AAVE has been trough a lot in the last month. A hack that was not directly related to it, the rsETH exploit cause it to have a bad debt and freeze some of the assets on it platform. The hack basically made the rsETH token lose its value and all the pool where it was used as collateral remained as bad debt. AAVE was not hacked, it was a bridge between the KelpDAO and the LayerZero protocol that is used to bridge the token between multiple chains.
Still AAVE has interact responsibility as the platform listed the token as collateral.
Let’s take a look.
Aave works in simple way at first sight. Users deposit (supply) collateral in some of the tokens that are accepted on the platform and borrow against that collateral, another assets/tokens that are listed.
A classic example would be deposit BTC as collateral, borrow some stablecoin, for example USDT.
The main thing to look out for is the health factor or the supply to borrow ratio and avoid liquidation. By design the protocol has limits and it won’t allow you to borrow more than 70% of the value of the assets you have supplied. But this being crypto you want to be much safer than that and go in the range of 10% to 30% loan to collateral value. This means a 10k collateral for 1k to 3k loan. Managing this ratio is at the end of the day an individual decision, but just have in mind the overall rules.
More to read on Aave on the docs link.
Here we will be looking at:
- Total value locked
- Deposits volume
- Defi protocols rank by TVL
- Number of users DAUs
- Top Pairs
- V2 VS V3 Volume
- Price
The data here is compiled from different sources like DefiLama, Dune Analytics and Messari.
Total Value Locked
Here is the chart for the TVL on AAVE.
This chart goes back from the protocol beginning back in 2020, through the bull market of 2021 and up to date.
We can see that AAVE hit a new ATH in TVL in October 2025 and then dropped sharply afterwards, mainly due to the overall crypto market.
But in the last month we can notice a drop from 26B to 15B in just a few days. So a drop in the TVL of 10B. That is quite the shock. This was all due to the rsETH hack.
Total Value Locked by Chain
Ethereum is dominant.
Deposits Volume
Unlike the swaps and trading platforms, there is no active trading on Aave, but still there are deposits, borrows, liquidations etc. Here we will be looking at the deposits as there is where the most volume is.
The chart looks like this.
This is even more volatile than the TVL. Interesting there were a lot of deposits starting from 2020, earlier than the bull market in 2021. This is probably due to the fact that Aave was a new protocol then and it was basically starting from zero TVL.
After the initial boom in deposits there was a drop in 2022 and increased again in 2023 and the years after. There were a few spike in September 2025 up to 10B on some occasions.
Top Defi Protocols Ranked by TVL
How is the Aave protocol doing when compared to the other ones? The total value locked is usually one of the metrics these protocols use.
Here is the chart.
Prior to the rsETH hack AAVE was the number one protocol in TVL. But it dropped in the last months and now it is on the second spot, right after the liquid staking protocol Lido. Interesting Morpho is now on the third spot. This is what is to be considered a direct competitor to AAVE and while it was a big protocol in the past it was ranking somewhere around the 10th spot, while now it is no.3. This shows that some of the liquidity switched from AAVE to Morpho.
Top Supplied and Borrowed Assets on Aave
What are the assets that have the biggest supply on Aave?
Here is the chart.
As we can see Ethereum is the number one asset that is supplied on Aave, in different of its forms, liquid, wrapped and staked. This is probably no surprise because Aave is native to Ethereum.
The stablecoins USDT and USDC comes next, and then the wrppers of Bitcoin WBTC and cbBTC.
Basically most of the liquidity on AAVE is Ethereum, Bitcoin and stablecoins.
What about the top assets that are borrowed?
Here is the chart.
ETH comes on top here as well followed by USDT and the others stablecoin USDC. Bitcoin is also at the top. The other tokens have a very low usage.
We can notice that in general Bitcoin, Ethereum and the stablecoins are the most used tokens to supply and borrow.
The borrow to supply ratio for the different assets looks like this:
| Pair | Supply | Borrow | B/S |
|---|---|---|---|
| ETH | 4,360,000,000 | 3,890,000,000 | 89.22% |
| USDT | 2,130,000,000 | 1,870,000,000 | 87.79% |
| USDC | 2,090,000,000 | 1,930,000,000 | 92.34% |
| wstETH | 1,890,000,000 | 63,000,000 | 3.33% |
| WBTC | 2,390,000,000 | 81,000,000 | 3.39% |
The most borrowed asset in relative terms is ETH. Then comes the stablecoins USDT and USDC. These three have a Borrow to Supply ratio close to 90%. Meaning most of the provided liquidity is used.
Bitcoin has the lowest amount of borrowed ratio close to 3%.
Active Users
How many users does Aave has? Here is the chart.
The top for active users on Aave was back in the beginning of 2021, reaching 3k. At the end of 2021 the user count started decreasing and reached 500 users in 2022.
In 2024 the number of daily active users has been in the range of 500 to 1000, up to 2025 when it spiked up to 5k.
This goes to show that most of Aave users play with larger amounts and don’t change their positions on a daily basis. It’s a long-term game when you borrow or lend.
Price
The all-time chart for the AAVE price looks like this.
Aave reached its top of $600 back in the summer of 2021. In 2022 the price has dropped to around $50. It has been in the range of 50 to 100 USD for more than a year, then it broke the 100 in 2024, and went almost parabolic in the next month reaching almost 400, dropped again under 200 and back again above 300.
In the last period it is hovering around 100. So not as bad as 2022, but far from the 300 to 500 glory days.
