[ARFC] Aave V4 Activation on Ethereum Mainnet

[LlamaRisk]

Summary

LlamaRisk recommends a thirteenth round of Add Cap and Draw Cap adjustments for Aave V4. Following the execution of Round 12, total deposits across the five hubs on two chains have grown to approximately $396M, with inflows led by syrupUSDG and USDG across the newly deployed Maple syrupUSDG spoke on the Global Dollar Hub. This round prioritizes replenishing collateral reserves that have exceeded target utilization thresholds, relieving draw caps that are highly utilized, expanding the Maple syrupUSDG spoke, and scaling the Avalanche deployment following a doubling in size.

The proposed adjustments add approximately $100M in additional Add Cap capacity: Ethereum Core $65M, Ethereum Plus $2M, Global Dollar $20M, Avalanche Core $13M. Total market capacity would move from approximately $852M to $952M.

Rationale

Round 12’s caps are now live, and total deposits have increased by approximately 15% from the last update. The Global Dollar Hub has reached capacity, with syrupUSDG collateral fully utilized and native USDG supply on the Maple Spoke nearly exhausted. The caps have been increased to support USDG demand, expand the hub’s native USDG base, and reduce reliance on the Core credit line.

Collateral reserves that have exceeded their target utilization are replenished this round, including WETH, wstETH, and XAUt on the Core Hub and sUSDe on the Plus Hub. On the borrow side, the fully utilized frxUSD credit line to the Plus Hub and the EURC borrow line on the Core Gold Spoke are relieved. Additionally, the USDT add cap on the Ethereum Core Hub Main Spoke is increased to provide a buffer for potential credit line increases, without raising the draw cap.

The Avalanche deployment has doubled in size over the week, and demand on the AVAX Correlated Spoke has run its caps down. sAVAX and WAVAX on that spoke are raised substantially to accommodate continued growth.

Changes Since Round 12 (August 11, 2026)

Following the execution of Round 12 caps, deposits have continued to grow. Total deposits grew from $345,818,401 to $396,079,984 (+15%).

Source: LlamaRisk, August 11, 2026

The most notable inflows include USDG on the Global Dollar Maple SyrupUSDG Spoke (+$9,655,938), syrupUSDG on the Global Dollar Maple SyrupUSDG Spoke (+$9,405,969), USDG on the Core Main Spoke (+$4,952,952), WBTC on the Prime Bluechip Spoke (+$4,214,514), wstETH on the Prime Bluechip Spoke (+$3,748,936).

Cap Utilization

Total deposits across all 5 hubs stand at $396,079,984. The Core Hub holds $286,965,127 (52% of Add Cap), the Prime Hub holds $42,810,549 (28% of Add Cap), the Plus Hub holds $11,276,462 (28% of Add Cap), the Global Dollar Hub holds $44,397,739 (58% of Add Cap), and the Avalanche Core Hub holds $10,630,107 (34% of Add Cap).

Source: LlamaRisk, August 11, 2026

7 reserves across the protocol have exceeded 80% Add Cap utilization:

• syrupUSDG (Global Dollar Hub, Maple SyrupUSDG): 100% Add Cap filled (10,000,000/10,000,000, $10,061,724)
• USDG (Core Hub, Main): 100% Add Cap filled (64,917,696/65,000,000, $64,911,806)
• USDG (Global Dollar Hub, Maple SyrupUSDG): 99% Add Cap filled (9,904,154/10,000,000, $9,903,255)
• WAVAX (Avalanche Core Hub, Main): 96% Add Cap filled (479,539/500,000, $3,021,523)
• sAVAX (Avalanche Core Hub, AVAX Correlated): 93% Add Cap filled (185,007/200,000, $1,490,832)
• USDC (Avalanche Core Hub, Main): 91% Add Cap filled (4,560,757/5,000,000, $4,559,894)
• USDC (Avalanche Core Hub, Forex): 88% Add Cap filled (875,449/1,000,000, $875,283)

Source: LlamaRisk, August 11, 2026

A further 7 reserves sit in the 50 to 80% range:

• PT-USDG-24SEP2026 (Global Dollar Hub, USDG Pendle): 65% filled
• frxUSD (Core Hub, Main): 59% filled
• WETH (Core Hub, Main): 58% filled
• USDT (Core Hub, Main): 57% filled
• sUSDe (Plus Hub, Ethena Ecosystem): 53% filled
• wstETH (Core Hub, Main): 53% filled
• XAUt (Core Hub, Gold): 52% filled

Recommendations

Round 13 targets approximately $100M in additional Add Cap capacity (Ethereum Core $65M, Ethereum Plus $2M, Global Dollar $20M, Avalanche Core $13M), together with draw-side relief on the most utilized borrow lines.

