Aave Statistics 2026: TVL, Fees, Revenue and V4 Data

Aave held $17.92 billion in total value locked across every version and chain on 26 August 2026, with $12.57 billion borrowed against those deposits, according to DefiLlama. That is 24.8% higher than the $14.36 billion recorded 30 days earlier. It is also 55% below the $39.80 billion the protocol held a year before that.

Fees tell a different story from deposits: Aave V3 charged $30.53 million over the trailing 30 days. That compares with $80.86 million in January 2026 alone. Deposit growth and fee income have separated. The data below takes the two apart, chain by chain and market by market.

Key Takeaways

• DefiLlama puts Aave’s total value locked at $17.92 billion across all versions and chains, with $12.57 billion borrowed.
• The protocol keeps 13.7% of what it charges, taking $4.19 million in revenue from $30.53 million in fees over 30 days.
• The four largest Aave V3 pools hold 60.3% of the protocol’s pooled value, and every one of them pays a supply rate at or near 0%.
• Ethereum carries $14.50 billion of Aave V3’s value, against $534.32 million on Plasma.
• Aave V4, which DefiLlama first listed on 2026-03-30, has reached $351.83 million across Ethereum and Avalanche.
• The AAVE token trades at $122.85 for a market capitalization of $1.90 billion, 81.43% below its May 2021 high.
• The Aave DAO runs a buyback with a $50 million annual budget and weekly purchases of $250,000 to $1.75 million.

Editor’s Choice

• Total value locked across all Aave versions: $17.92 billion.
• All-time fees charged by Aave V3: $1.81 billion.
• All-time protocol revenue retained by Aave V3: $241.39 million.
• Chains carrying an Aave V3 deployment: 21.
• All-time peak total value locked: $45.81 billion, recorded on 2025-10-07.
• GHO stablecoin supply: 699,000,000 tokens at a market capitalization of $698.30 million.
• Aave V3 pools tracked by DefiLlama: 221.

Aave Total Value Locked

• DefiLlama’s parent record for Aave, which combines V1, V2, V3, V4 and Horizon RWA, reported $17.92 billion in total value locked at 20:06 UTC on 26 August 2026.
• Borrowed balances across those deployments came to $12.57 billion.
• Thirty days earlier, the same measure read $14.36 billion, and 90 days earlier $13.76 billion.
• Six months earlier, on 2026-02-28, it read $24.39 billion.
• A year earlier, on 2025-08-27, it read $39.80 billion.
• The all-time maximum of $45.81 billion was set on 2025-10-07.
• Two years earlier, on 2024-08-27, the protocol held $12.03 billion.

Source: DefiLlama, August 2026

DefiLlama counts total value locked net of borrowed balances, so a protocol dashboard reporting gross supply will show a larger number for the same day. Broader DeFi market TVL data moved in the same direction over the period.

About This Data

Compiled from 19 Tier 1 sources captured on 26 August 2026: DefiLlama protocol, fee, yields and lend/borrow endpoints, CoinGecko market records, and Aave protocol documentation. No market-research estimate was used. Every figure is a live-window reading and moves.

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Aave TVL by Blockchain

• Aave V3 runs across 21 chains and held $17.19 billion in total value locked on 26 August 2026.
• Ethereum accounts for $14.50 billion of that total, with $10.03 billion borrowed against it.
• Plasma holds $534.32 million.
• Arbitrum and Base sit almost level at $505.17 million and $504.22 million.
• Monad holds $289.98 million and Avalanche $258.38 million.
• Binance holds $182.84 million.
• Borrowed balances across all Aave V3 chains total $12.23 billion.

Concentration on Ethereum has not loosened, and the long tail is thinner than the chain count implies. X Layer holds $80.74 million, xDai $59.88 million, Optimism $52.34 million, Mantle $28.60 million, MegaETH $28.23 million, and Linea $13.41 million.

Polygon holds $138.57 million, less than Monad’s $289.98 million.

