Aave Labs is finalizing preparations to activate Aave V4 on Base and wants to give the community formal advance notice ahead of execution. The first market is the Equities Hub, holding seven Coinbase issued tokenized equities (AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc) alongside USDC, with a MAG7 Spoke where the equities are collateral only and not borrowable. USDC is the sole borrowable asset. The activation also enables the Equities USDC Tokenization Spoke, which acts as an ERC-4626 entry point for USDC deposits across all spokes of the USDC reserve on the Equities Hub. The market is deployed and fully configured with every spoke registration halted, so no supply, borrow, or liquidity movement is possible until activation.
The ARFC to deploy Aave V4 on Base has been raised to Snapshot, using the risk parameters LlamaRisk recommended in this thread. The Snapshot vote is taken as the binding vote for this execution, and activation proceeds only if the Snapshot result is positive.
This activation does not take the form of an AIP and carries no Aave Governance V3 vote. The Aave V4 Protocol Security Council 0x187AAE17d4931310B3fc75743e7F16Bdc9eD77e9 (5-of-8, the same signer set as on Ethereum) carries it out directly through its Executor 0xA9D9923A1ADC1200771aaaA38CFeD6A5b8483d70, which holds HUB_CONFIGURATOR_DOMAIN_ADMIN_ROLE on the Base V4 AccessManager. The deployed configuration was verified onchain against LlamaRisk’s recommendations.
These addresses are added to the aave-address-book and permissions-book. For transparency, the table below lists the price feed used for each Hub reserve, following LlamaRisk’s recommendations. The USDC reserve uses the Chainlink USDC/USD feed rather than an SVR feed:
| Reserve | Price source | Kind | Feeds |
|---|---|---|---|
| AAPLc | 0x787f13dEa48Db0897CbCDD985de77809D837F988 |
Chainlink OCR2 proxy | Coinbase AAPL/USD |
| AMZNc | 0x06A8E4b3aBB3B7543d8396FB2B763d22820cB295 |
Chainlink OCR2 proxy | Coinbase AMZN/USD |
| GOOGLc | 0x5bF49E0ffA937CE2FfF033c739aD7C634c4D34F2 |
Chainlink OCR2 proxy | Coinbase GOOGL/USD |
| METAc | 0x6526aE6797A76123638b863AeE4dD27Ba4E4b27D |
Chainlink OCR2 proxy | Coinbase META/USD |
| MSFTc | 0xeB10A6c9aa7E537aEd766C08c35Dae35B321b18c |
Chainlink OCR2 proxy | Coinbase MSFT/USD |
| NVDAc | 0x04689a41629776563E6822F76f2e57D148d28513 |
Chainlink OCR2 proxy | Coinbase NVDA/USD |
| TSLAc | 0xFaf869185383a24F8cb00e27BdA6b63B9905DCb4 |
Chainlink OCR2 proxy | Coinbase TSLA/USD |
| USDC | 0xC7d0f8dCC1F860ca752054c59Ea82Ba2A5AaB50c |
PriceCapAdapterStable | Chainlink USDC/USD, cap 1.04 |
Based on LlamaRisk’s recommendation in this thread, a different configuration compared to that of Ethereum and Avalanche (see Snapshot) is applied for the Risk Stewrads in the Equities Hub. They would operate within the same bounds as on those networks, but with shorter cooldowns on caps (12 hours instead of 36 hours) and on spoke parameters (36 hours instead of 72 hours), while the maximum change per update is unchanged. These configurations will be implemented through the AIP process in the upcoming days.
At execution, the payload clears the halted flag on every spoke registration across the Hub, making the MAG7 Spoke and the Equities USDC Tokenization Spoke fully operational on Base. Caps and oracle configuration are unchanged from deployment, and the action changes no roles, owners, or oracles.
References
- Implementation: AaveV4Base_AaveV4BaseActivation_20260919
- Tests: AaveV4Base_AaveV4BaseActivation_20260919
- Snapshot