Source: LlamaRisk, August 11, 2026

Ethereum Core Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Gold	EURC	0	-	100,000	200,000
Gold	XAUt	3,800	4,500	0	-
Main	USDT	24,000,000	28,000,000	20,000,000	-
Main	WETH	38,000	50,000	3,300	-
Main	wstETH	15,000	30,000	0	-

Ethereum Plus Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Ethena Ecosystem	sUSDe	8,000,000	10,000,000	0	-

Ethereum Global Dollar Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Maple SyrupUSDG	USDG	10,000,000	20,000,000	9,500,000	19,000,000
Maple SyrupUSDG	syrupUSDG	10,000,000	20,000,000	0	-

Avalanche Core Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
AVAX Correlated	WAVAX	0	1,000,000	250,000	1,250,000
AVAX Correlated	sAVAX	200,000	1,000,000	0	-

Credit Lines

We propose increasing the frxUSD credit line on Ethereum from Core Hub to the Plus Hub, as the existing draw cap has reached near-100% utilization while maintaining conservative exposure relative to the available native supply.

Direction	Spoke	Asset	Current Draw Cap	Current Draw Util	Proposed Draw Cap
Core → Plus	Ethena Ecosystem	frxUSD	1,000,000	100%	2,000,000

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 recommendations for adjustments as market conditions evolve. All Hub utilization will be reassessed as deposits approach 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.

[AaveLabs]

The Round 13 of Add Cap and Draw Cap adjustments for Aave V4 was successfully implemented through the Aave Security Council, see transactions:

• Ethereum: 0xc90b74…67ea8
• Avalanche: 0xfeecc…96f2a

We are fully committed to a security-first approach to market growth and to ongoing support of risk parameter updates for this purpose.

[LlamaRisk]

Summary

LlamaRisk recommends a fourteenth round of Add Cap and Draw Cap adjustments for Aave V4. Following the execution of Round 13, total deposits across the five hubs on two chains have grown to approximately $420M, with inflows led by the Global Dollar Hub, which has crossed $50M, and by continued growth on the Prime and Avalanche Core Hubs. This round prioritizes expanding the Global Dollar Hub’s syrupUSDG collateral and native USDG capacity, which refilled the caps set last round within a week, relieving several fully utilized draw and credit lines, and raising the Avalanche USDC Main Spoke, which has reached its cap.

The proposed adjustments add approximately $46M in additional Add Cap capacity: Ethereum Core $19M, Global Dollar $22M, Avalanche Core $5M. Total market capacity would move from approximately $964M to $1,010M.

Rationale

Round 13’s caps are now live, and total deposits have increased by approximately 6% from the last update. Growth has been led by the Global Dollar Hub, now above $50M, where syrupUSDG refilled the 20M add cap set in the last round within days, and by continued expansion across the Prime and Avalanche Core Hubs.

On the Global Dollar Hub, caps are expanded to support continued syrupUSDG growth, accommodate increased native USDG supply, and expand the filled USDC draw cap. New USDG borrowing is directed toward native supply to reduce reliance on Core Hub inventory. The Plus Hub’s frxUSD credit line from Core Hub is also expanded after reaching full utilization for a second consecutive round.

On the Avalanche Core Hub, USDC capacity is increased to support sustained demand. WAVAX Main Spoke caps remain unchanged despite being full, due to thin sell-side liquidity in stables on Avalanche. Overall, the increases are focused on reserves and borrowing lines, with sustained utilization, while avoiding expansions where liquidity conditions do not justify them.

Changes Since Round 13 (August 19, 2026)

Deposits have continued to grow, from $396,079,984 to $419,787,129 (+6%).

Source: LlamaRisk, August 19, 2026

The most notable inflows include syrupUSDG on the Global Dollar Maple SyrupUSDG Spoke (+$10,084,013), weETH on the Core Etherfi Spoke (+$4,391,710), WETH on the Core Main Spoke (+$3,599,542), WBTC on the Prime Bluechip Spoke (+$3,006,725), and wstETH on the Core Main Spoke (+$1,446,630).

