Aave v3 WBTC is a lending pool on Ethereum for supplying and borrowing Wrapped Bitcoin. Yield comes from borrower interest payments, though utilization is very low (~2.5%) as WBTC is primarily used as collateral. The pool is governed by AAVE tokenholders with timelocked on-chain execution and dual Guardian multisigs.
AUM
$2b
Net APY
0.01%
Active Users
10k
Type
Lending
Network
Ethereum
A-
Qualified GradeCeiling AA
AAAAAABBBBBBCCCCCCD
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 A- 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 Mechanics100
ICEInfra Counterparty Exposures89
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience87
TLCTeam Legal Compliance93
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 12.70%
$2b
Over the last 30 days, the total value of Aave v3 WBTC has dropped 12.70% with $296.73M in outflows.
Supply APY · 30D▲ 0.00%
0.01%
Over the last 30 days, the APY has increased from 0.01% to 0.01%.
Active Users · 30D▲ 4.08%
10k
Over the last 30 days, active users have increased by 4.08%, reaching 9.6K wallets.
Market Details
ChainEthereum
Treasury$125.00M
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0x5Ee5...eC6DE8
ACLManager0xc2aa...9c85b0
LendingPool0x8787...4fA4E2
Oracle (WBTC)0xDaa4...690cAc
PoolConfigurator0x64b7...9EbB27
variableDebtWBTC0x40aA...6A8b7B
PoolAddressesProvider0x2f39...d94E9e
Key Strengths
S1Extensive audit coverage from top security firms with continuous formal verification and a large bug bounty program
S2Zero permanent user fund losses across eight-plus years of mainnet operation, including record liquidation stress events with no bad debt
S3WBTC pool has very low utilization with the vast majority of TVL immediately available for withdrawal, minimizing bank-run risk
S4Dual Chainlink oracle (WBTC/BTC + BTC/USD) correctly reflects WBTC peg status, with separate Proof of Reserve monitoring BTC custody
Key Risks
R1Entire WBTC pool TVL is a wrapped asset depending on BitGo/BiT Global custody with controversial involvement; a custody failure would cause WBTC depeg and potential bad debt
R2Key codebase maintainer and major governance contributor departing amid governance tensions, creating transition risk for protocol maintenance and governance continuity
R3Near-zero supply yield due to very low utilization provides negligible compensation for custody and smart contract risks borne by WBTC suppliers
R4Combined backstop reserves represent a small fraction of Ethereum TVL, below the threshold for low-risk classification, and no WBTC-specific safety module exists
Institutional-Grade Research
Delivered to Your Inbox
In-Depth Research ReportsIn-depth analysis on staking protocols and yield strategies
Risk Assessment ReportsComprehensive risk evaluations for capital allocators
Exclusive Events & Market IntelligenceEarly access to Digital Asset Yield Summit, and more
Join 12,000 institutional allocators worldwide. No spam, unsubscribe anytime.
