Aave v3 USDe Core Market is a lending pool on Ethereum for supplying and borrowing Ethena USDe. Yield comes from borrower interest payments on the battle-tested Aave v3 protocol, though displayed APY is predominantly driven by Merit/Merkl incentives.
AUM
$397m
Net APY
1.4%
Active Users
2k
Type
Lending
Network
Ethereum
BB
Elevated RiskCeiling BB+
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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 BB to BB+ 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
MMarket73
LLiquidity70
CCollateral70
PMProtocol Mechanics56
ICEInfra Counterparty Exposures67
PCEProtocol Counterparty Exposures42
GGovernance100
FRFinancial Resilience87
TLCTeam Legal Compliance93
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 21.84%
$397m
Over the last 30 days, the total value of Aave v3 USDe has grown 21.84% with $71.12M in inflows.
Supply APY · 30D▼ 66.51%
1.4%
Over the last 30 days, the APY has decreased from 4.18% to 1.40%.
Active Users · 30D▼ 0.28%
2k
Over the last 30 days, active users have decreased by 0.28%, reaching 1.8K wallets.
Market Details
ChainEthereum
Treasury$415.00M
Code AuditsOpenZeppelin ↗Trail of Bits ↗Sigma Prime ↗Certora ↗PeckShield ↗Sherlock ↗MixBytes ↗Pashov ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0x4F59...12DECF
ACLManager0xc2aa...4f4e60
USDe Token0x4c9e...1e68b3
LendingPool0x8787...4fa4e2
PoolConfigurator0x64b7...9EbB27
PoolAddressesProvider0x2f39...d94E9e
Key Strengths
S1Extensive audit coverage from top firms with continuous formal verification and an active bug bounty program
S2Conservative USDe risk parameterization with 0% Max LTV, managed supply caps, and automated liquidation mechanics via Risk Stewards
S3Battle-tested through major stress events including record liquidation volumes with zero bad debt to lenders
S4Robust governance with diverse Guardian multisigs, timelocked execution, and full on-chain DAO governance
Key Risks
R1USDe is a synthetic dollar backed by delta-neutral derivative positions exposed to recurring funding rate inversions, creating structural fragility in its peg
R2Off-chain OES custody and CEX counterparty concentration create opaque, unverifiable counterparty risk with demonstrated exposure during exchange incidents
R3USDe has experienced brief depegs during market stress and its derivative-backed peg can deteriorate rapidly unlike fiat-reserve stablecoins
R4Displayed yield is predominantly incentive-driven from Merit/Merkl programs with low organic supply APR from borrower interest alone
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