Cap Utilization

Total deposits across all 5 hubs stand at $419,787,129. The Core Hub holds $296,862,200 (47% of Add Cap), the Prime Hub holds $45,585,552 (29% of Add Cap), the Plus Hub holds $11,994,951 (28% of Add Cap), the Global Dollar Hub holds $52,975,535 (55% of Add Cap), and the Avalanche Core Hub holds $12,368,891 (28% of Add Cap).

Source: LlamaRisk, August 19, 2026

5 reserves across the protocol have exceeded 80% Add Cap utilization:

• USDC (Avalanche Core Hub, Main): 100% Add Cap filled (5,000,031/5,000,000, $4,998,905)
• syrupUSDG (Global Dollar Hub, Maple SyrupUSDG): 100% Add Cap filled (20,000,000/20,000,000, $20,145,737)
• USDG (Core Hub, Main): 100% Add Cap filled (64,854,277/65,000,000, $64,854,934)
• USDC (Avalanche Core Hub, Forex): 99% Add Cap filled (994,002/1,000,000, $993,778)
• WAVAX (Avalanche Core Hub, Main): 98% Add Cap filled (488,798/500,000, $3,119,328)

Source: LlamaRisk, August 19, 2026

A further 4 reserves sit in the 50 to 80% range:

• frxUSD (Core Hub, Main): 60% filled
• PT-USDG-24SEP2026 (Global Dollar Hub, USDG Pendle): 58% filled
• weETH (Core Hub, Etherfi): 53% filled
• USDG (Global Dollar Hub, Maple SyrupUSDG): 51% filled

Recommendations

Round 14 targets approximately $46M in additional Add Cap capacity (Ethereum Core $19M, Global Dollar $22M, Avalanche Core $5M), together with draw-side relief on the most utilized borrow lines.

Source: LlamaRisk, August 19, 2026

Core Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Etherfi	WETH	0	-	30,000	35,000
Etherfi	weETH	37,000	45,000	0	-
Gold	GHO	0	-	125,000	1,000,000
Main	GHO	10,000,000	12,000,000	10,000,000	-
Ethena Ecosystem	frxUSD	0	-	2,000,000	4,000,000

Global Dollar Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Maple SyrupUSDG	USDC	1,000,000	2,500,000	1,000,000	2,500,000
Maple SyrupUSDG	USDG	20,000,000	30,000,000	19,000,000	28,500,000
Maple SyrupUSDG	syrupUSDG	20,000,000	30,000,000	0	-

Avalanche Core Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Main	USDC	5,000,000	10,000,000	5,000,000	9,000,000

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 recommendations for adjustments as market conditions evolve. All Hub utilization will be reassessed as deposits approach 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.

[AaveLabs]

The Round 14 of Add Cap and Draw Cap adjustments for Aave V4 was successfully implemented through the Aave Security Council, see transactions:

• Ethereum: 0x53e35…f6f74
• Avalanche: 0x74497…3dd25

We are fully committed to a security-first approach to market growth and to ongoing support of risk parameter updates for this purpose.

[LlamaRisk]

Summary

LlamaRisk recommends a fifteenth round of Add Cap and Draw Cap adjustments for Aave V4. Following the execution of Round 14, total deposits across the five hubs on two chains have grown to approximately $551M, led by the Ethereum Core and Global Dollar Hubs. This round replenishes the collateral reserves that crossed their target utilization, continues the rapid expansion of the Global Dollar Hub, and relieves several Core credit lines to the Prime and Plus Hubs that reached full utilization.

The proposed adjustments add approximately $120M in additional Add Cap capacity: Ethereum Core $80M, Ethereum Plus $5M, Global Dollar $35M. Total market capacity would move from approximately $1.166B to $1.286B.

Rationale

Round 14’s caps are now live, and total deposits increased by approximately 31% from the last update, the strongest inflow since the protocol launched, spread across the Core, Global Dollar, and Prime Hubs. The surge pushed a broad set of Core collateral reserves past their target utilization, and WETH, weETH, cbBTC, and USDC on the Core Hub are replenished, along with sUSDe on the Plus Hub.

The Global Dollar Hub continues to see strong demand and consistently absorbs additional capacity shortly after each increase. As a result, the syrupUSDG collateral cap and the corresponding Maple SyrupUSDG Spoke limits are being expanded to accommodate continued growth.