Recent Developments

• August 2026: Aave’s total value locked recovered to $17.92 billion, against a $14.36 billion reading 30 days earlier. The move works out to a 24.8% gain.
• August 2026: Aave V4 crossed $351.83 million in total value locked, up from $203.74 million at the end of July.
• August 2026: Monthly fees on Aave V3 ran at $26.83 million through 26 August, a partial month covering 1-26 August only.
• August 2026: AAVE gained 23.4% over 30 days to $122.85, while remaining 63.2% lower over 12 months.
• August 2026: Aave Horizon’s institutional real-world-asset market held $258.73 million, against $122.47 million borrowed.
• March 2026: DefiLlama first listed Aave V4 on 2026-03-30, when it recorded $1.13 million in total value locked.

Aave Protocol Fees and Revenue

• Aave V3 charged $30.53 million in fees over the trailing 30 days and $7.78 million over the trailing seven days.
• Trailing 12-month fees came to $820.82 million.
• All-time fees stand at $1.81 billion.
• Aave V3’s protocol revenue, the share the protocol itself retains, was $4.19 million over 30 days and $105.83 million over 12 months.
• All-time protocol revenue stands at $241.39 million.
• Monthly fees fell through 2026: $80.86 million in January, $47.35 million in March, $39.81 million in June, and $29.05 million in July.
• Monthly revenue followed the same path, from $10.07 million in January to $3.78 million in July.

By the numbers: Aave V3’s monthly fees fell 64% between January and July 2026, from $80.86 million to $29.05 million. Deposits fell across that same window, and the 30-day rise came later. Fee income tracks borrow demand, not the size of the collateral pile.

Aave Supply and Borrow Rates by Market

• The Ethereum USDT market paid a supply rate of 4.34% against a borrow rate of 5.19%.
• The Ethereum USDC market paid 3.31% to suppliers and charged 4.00% to borrowers.
• The Ethereum WETH market paid 1.49% and charged 2.14%.
• The Ethereum WBTC market’s supply rate rounds to 0.01% and its borrow rate to 0.37%.
• Monad USDC paid 4.15% to suppliers and charged 4.99% to borrowers.
• Ethereum WETH is the largest borrowing market, with $5.26 billion supplied against $4.30 billion borrowed.
• Ethereum USDT follows at $2.92 billion supplied against $2.71 billion borrowed.

Source: DefiLlama lend/borrow endpoint, 26 August 2026. Rates are variable and change block to block.

These rates reprice every block, so a figure captured at 20:00 UTC will not match the same market an hour later. Head-to-head Aave borrowing rates against a peer protocol show how far two curves diverge on the same asset.

Aave Loan-to-Value Ratios and Risk Limits

• The Ethereum WETH market allows a maximum loan-to-value ratio of 80.5%.
• Ethereum USDT and USDC both cap loan-to-value at 75.0%.
• The Ethereum WBTC market’s maximum loan-to-value ratio is 73.0%.
• Base WETH and Arbitrum WETH both allow 80.0%.
• Stablecoin markets on Base, Arbitrum, and Monad share the same 75.0% ceiling as their Ethereum equivalents.
• Several markets, including Ethereum USDE and Mantle USDT0, report a maximum loan-to-value of zero in DefiLlama’s record.

Source: DefiLlama, 26 August 2026

Aave’s protocol-level backstop is Umbrella, a system built by BGD Labs and approved by Aave governance that automates bad-debt coverage for V3 pools. Umbrella lets users stake aTokens such as aUSDC, aUSDT, and aWETH, plus GHO, and burns the matching staked asset when a deficit appears, removing the need for a governance vote.

What Aave’s Collateral Mix Shows

• DefiLlama tracks 221 Aave V3 pools holding a combined $17.11 billion.
• The four largest pools hold 60.3% of that total.
• WEETH is the largest at $3.27 billion, with a supply rate of 0.00002%.
• WSTETH holds $2.98 billion at 0%.
• WBTC holds $2.55 billion at 0.01%, and CBBTC holds $1.52 billion.
• The Ethereum WBTC market has $2.65 billion supplied against $98.06 million borrowed.
• WETH’s own pool holds $829.07 million, its net pool value on DefiLlama’s yields endpoint, at a supply rate of 1.49%.

