Bubble
Aave AAVE
Aave (AAVE) was trading at $96.01, ranked #43 by market cap at $1.48B, with 24h volume of $150.00M.
Data snapshot: 2026-07-22 18:00 UTC.
Aave is the governance token of one of the largest decentralized lending protocols in DeFi, where users supply crypto assets to earn interest or borrow against their holdings as collateral across multiple blockchains. It's among the longest-running and most widely copied lending protocols in the space. Aave is the largest of the pooled lending markets: suppliers deposit into a shared pool, borrowers draw against over-collateralised positions, and rates adjust automatically with utilisation. It has run across many networks and through several market crashes without a protocol-level insolvency, which is the record that matters most for a lending protocol. Its risk parameters are set by governance, so AAVE holders are effectively voting on how much risk the system takes. On this map it is the reference point for the lending sector — the comparison table above shows where it sits against its closest peers.
How does lending on Aave work?
Suppliers deposit assets into a shared pool and earn interest; borrowers take over-collateralised loans against their own deposits. Interest rates move automatically with how much of the pool is borrowed.
What happens in a liquidation?
If a borrower's collateral value falls below the required ratio, part of the position is sold at a discount to liquidators to restore solvency. The borrower keeps the remainder.
What does AAVE governance control?
Which assets can be used as collateral, at what loan-to-value ratios, and the safety parameters of the whole system. Those choices determine how much risk the protocol carries.
Why does its record through crashes matter?
A lending protocol's real test is whether liquidations clear fast enough during violent moves. Surviving multiple crashes without protocol insolvency is the strongest available evidence about its risk design.
Market cap decides how big a bubble is drawn, so rank is what places AAVE on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #37 | World Liberty Financial (WLFI) | $1.79B |
| #43 | Aave (AAVE) | $1.48B |
| #44 | Sky (SKY) | $1.47B |
| #54 | Morpho (MORPHO) | $1.02B |
| #379 | Spark (SPK) | $62.68M |