Several Core credit lines to the Prime and Plus Hubs are being increased in response to sustained utilization. These include the frxUSD line to the Plus Hub, as well as the USDC and USDT lines from the Core Hub to the Prime Hub. The increases are intended to accommodate established demand while maintaining the existing hub structure.

On the Avalanche Core Hub, WAVAX on the Main Spoke remains fully utilized, but its cap is being held due to thin on-chain liquidity. As a result, no Avalanche caps are changed this round.

Changes Since Round 14 (August 28, 2026)

Deposits have continued to grow, from $419,787,129 to $550,545,974 (+31%).

Source: LlamaRisk, August 28, 2026

The most notable inflows include weETH on the Core Etherfi Spoke (+$37,231,427), WETH on the Core Main Spoke (+$27,895,701), USDG on the Global Dollar Maple SyrupUSDG Spoke (+$15,982,814), syrupUSDG on the Global Dollar Maple SyrupUSDG Spoke (+$10,111,053), and weETH on the Core Main Spoke (+$8,144,494).

Cap Utilization

Total deposits across all 5 hubs stand at $550,545,974. The Core Hub holds $378,946,324 (50% of Add Cap), the Prime Hub holds $64,570,635 (35% of Add Cap), the Plus Hub holds $14,853,323 (34% of Add Cap), the Global Dollar Hub holds $74,577,990 (63% of Add Cap), and the Avalanche Core Hub holds $17,597,701 (32% of Add Cap).

Source: LlamaRisk, August 28, 2026

6 reserves across the protocol have exceeded 80% Add Cap utilization:

• syrupUSDG (Global Dollar Hub, Maple SyrupUSDG): 100% Add Cap filled (30,000,000/30,000,000, $30,256,790)
• USDC (Avalanche Core Hub, Forex): 100% Add Cap filled (999,844/1,000,000, $999,787)
• WAVAX (Avalanche Core Hub, Main): 99% Add Cap filled (493,078/500,000, $3,656,179)
• weETH (Core Hub, Main): 98% Add Cap filled (3,936/4,000, $10,860,532)
• USDG (Core Hub, Main): 97% Add Cap filled (63,309,094/65,000,000, $63,313,657)
• USDG (Global Dollar Hub, Maple SyrupUSDG): 87% Add Cap filled (26,207,305/30,000,000, $26,209,193)

Source: LlamaRisk, August 28, 2026

A further 7 reserves sit in the 50 to 80% range:

• sUSDe (Plus Hub, Ethena Ecosystem): 71% filled
• USDC (Avalanche Core Hub, Main): 68% filled
• weETH (Core Hub, Etherfi): 63% filled
• frxUSD (Core Hub, Main): 61% filled
• WETH (Core Hub, Main): 58% filled
• USDC (Core Hub, Main): 53% filled
• cbBTC (Core Hub, Main): 52% filled

Recommendations

Round 15 targets approximately $120M in additional Add Cap capacity (Ethereum Core $80M, Ethereum Plus $5M, Global Dollar $35M), together with draw-side relief on the most utilized borrow lines.

Source: LlamaRisk, August 28, 2026

Core Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Etherfi	WETH	0	-	35,000	45,000
Etherfi	weETH	45,000	55,000	0	-
Main	USDC	15,000,000	18,000,000	15,000,000	-
Main	USDG	65,000,000	70,000,000	35,000,000	-
Main	WETH	50,000	60,000	3,300	-
Main	cbBTC	400	500	26	-
Main	weETH	4,000	8,000	0	-
Bluechip	USDT	0	-	4,000,000	6,000,000
Bluechip	USDC	0	-	2,000,000	4,000,000
Ethena Ecosystem	frxUSD	0	-	4,000,000	8,000,000

Plus Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Ethena Ecosystem	sUSDe	10,000,000	14,000,000	0	-

Global Dollar Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Maple SyrupUSDG	USDG	30,000,000	45,000,000	28,500,000	42,750,000
Maple SyrupUSDG	syrupUSDG	30,000,000	50,000,000	0	-

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 recommendations for adjustments as market conditions evolve. All Hub utilization will be reassessed as deposits approach 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.

[AaveLabs]

The Round 15 of Add Cap and Draw Cap adjustments for Aave V4 was successfully implemented through the Aave Security Council, see transactions:

• Ethereum: 0x1a95a…2545c

We are fully committed to a security-first approach to market growth and to ongoing support of risk parameter updates for this purpose.

