decentralized failover, so a sequencer failure halts the chain and temporarily blocks on-chain withdrawals.
R2Base halted block production for roughly half an hour in August 2025, within the lookback window, a genuine reliability differentiator versus Ethereum.
R3Base collateral is concentrated in Coinbase-custodied wrapped BTC, pushing wrapped exposure above the low-risk threshold and concentrating custody risk in a single issuer.
R4USDC carries issuer counterparty risk: Circle can freeze addresses, and USDC depegged during the March 2023 banking crisis.
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