LittleGhost👻

A quick look back at October on @aave: ✦ Aave crossed $1.1T in all-time borrow volume. ✦ GHO Stewards raised $GHO’s Core borrow rate to 4.50%, to be aligned with the Aave Savings Rate. ✦ New @pendle_fi PT-AUSD and PT-USDG maturities on @monad and X Layer. ✦ Incentives went live for Coinbase Tokenized Stocks on @base. USDC loans: $1.7M to $5.2M. ✦ @Citi research positioned Aave as a collateral mobility protocol. ✦ @ethena’s $USDe went live on Aave @XLayerOfficial. ✦ @SentoraHQ became V4’s first external curator, with new RLUSD, PYUSD and OUSD markets. ✦ Aave V4 passed $1.5B in deposits and $500M in loans, with @arc peaking above $100M. ✦ After the Binance hot wallet exploit incident, Aave’s guardians froze markets within the hour and began reopening them the next day, with no bad debt. Next in governance: @global_dollar’s $USDG, @maplefinance’s syrup assets, PT-sUSDe and a USAT GSM. See you next week for the full October Finance Report!

A delta-neutral strategy on Coinbase stocks, using @aave V4 on @base and Hyperliquid. Deposit the stock on Aave, borrow USDC against it, and short the same stock on Hyperliquid. At today’s rates, it works out to up to 11% a year, with no exposure to the stock price ↓

sGHO on @aave just crossed $200M in user deposits. Deposits earn the Aave Savings Rate, currently 4.50% APR.

Coinbase Tokenized Stocks on @aave V4 on @base now earn 3% incentives. Borrow $USDC against them at a rate capped at 3%, and get paid to hold leverage. Explore here: pro.aave.com/

.@aave’s net income went up every month of Q3, from $1.1M in July to $1.6M in September. Net margin moved the same way: 18.2%, then 21.8%, then 23.8%. Most of that came from lower costs. Expenses were down $7.0M (-32%) on Q2, mainly because Q2 included a one-off $5M upfront payment to Aave Labs. $4.0M in net income for the quarter, +49.7% vs Q2 (excl. DeFi United). Full Q3 report ↓

The Aave Savings Rate is moving from 4.25% to 4.50%. sGHO continues to offer one of the strongest risk-adjusted savings rates in DeFi.

Aave is becoming the credit layer for crypto neobanks. EtherFi Cash moved onto a dedicated Aave V4 instance on @Optimism last week and it already holds $140M in user deposits, with $100M+ of that being EtherFi's own tokens. ✦ For @Ether_Fi, V4 replaces a bespoke lending engine ✦ For @aave, the deal is 20% of instance revenue for 2 years EtherFi is targeting roughly $500M by the end of 2026.

Five months after launch, Aave’s @XLayerOfficial market holds $111M in user deposits and $20M in active loans. It is time to deepen the stablecoin layer. TokenLogic has three proposals moving through governance: ▪️ native $USDC onboarding ▪️ $PT-USDG listing as fixed-yield collateral ▪️ a 25M $GHO Stability Module, approved on Snapshot Together, they build on X Layer’s existing stablecoin market, adding native $USDC, fixed-yield USDG collateral, and a dedicated liquidity route for $GHO with GSM

Users can now swap $USDC for $GHO on Monad at a 1:1 peg, with 25M in mint capacity backing it. TokenLogic authored AIP-509 and led the deployment of the Stability Module. Monad is now the third L2 with a GSM, after Plasma & Arbitrum. GSM coming to more networks... 👀