Aave

AAVE Rank #42

$180.61▼ 0.25%24h

Low $176.50High $183.31

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Market cap$2.79BRank #42

Fully diluted value$2.89B

Volume (24h)$349.84MVol / Mcap 12.55%

Circulating supply15.44M96.5% of max

Total supply16.00M

Max supply16.00M

All-time high$661.69May 18, 2021

All-time low$26.02Nov 5, 2020

What is Aave?

From ETHLend to Aave

Stani Kulechov founded ETHLend in 2017. Its original peer-to-peer lending design was rebuilt around shared liquidity pools. Aave's first version launched in January 2020. Suppliers deposit assets into contracts that make liquidity available to borrowers. Supply interest responds to utilization and the configured rate model.

Borrowing mechanics

Ordinary borrowing requires collateral accepted by the relevant market. Each asset has governance-defined collateral and liquidation parameters. A position's health factor compares weighted collateral value with outstanding debt. Falling below a health factor of one makes the position eligible for liquidation. Flash loans allow uncollateralized borrowing when principal and fees are returned within one transaction.

Token and decisions

AAVE is an Ethereum ERC-20 token with a total supply of 16 million units. Its issuance replaced LEND through the protocol's token migration. Holders can vote directly or delegate their voting power. Governance controls matters such as deployments, risk settings and treasury spending. The DAO began buying AAVE with protocol revenue in April 2025.