Most of the money at the top of this table is posted as collateral and borrowed against, not lent out, which is why it earns almost nothing. Utilization in the Ethereum WBTC market runs at 3.7%.

Aave V4 Adoption Since the March 2026 Launch

• DefiLlama first recorded Aave V4 on 2026-03-30 at $1.13 million.
• Five months later, it holds $351.83 million, its highest reading to date.
• Ethereum carries $339.82 million of that and Avalanche $12.01 million.
• Borrowed balances across V4 total $192.37 million.
• Month-end readings ran $26.21 million in April, $85.58 million in May, $153.30 million in June, and $203.74 million in July.
• Aave V4 replaces the market-per-pool design of V3 with a Hub and Spoke model, in which a Liquidity Hub holds protocol-wide liquidity and issues each Spoke a credit line for borrowing and a debit line for supplying.

Worth noting: Aave V4 accounts for 2% of the protocol’s $17.92 billion in total value locked after five months on Ethereum mainnet, on a balance of $351.83 million. Growth is steep in percentage terms and small in absolute terms, and the migration path out of V3 has not yet moved the deposit base across.

Aave Horizon and Institutional RWA Lending

• Aave Horizon RWA is a specialized Aave lending market on Ethereum where institutions or other qualified users borrow stablecoins against real-world assets.
• It held $258.73 million in total value locked on 26 August 2026, with $122.47 million borrowed.
• DefiLlama’s first recorded point, on 2025-11-01, was $322.15 million.
• The highest reading, $420.94 million, came on 2026-01-12.
• Month-end readings fell from $385.91 million in January to $248.24 million in March.
• A partial recovery to $345.20 million in May gave way to $258.83 million in July.

Tokenized real-world assets are usually described as the fastest-growing corner of on-chain credit. Horizon’s curve runs the other way: announced issuance and deployed borrowing capacity are separate measures.

AAVE Token Price, Supply and the Buyback Program

• AAVE traded at $122.85 on 26 August 2026 for a market capitalization of $1.90 billion.
• Fully diluted valuation reached $1.97 billion, and 24-hour volume was $238.79 million.
• Circulating supply stands at 15,424,252 tokens against a maximum of 16,000,000, or 96.4% of the cap.
• The token’s all-time high of $661.69 dates to May 18, 2021, leaving it 81.43% below that mark.
• AAVE gained 23.4% over 30 days and lost 63.2% over 12 months, ranking 46th by market capitalization.
• The Aave DAO’s buyback program was approved by governance in August 2024 as part of the Aavenomics update and began execution in April 2025.
• It carries a $50 million annual budget, with weekly purchases ranging from $250,000 to $1.75 million.

Source: CoinGecko, August 2026

Buybacks are executed by the Aave Finance Committee, a four-member multisig composed of Chaos Labs, TokenLogic, LlamaRisk, and ACI, operating with a 3-of-4 signature threshold. Acquired tokens go to the Aave DAO Ecosystem Reserve and are used through governance-approved programs rather than burned.

Why it matters: Aave V3’s trailing 12-month protocol revenue of $105.83 million is 2.1 times the buyback program’s $50 million annual budget, on weekly purchases running between $250,000 and $1.75 million. That headroom narrows as monthly revenue falls, and the budget moves by governance vote rather than by formula, so the two lines belong side by side.

GHO Stablecoin Supply and Peg

• GHO traded at $0.998964 on 26 August 2026, 0.1% below a $1.00 peg and 3.0% below its February 2024 high of $1.03.
• Its market capitalization and fully diluted valuation both stand at $698.30 million, on a supply of 699,000,000 tokens.
• GHO ranks 88th by market capitalization, with a 24-hour volume of $1.17 million.
• Aave’s documentation describes GHO as a decentralised, over-collateralised stablecoin native to the Aave Protocol and pegged to the U.S. dollar.
• GHO is minted on demand by users, subject to mint caps set by Aave governance.
• Supply is controlled through a facilitator model, in which governance-approved contracts mint and burn GHO within a governance-defined bucket capacity.

