Summary
LlamaRisk recommends a ninth round of Add Cap and Draw Cap adjustments for Aave V4. Deposits have continued to grow, reaching approximately $240M in total. Growth was led by the PT-USDG-24SEP2026 listing on the new Global Dollar Hub, followed by USDG and WBTC deposits on Core Hub. On the borrow side, several frxUSD credit lines have approached or reached their draw limits. Round 9 expands capacity where utilization indicates additional headroom is warranted.
The proposed adjustments add approximately $89M in additional Add Cap capacity: Core $60M, Prime $5M, Plus $9M, and Global Dollar $15M. Total Add Cap ceiling moves from approximately $491M to $580M. Draw Caps on affected assets are scaled proportionally to preserve existing Add/Draw ratios.
Rationale
Since the previous round, deposits have increased by approximately 30%, with growth led by the new PT-USDG listing, followed by USDG and WBTC. cbBTC and WBTC have once again surpassed 50% utilization following their Round 8 cap increases, reflecting continued BTC inflows. Round 9 raises the relevant Add Caps and Draw Caps to support ongoing deposit and borrowing demand while preserving adequate headroom for further growth.
Changes Since Round 8 (June 17 to July 2, 2026)
Following the execution of Round 8 caps, deposits have continued to grow. Total deposits grew from $184,672,374 to $239,914,421 (+30%).
Source: LlamaRisk, July 2, 2026
The most notable inflows include PT-USDG-24SEP2026 on the Global Dollar USDG Pendle Spoke (new) (+$14,818,953), USDG on the Core Main Spoke (+$9,573,774), WBTC on the Core Main Spoke (+$5,277,253), cbBTC on the Core Main Spoke (+$4,497,616), and sUSDe on the Plus Ethena Ecosystem Spoke (+$3,509,160).
Cap Utilization
Total deposits across all four hubs stand at $239,914,421. The Core Hub holds $190,257,666 (56% of Add Cap), the Prime Hub holds $25,024,515 (31% of Add Cap), the Plus Hub holds $9,813,287 (34% of Add Cap), and the Global Dollar Hub holds $14,818,953 (36% of Add Cap).
Source: LlamaRisk, July 2, 2026
6 reserves across the protocol have exceeded 80% Add Cap utilization:
- PT-USDG-24SEP2026 (Global Dollar Hub, USDG Pendle): 100% Add Cap filled (14,999,991/15,000,000, $14,818,953)
- USDC (Plus Hub, Ethena Ecosystem): 100% Add Cap filled (2,997,254/3,000,000, $2,996,339)
- USDT (Plus Hub, Ethena Ecosystem): 100% Add Cap filled (2,997,145/3,000,000, $2,993,998)
- USDG (Core Hub, Main): 99% Add Cap filled (39,494,418/40,000,000, $39,499,580)
- weETH (Core Hub, Main): 85% Add Cap filled (1,867/2,200, $3,373,619)
- cbBTC (Core Hub, Main): 80% Add Cap filled (128.66/160, $7,879,670)
Source: LlamaRisk, July 2, 2026
A further 8 reserves sit in the 50 to 80% range:
- frxUSD (Core Hub, Main): 80% filled
- sUSDe (Plus Hub, Ethena Ecosystem): 75% filled
- WBTC (Core Hub, Main): 67% filled
- XAUt (Core Hub, Gold): 62% filled
- weETH (Core Hub, Etherfi): 55% filled
- wstETH (Prime Hub, Bluechip): 55% filled
- wstETH (Core Hub, Main): 54% filled
- LINK (Core Hub, Main): 52% filled
On the borrow side, several frxUSD draw lines have reached or exceeded their ceilings: Ethena Ecosystem at 100%, Bluechip at 88%, and Forex at 86%.
Recommendations
Round 9 targets approximately $89M in additional Add Cap capacity (Core $60M, Prime $5M, Plus $9M, and Global Dollar $15M), with draw-side relief on three frxUSD borrow lines.