[LlamaRisk]

Summary

LlamaRisk recommends a sixteenth round of adjustments for Aave V4. Following the execution of Round 15, total deposits across the five hubs on two chains stand at approximately $577M, with the Global Dollar Hub reaching approximately $94M and the Plus Hub approximately $21M. This round includes a single collateral increase on the Plus Hub. The primary changes are on the borrow side, with increases to several Core borrow lines to the Prime and Plus Hubs that have reached full utilization. Several of these lines are driven by the ongoing USDC borrow rewards campaign on the Core and Prime Hubs. USDG is also enabled as a new borrowable reserve on the Prime Hub Bluechip Spoke through a credit line extended from the Core Hub. IRM changes for USDC on the Core/Prime Hub and USDe on Plus Hub have also been proposed.

The proposed adjustments add approximately $7M in additional Add Cap capacity: Ethereum Plus $7M. Total market capacity would move from approximately $1.26B to $1.267B.

Rationale

Round 15’s caps are now live. Total deposits increased by approximately 5% over the week, led by the Global Dollar Hub. Collateral utilization across the Core Hub stayed within target after last round’s replenishment, so this round makes no Core collateral increase and holds the Global Dollar Hub’s syrupUSDG cap in place. The single supply-side change is sUSDe on the Plus Hub.

Several Core borrow lines are being relieved. The frxUSD line to the Plus Hub through the Ethena Ecosystem Spoke, fully utilized for a fourth consecutive round, is increased, as is the frxUSD line to the Prime Hub through the Bluechip Spoke. To create the aggregate headroom needed for these increases, the lightly used Core Main frxUSD draw cap is reduced from 34M to 25M, with utilization at just 15%. This leaves the add cap unchanged and does not cut any active borrowing. The fully utilized frxUSD and USDG lines on the Forex Spoke are also increased, along with the small USDC line to the Plus Hub.

On the Prime Hub, USDG is introduced as a new borrowable reserve through a credit line originating from the Core Hub. The Bluechip Spoke has attracted a growing base of blue-chip collateral, with WBTC ($19.6M), wstETH ($16.3M), cbBTC ($10.8M), and WETH ($4.2M) in deposits. These assets currently support borrowing of USDC, USDT, GHO, and frxUSD, leaving USDG as the only broadly available stablecoin on Aave V4 that is not yet borrowable through the spoke.

Source: LlamaRisk, September 3, 2026

The new reserve operates consistently with the existing Bluechip stablecoin credit lines for USDC, USDT, and frxUSD, drawing from Core inventory that is sufficiently deep relative to the proposed cap. A conservative 5M initial credit line follows the approach used for those lines and can be increased as utilization develops.

On the Avalanche Core Hub, caps remain unchanged given assets’ thin onchain liquidity.

USDC Rate Growth Before Optimal Assessment

This section evaluates increasing the USDC Rate Growth Before Optimal parameter on Aave V4 from 4% to 5%, in the context of the live 2% USDC borrow APR rewards campaign on the Core and Prime Hubs, alongside a broader increase in stablecoin Slope1 parameters across V3. The campaign effectively subsidizes borrowing and has materially increased USDC utilization across both hubs. The USDC interest rate model is identical across the two hubs, with an optimal usage ratio of 92%, a 0% Base Drawn Rate, a 4% Rate Growth Before Optimal, and a 20% Rate Growth After Optimal.

Current on-chain utilization remains elevated on both hubs as a result of the campaign. On the Core Hub, USDC utilization is 92.6%, and on the Prime Hub, it is 92.4%. Holding utilization constant at these levels, increasing Rate Growth Before Optimal by 1 percentage point would produce the following changes:

Hub	USDC utilization	Borrow APR now (with 2% campaign)	New Borrow APR	Supply APR now	New Supply APR
Core	92.6% (above kink)	3.46%	4.46% (+1.00pp)	4.97%	5.88% (+0.91pp)
Prime	92.4% (above kink)	3.10%	4.10% (+1.00pp)	4.64%	5.55% (+0.91pp)

The borrow rate remains comparable to V3 even post Rate Growth Before Optimal hike, therefore we recommend increasing Rate Growth Before Optimal by 1 percentage point on both the Core and Prime Hubs.

