Aave v3 cbBTC Core Market is a lending pool on Ethereum for supplying and borrowing Coinbase Wrapped Bitcoin. Yield comes from borrower interest payments on the battle-tested Aave v3 protocol, governed by AAVE tokenholders with timelocked on-chain execution.
AUM
$972m
Net APY
0%
Active Users
1k
Type
Lending
Network
Ethereum
BBB+
Elevated RiskCeiling AA
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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 AA 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
LLiquidity100
CCollateral70
PMProtocol Mechanics93
ICEInfra Counterparty Exposures78
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience87
TLCTeam Legal Compliance93
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 19.89%
$972m
Over the last 30 days, the total value of Aave v3 cbBTC has dropped 19.89% with $241.27M in outflows.
Supply APY · 30D▲ 0.00%
0%
Over the last 30 days, the APY has increased from 0.00% to 0.00%.
Active Users · 30D▲ 0.29%
1k
Over the last 30 days, active users have increased by 0.29%, reaching 1.4K wallets.
Market Details
ChainEthereum
Treasury$415.00M
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0x5c64...efd1Dd
ACLManager0xc2aa...9c85b0
LendingPool0x8787...4fA4E2
PoolConfigurator0x64b7...9EbB27
variableDebtcbBTC0xeB28...c54a4d
PoolAddressesProvider0x2f39...d94E9e
Oracle (cbBTC - BTC/USD)0xb41E...0C8B0A
cbBTC Token (FiatTokenProxy)0xcbB7...ed33Bf
Key Strengths
S1Extensive audit coverage from top firms including OpenZeppelin, Trail of Bits, Sigma Prime, Certora, and Sherlock with continuous formal verification
S2Robust governance with two Guardian multisigs featuring diverse independent signers and 1-7 day timelocked execution
S3Extremely low utilization provides near-full immediate withdrawal availability, virtually eliminating bank-run risk for cbBTC lenders
S4Battle-tested through major stress events including record liquidation volumes with zero bad debt across all pools
Key Risks
R1cbBTC Aave oracle uses a plain BTC/USD feed rather than a dual cbBTC/BTC feed, meaning a cbBTC depeg from BTC would not be detected by the pricing oracle
R2Single custodian (Coinbase) controls cbBTC with blacklist and pause capabilities built into the token contract, creating concentrated counterparty risk
R3100% wrapped asset concentration with the entire cbBTC supply depending on Coinbase BTC custody, with shorter operational history than comparable assets
R4Key service providers departing the DAO, creating governance transition risk during a period of internal tension
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