Source: CoinGecko, Aave protocol documentation, August 2026

Against the wider stablecoin market, GHO stays small, and its size is set by governance mint caps rather than demand alone.

Aave Version Split: V3, V4, Horizon and the V2 Wind-Down

• Aave V3 holds $17.19 billion of the $17.92 billion locked across all Aave versions.
• Aave V4 holds $351.83 million.
• Aave Horizon RWA holds $258.73 million.
• Aave V2, the legacy deployment, is down to $110.23 million, with $19.15 million borrowed.
• DefiLlama’s parent record lists 8 Aave deployments, including V1, Aave Aptos, and Aave Arc alongside the four active ones.

The version-split question that dominated Aave coverage for two years has closed. V2 is now small enough that the live comparison is V3 against the two new markets beside it.

Aave’s Share of the DeFi Lending Market

• Aave holds $17.92 billion in total value locked.
• Morpho holds $9.44 billion.
• Spark holds $5.63 billion.
• Compound holds $1.52 billion.
• Fluid holds $923.23 million.

Across those five protocols, Aave holds 51% of the combined total that DeFi lending comparison reads one day’s snapshot rather than a trend.

Aave TVL by Year, 2021 to 2026

• Aave ended 2021 with $14.19 billion in total value locked.
• It ended 2022 at $3.70 billion.
• It ended 2023 at $6.61 billion.
• It ended 2024 at $20.39 billion.
• It ended 2025 at $30.51 billion, weeks after the $45.81 billion October peak.
• As of 26 August 2026, it stands at $17.92 billion.

Most protocol-level series across cryptocurrencies share this shape: a 2022 trough, a 2024 recovery, a 2025 peak that has not held.

How risky is Aave?

Risk on Aave concentrates in three measurable places, and none of them is a single number. Collateral risk shows up in the loan-to-value ceilings, which run from 73.0% on WBTC to 80.5% on WETH. That ceiling caps what a borrower can draw against posted collateral at the outset. Liquidation fires on a separate and higher parameter, the liquidation threshold, not this ceiling.

Market risk shows up in the TVL series, which has moved from $45.81 billion to $17.92 billion in under a year.

Protocol risk is handled by Umbrella, which covers bad debt by burning staked aTokens or GHO automatically when a deficit appears in the matching asset. An Umbrella deployment covers the specific asset staked into it. Coverage is therefore asset-by-asset rather than protocol-wide.

How much does Aave actually earn from its fees?

Aave V3 charged $30.53 million in fees over the trailing 30 days. Of that, $4.19 million was retained as protocol revenue. The retained share works out to 13.7%. The remainder accrues to suppliers: the protocol takes a cut rather than earning the spread.

Over the full 12 months, fees totalled $820.82 million. Retained revenue over the same period was $105.83 million. All-time retained revenue is $241.39 million, against $1.81 billion of all-time fees.

Why is Aave crypto so popular?

Scale and reach explain most of it. Aave V3 alone runs on 21 chains. Its $17.92 billion is nearly double Morpho’s $9.44 billion.

The V4 architecture adds a further reason: a single Liquidity Hub can grant new Spokes credit lines without migrating liquidity, so governance can add markets without splitting the deposit base. Depth compounds in lending the way it does in exchange order books, and a borrower sizing a position cares about available liquidity above all else.

Conclusion

Aave’s $17.92 billion in total value locked sits between the $14.36 billion of 30 days earlier and the $39.80 billion of a year earlier, a recovery inside a much larger drawdown from the $45.81 billion peak. The fee series moves independently, falling from $80.86 million in January to $29.05 million in July. And 60.3% of the pooled value sits in four collateral pools paying close to nothing. Together they describe a balance sheet growing while the income statement contracts.

The newer deployments are where the direction is clearest: Aave V4 has gone from $1.13 million at its first recorded reading on 30 March to $351.83 million in August. Horizon’s institutional market has moved the other way, from a $420.94 million January peak to $258.73 million. Two numbers matter more than the headline through the rest of this year: retained revenue, which sets what the buyback draws on, and the V4 balance, which shows whether the architecture change pulls deposits or only adds them.