Aave

Aave v3 EURe Gnosis

Aave v3 EURe Gnosis is a lending pool on Gnosis Chain for supplying and borrowing EURe, Monerium's MiCA-compliant EUR e-money stablecoin. Yield comes from overcollateralized borrower interest payments driven by EUR-denominated leverage and Gnosis Pay adoption.

AUM

$20.54m+4.08%

Supply APY

3.45%+15%

BB+Rated Protocol

Updated Apr 9, 2026

Risk Rating

BB+

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This rating is based solely on publicly available information. The range from BB+ to BBB reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

aGnoEURe

0xEdBC...Bfb2

EUReV1

0xcB44...C56E

EUReV2

0x420C...3430

Oracle

0xeb0a...F7c4

ACLManager

0xEc71...2614

LendingPool

0xb502...26D8

EUReUSDOracle

0xab70...9b7a

PoolConfigurator

0x7304...5D16

variableDebtEURe

0xb964...6c5A

PoolAddressesProvider

0x3661...2132

EUReInterestRateStrategy

0x4cE4...8b44

Key Strengths

Extensive audit coverage from top security firms with continuous formal verification, and EURe V2 separately audited by Ackee Blockchain Security with all findings remediated
$1M Immunefi bug bounty explicitly covering Aave V3 Gnosis at all severity levels with broad asset scope
Dual 5-of-9 Guardian multisigs with diverse institutional signers providing robust emergency controls and governance veto capability
100% organic yield from overcollateralized borrower interest with no emissions dependency, driven by EUR-denominated leverage and Gnosis Pay adoption
MiCA-compliant e-money stablecoin issued by a licensed Electronic Money Institution regulated by the Central Bank of Iceland with publicly identified founding team

Key Risks

EURe total market cap is very small relative to pool deposits, creating a structural bank-run vulnerability where total supply barely exceeds the Aave pool; secondary market liquidity severely impaired after a major DEX exploit froze key pools
Gnosis Chain is classified as a lower-tier chain and executed a hard fork to recover exploit funds, establishing a precedent for chain-level state changes that raises immutability concerns
High utilization leaves a small fraction of TVL immediately available for withdrawal, significantly tighter than comparable EUR stablecoin pools on Ethereum
Major collateral assets on Gnosis are bridged from Ethereum via multisig-validated bridge infrastructure, introducing bridge compromise risk that could cause bad debt for lenders
The EURe issuer holds admin freeze and blacklist power over token addresses, introducing censorship risk at the token level that the lending protocol cannot override