[TEMP-CHECK] Ethereum V2 to V3 Migration

For extra insight regarding the v2 → v3 migration on Ethereum, we would like to share the following data regarding the v2->v3 migration system we built from BGD and at least connected to the app.aave.com interface:

  • A total of ~288m in USD value of deposits have been migrated from V2, together with a total of ~43m USD of borrowings.

  • More granular (all amounts migrated from v2):

    • WETH:
      • ~79’600 WETH deposits (~35% of total supplied on v3).
      • ~4’300 WETH borrowings (~3% of total borrowed on v3).
    • stETH (converted automatically to wstETH on v3):
      • ~18’300 stETH deposits (~10% of total supplied on v3).
      • Not enabled to borrow on v2, so no migrations.
    • WBTC:
      • ~1’635 WBTC deposits (~63% of total supplied on v3).
      • ~29 WBTC borrowings (~6% of total borrowed on v3).
    • AAVE:
      • ~4’400 AAVE deposits (~6% of total supplied on v3).
      • Not enabled to borrow on v2, so no migrations.
    • LINK:
      • ~113’000 LINK deposits (~19% of total supplied on v3).
      • No borrowings migrated
    • CRV:
      • ~51’600 CRV deposits (~10% of total supplied on v3).
      • ~22’700 CRV borrowings (~10% of total borrowed on v3).
    • USDC:
      • ~26’000’000 USDC deposits (~23% of total supplied on v3).
      • ~22’000’000 USDC borrowings (~30% of total borrowed on v3).
    • DAI:
      • ~7’800’000 DAI deposits (~22% of total supplied on v3).
      • ~2’500’000 DAI borrowings (~19% of total borrowed on v3).
    • USDT:
      • ~15’000’000 USDT deposits (~25% of total supplied on v3).
      • ~9’300’000 USDT borrowings (~23% of total borrowed on v3).
    • LUSD:
      • ~76’000 LUSD deposits (~3% of total supplied on v3).
      • ~22’000 LUSD borrowings (~1.5% of total borrowed on v3).
  • The WETH and stETH percentages are in practice higher in terms of “organic liquidity”, as a meaningful part of the total supply (stETH) and borrowings (WETH) include looping.

  • It is important to highlight that other platforms like DefiSaver provide migration features on their system, so even if probably lower, the percentage of capital coming from v2 migrations is higher that the numbers from our migration system.

  • Even considering the previous point, there seems to be a quite healthy new entrance of both liquidity and borrowings, not being migrated from v2.

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