Summary
LlamaRisk recommends a tenth round of Add Cap and Draw Cap adjustments for Aave V4. Following the execution of Round 9, total deposits across the four hubs have grown to approximately $262M. Deposit growth over the past week has been led by BTC and ETH collateral on Core, alongside continued stablecoin supply on Plus and the Global Dollar Hub. This round focuses on a smaller set of markets where utilization has exceeded target levels.
The proposed adjustments add approximately $29M in additional Add Cap capacity: Core $24M, Prime $3M, Plus $2M. Total Add Cap ceiling moves from approximately $588M to $618M. Draw Caps on affected assets are scaled proportionally to preserve existing Add/Draw ratios.
Rationale
Round 9’s caps are now live, and deposits have increased by approximately 9% over the past week, driven primarily by BTC and ETH collateral on Core alongside continued stablecoin supply on Plus and the Global Dollar hub. Compared with the previous round, fewer reserves exceeded the utilization threshold, making this a targeted cap increase focused on the most constrained markets rather than a broad adjustment.
Changes Since Round 9 (July 2 to July 8, 2026)
Following the execution of Round 9 caps, deposits have continued to grow. Total deposits grew from $239,914,421 to $262,215,897 (+9%).
Source: LlamaRisk, July 8, 2026
The most notable inflows include USDG on the Core Main Spoke (+$5,245,841), cbBTC on the Core Main Spoke (+$3,997,668), WETH on the Core Main Spoke (+$2,315,368), PT-USDG-24SEP2026 on the Global Dollar USDG Pendle Spoke (+$2,237,073), and WETH on the Prime Bluechip Spoke (+$1,593,543).
Cap Utilization
Total deposits across all 4 hubs stand at $262,215,897. The Core Hub holds $206,602,582 (51% of Add Cap), the Prime Hub holds $28,225,273 (32% of Add Cap), the Plus Hub holds $10,181,638 (27% of Add Cap), and the Global Dollar Hub holds $17,206,404 (31% of Add Cap).
Source: LlamaRisk, July 8, 2026
2 reserves across the protocol have exceeded 80% Add Cap utilization:
- USDG (Core Hub, Main): 89% Add Cap filled (44,749,383/50,000,000, $44,745,421)
- cbBTC (Core Hub, Main): 87% Add Cap filled (191.45/220, $11,877,338)
Source: LlamaRisk, July 8, 2026
A further 7 reserves sit in the 50 to 80% range:
- WETH (Prime Hub, Bluechip): 65% filled
- frxUSD (Core Hub, Main): 62% filled
- PT-USDG-24SEP2026 (Global Dollar Hub, USDG Pendle): 58% filled
- sUSDe (Plus Hub, Ethena Ecosystem): 57% filled
- WETH (Core Hub, Main): 52% filled
- USDC (Core Hub, Main): 51% filled
- WBTC (Core Hub, Main): 50% filled
On the borrow side, the USDG (USDG Pendle) and frxUSD (Bluechip) credit lines have reached elevated utilization at 100% and 81%, respectively.
Recommendations
Round 10 targets approximately $29M in additional Add Cap capacity (Core $24M, Prime $3M, and Plus $2M), with draw-side relief on USDG credit line.
Source: LlamaRisk, July 8, 2026
Core Hub
| Spoke | Asset | Current Add Cap | Proposed Add Cap | Current Draw Cap | Proposed Draw Cap |
|---|---|---|---|---|---|
| Main | USDC | 12,500,000 | 15,000,000 | 12,500,000 | 15,000,000 |
| Main | WETH | 24,000 | 30,000 | 2,050 | 2,600 |
| Main | cbBTC | 220 | 400 | 14 | 26 |
Prime Hub
| Spoke | Asset | Current Add Cap | Proposed Add Cap | Current Draw Cap | Proposed Draw Cap |
|---|---|---|---|---|---|
| Bluechip | WETH | 3,200 | 5,000 | 0 | - |
Plus Hub
| Spoke | Asset | Current Add Cap | Proposed Add Cap | Current Draw Cap | Proposed Draw Cap |
|---|---|---|---|---|---|
| Ethena Ecosystem | sUSDe | 6,000,000 | 8,000,000 | 0 | - |
Credit Lines
We propose increasing the USDG credit line to Global Dollar Hub, as the existing draw cap has reached 100% utilization, enabling PT-USDG to continue scaling until USDG becomes natively available on Global Dollar Hub.
| Spoke | Asset | Current Draw Cap | Current Draw Util | Proposed Draw Cap |
|---|---|---|---|---|
| USDG Pendle | USDG | 15,000,000 | 100% | 20,000,000 |
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. All the 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.