USDe IRM Alignment

We also recommend aligning the USDe borrow rate on V4 with the proposed 5.25% Base Drawn Rate and 0.25% Rate Growth Before Optimal outlined in TokenLogic’s August 2026 Stablecoin Interest Rate Adjustments proposal. Given the minimal outstanding USDe borrow balance of approximately $8K, all of which is backed by sUSDe on the Ethena Ecosystem Spoke as shown below, we recommend implementing the IRM changes in a single update.

Source: USDe on Aave V4, LlamaRisk, September 3, 2026

Changes Since Round 15 (September 03, 2026)

Deposits have grown from $550,545,974 to $577,101,590 (+5%).

Source: LlamaRisk, September 03, 2026

The most notable inflows include syrupUSDG on the Global Dollar Maple SyrupUSDG Spoke (+$14,143,084), USDG on the Global Dollar Maple SyrupUSDG Spoke (+$6,312,720), sUSDe on the Plus Ethena Ecosystem Spoke (+$5,892,488), WETH on the Core Main Spoke (+$2,910,815), wstETH on the Core Main Spoke (+$2,694,382).

Cap Utilization

Total deposits across all 5 hubs stand at $577,101,590. The Core Hub holds $380,580,690 (46% of Add Cap), the Prime Hub holds $62,941,449 (35% of Add Cap), the Plus Hub holds $20,745,655 (43% of Add Cap), the Global Dollar Hub holds $94,078,313 (61% of Add Cap), the Avalanche Core Hub holds $18,755,483 (34% of Add Cap).

Source: LlamaRisk, September 03, 2026

5 reserves across the protocol have exceeded 80% Add Cap utilization:

• USDC (Avalanche Core Hub, Forex): 100% Add Cap filled (1,000,014/1,000,000, $999,755)
• WAVAX (Avalanche Core Hub, Main): 99% Add Cap filled (493,509/500,000, $3,592,739)
• syrupUSDG (Global Dollar Hub, Maple SyrupUSDG): 88% Add Cap filled (43,994,788/50,000,000, $44,399,874)
• USDG (Core Hub, Main): 86% Add Cap filled (60,023,475/70,000,000, $60,018,285)
• sUSDe (Plus Hub, Ethena Ecosystem): 85% Add Cap filled (11,859,320/14,000,000, $14,774,287)

Source: LlamaRisk, September 03, 2026

A further 7 reserves sit in the 50 to 80% range:

• USDC (Avalanche Core Hub, Main): 73% filled
• USDG (Global Dollar Hub, Maple SyrupUSDG): 72% filled
• frxUSD (Core Hub, Main): 58% filled
• weETH (Core Hub, Etherfi): 55% filled
• WETH (Core Hub, Main): 52% filled
• LINK (Core Hub, Main): 51% filled
• USDT (Core Hub, Main): 51% filled

Recommendations

Round 16 targets approximately $7M of additional Add Cap capacity on Ethereum Plus, alongside draw-side relief for the most utilized borrow lines and a new USDG credit line to the Prime Hub Bluechip Spoke. IRM changes for USDC and USDe are also proposed.

Core Hub

Spoke	Asset	Current Draw Cap	Proposed Draw Cap
Forex	USDG	1,000,000	2,000,000
Forex	frxUSD	1,000,000	2,000,000
Main	frxUSD	34,000,000	25,000,000
Bluechip	frxUSD	5,000,000	7,000,000
Bluechip	USDG	-	5,000,000
Ethena Ecosystem	frxUSD	8,000,000	12,000,000
Ethena Ecosystem	USDC	375,000	750,000

Plus Hub

Spoke	Asset	Current Add Cap	Proposed Add Cap	Current Draw Cap	Proposed Draw Cap
Ethena Ecosystem	sUSDe	14,000,000	20,000,000	0	-

IRM

Hub	Asset	Current Rate Growth Before Optimal	Recommended Rate Growth Before Optimal
Core	USDC	4.00%	5.00%
Prime	USDC	4.00%	5.00%

Hub	Asset	Current Base Drawn Rate	Recommended Base Drawn Rate	Current Rate Growth Before Optimal	Recommended Rate Growth Before Optimal
Plus	USDe	0.00%	5.25%	4.50%	0.25%

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 recommendations for adjustments as market conditions evolve. All Hub utilization will be reassessed as deposits approach 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.