Source: LlamaRisk, July 2, 2026
Core Hub
| Spoke | Asset | Current Add Cap | Proposed Add Cap | Current Draw Cap | Proposed Draw Cap |
|---|---|---|---|---|---|
| Etherfi | weETH | 14,000 | 18,000 | 0 | - |
| Forex | frxUSD | 0 | - | 500,000 | 1,000,000 |
| Gold | XAUt | 1,800 | 2,500 | 0 | - |
| Main | LINK | 610,000 | 750,000 | 0 | - |
| Main | USDG | 40,000,000 | 50,000,000 | 27,200,000 | - |
| Main | WBTC | 850 | 1,150 | 74 | 100 |
| Main | cbBTC | 160 | 220 | 10 | 14 |
| Main | frxUSD | 40,000,000 | 50,000,000 | 27,200,000 | 34,000,000 |
| Main | weETH | 2,200 | 4,000 | 0 | - |
| Main | wstETH | 8,000 | 10,000 | 0 | - |
Prime Hub
| Spoke | Asset | Current Add Cap | Proposed Add Cap | Current Draw Cap | Proposed Draw Cap |
|---|---|---|---|---|---|
| Bluechip | wstETH | 5,500 | 7,000 | 0 | - |
| Bluechip | USDC | 12,500,000 | 12,590,000 | 14,590,000 | - |
| Bluechip | USDT | 12,500,000 | 13,125,000 | 15,625,000 | - |
| Bluechip | GHO | 7,500,000 | 8,440,000 | 8,440,000 | - |
Plus Hub
| Spoke | Asset | Current Add Cap | Proposed Add Cap | Current Draw Cap | Proposed Draw Cap |
|---|---|---|---|---|---|
| Ethena Ecosystem | USDC | 3,000,000 | 6,000,000 | 3,750,000 | 6,375,000 |
| Ethena Ecosystem | USDT | 3,000,000 | 6,000,000 | 3,750,000 | 6,375,000 |
| Ethena Ecosystem | sUSDe | 4,060,000 | 6,000,000 | 0 | - |
| Ethena Correlated | USDe | 5,000,000 | 5,200,000 | 5,200,000 | - |
| Ethena Ecosystem | GHO | 3,000,000 | 3,450,000 | 3,450,000 | - |
Global Dollar Hub
| Spoke | Asset | Current Add Cap | Proposed Add Cap | Current Draw Cap | Proposed Draw Cap |
|---|---|---|---|---|---|
| USDG Pendle | PT-USDG-24SEP2026 | 15,000,000 | 30,000,000 | 0 | - |
Credit Lines
Two spokes borrow Core frxUSD liquidity using collateral on another hub. The Bluechip and Ethena Ecosystem spokes draw frxUSD from the Core Hub when local supply is insufficient. The Ethena Ecosystem credit line is currently fully utilized. We propose a measured increase to draw caps to meet demand while keeping exposure controlled relative to available native frxUSD supply.
Additionally, we propose reducing the USDG credit line to the Global Dollar Hub to lower borrow utilization and maintain a conservative level of exposure relative to the available native USDG supply.
| Spoke | Asset | Current Draw Cap | Current Draw Util | Proposed Draw Cap |
|---|---|---|---|---|
| Bluechip | frxUSD | 4,000,000 | 88% | 5,000,000 |
| Ethena Ecosystem | frxUSD | 300,000 | 100% | 500,000 |
| USDG Pendle | USDG | 30,000,000 | 46% | 15,000,000 |
Next Steps
Following review and confirmation, the recommended cap adjustments will be applied directly via the Aave Security Council. We will continue to monitor cap utilization across all hubs and provide further adjustment recommendations as market conditions evolve. Core, Prime, and Plus Hub utilization will be reassessed as deposits grow into their current ceilings.
Disclaimer
This review was independently prepared by LlamaRisk, a community risk service provider for the Aave DAO. LlamaRisk did not receive compensation from the protocol(s) or their affiliated entities for this work. The information provided should not be construed as legal, financial, tax, or professional advice.