We provide Capital Management Solutions for Institutions and DeFi Protocols.
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TokenLogic retweeted
11 Aave markets ended Q3 with $1.3B+ in deposits and $417M borrowed.
Across V3 and V4, @aave expanded into new chains, consumer credit, and different lending structures.
A few things stood out to me 🧵
TokenLogic retweeted
DeFi Q3 Earnings: @aave edition
Q3 2026 revenue: $18.9M
> Down 23% QoQ (Q2: $24.6M)
> Down 50% from Q1 ($37.9M)
> Lowest quarter of 2026
What happened: Q3 was the first full quarter after April's LayerZero hack, while Q2 still had a strong April. Protocol earnings fell $7.6M QoQ, and buybacks remain paused.
What's improving:
1. Protocol earnings rose every month: $4.56M, $4.66M, $5.15M
2. Expenses down 32% QoQ to $14.9M, partly because Q2 carried a one-off $5.0M Aave Labs payment
3. Net income up 50% QoQ to $4.0M and rising every month, with margin up from 18.2% to 23.8%
4. Deposits up 41% to $33.6B, active loans up 32% to $13.2B (+9% at constant prices)
What to watch in Q4:
1. V4 ramp: 10 spokes opened in Q3, and ether.fi Cash already holds $311.5M, with Aave earning 20% of its revenue
2. Native BTC collateral via Babylon
3. Tokenized stocks growth on Base, live since Sep 29
4. Aave App and Aave Institutional
5. When buybacks restart
*Figures exclude DeFi United.
My read: Q3 was a quarter focused on rebuilding the foundations. Q4 is when the sauce starts.
Data by TokenLogic.
TokenLogic retweeted
Aave has generated at least $1M from 10 different revenue streams in 2026.
You can't say that about any other DeFi protocol.
As @Aave expands into tokenized equities, new collateral types, additional lending markets, and a broader consumer base, its revenue becomes less dependent on a single source.
With Aavenomics 3.0, all value will accrue to the DAO and $AAVE holders.
Data by @Token_Logic.
AIP-531 has executed, bringing @pendle_fi’s February $PT-USDG to @aave V3 on @XLayerOfficial 👻
Holders can borrow $USDT0, $GHO or $USDC against the new maturity while keeping their fixed-yield position.
Risk parameters recommended by @LlamaRisk:
▪️ 35M PT supply cap
▪️ 91.48% LTV / 93.48% LT in optimised borrowing
▪️ Maturity: 25 February 2027
The new mode supports both the October and February PTs as collateral.
TokenLogic retweeted
Aave is already a multimillion-dollar market for borrowing against stocks.
And we’re just getting started. As more stocks move onchain, this becomes a $200T+ opportunity.
TokenLogic retweeted
4.50% is a good rate. I don’t get why so much capital don’t take this opportunity and stay in subyield venue.
The ethereum:0x40d16fc0246ad3160ccc09b8d0d3a2cd28ae6c2f balance sheet is clean and transparent and @aave has proven that even in catastrophic situation it would rise up to not let down depositors.
This is currently a subside offered by Aave but I think more capital should move out of @SkyEcosystem or $USDT $USDC in Aave core into lending GHO.
sGHO deposits grew 29% in Q3, from 129.1M to 166.6M $GHO.
Some of that came from stkGHO holders moving over with the one-click migration tool. stkGHO dropped from 50.8M to 31.1M over the same period.
On 1 September, the Aave Savings Rate paid by sGHO also went up from 4.25% to 4.50% APR.
Full Q3 report ↓
sGHO deposits grew 29% in Q3, from 129.1M to 166.6M $GHO.
Some of that came from stkGHO holders moving over with the one-click migration tool. stkGHO dropped from 50.8M to 31.1M over the same period.
On 1 September, the Aave Savings Rate paid by sGHO also went up from 4.25% to 4.50% APR.
Full Q3 report ↓
11 new @aave markets went live in Q3, including two new chains and the first V4 markets on Avalanche, Optimism and Base.
By 30 September, they held $1.3B in deposits and $417.6M in borrows.
The three biggest:
@monad Core: $583.9M
@ether_fi Cash: $311.5M
@arc Main: $247.9M, in under two weeks
More in our Q3 report ↓
Since 30 July, the credit side of @ether_fi Cash, ether.fi’s Visa card, has run on a dedicated @aave V4 hub on @Optimism.
ether.fi manages the hub end to end. Aave provides the infrastructure and earns 20% of the revenue it generates, without taking on the day-to-day risk.
The plan at launch was $175M in deposits. It ended September at $311.5M, with ~$500M targeted by the end of the year.
From our Q3 report ↓
