Aave Dev Report

Ernesto Boado

Another week of development updates on Aave Protocol!

One month has already passed since the release of Aave Protocol on the main Ethereum network, and its growth continues.
Following what we mentioned on the Security Report two weeks ago, the goal of this periodic blog post will be updating the Aave community about what is happening within and around the protocol, from the perspective of Aave’s developers, and trying to be completely transparent.
Since this scope covers a wider range of topics than just security (which of course will be one of the most important parts), the name of the blog post has been changed from “Security Report” to “Dev Report”.

The protocol grows day by day, and the numbers are beginning to look quite noteworthy! For a quick overview:

  • The Market Size of the protocol is 17.5 Million USD
  • … of with Total Value Locked (TVL) of 13.5 Million USD
  • …and 4 Million in borrowed assets.
  • LINK (6 Million USD), ETH (3.7 Million USD) and LEND (1.7 Million USD) are the assets with highest amount locked.
  • ETH (~1.1 Million USD), DAI (~700 000 USD) and SNX (~540 000 USD) are the most borrowed assets.

It makes us especially proud to see how the rhythm of integrations is accelerating week-by-week and how more and more fellow developers contact us with amazing ideas which can be plugged to Aave protocol. This last two week, the protocol and/or its aTokens have been integrated on Iearn.finance, Sablier, Totle, Nexus.mutual and Trust Wallet among others.

The audit process for the first version of the governance framework -which will have control over Aave Protocol- has finished with good results.

During the following weeks, the code will be released publicly along with an article explaining it in detail. At the same time, we will start an open bug bounty where everybody will be welcome to try to find any potential bugs in the code base.

As soon as the governance tools are ready to provide the best user interaction, the ownership of Aave Protocol will be moved to the core contract of the governance framework, and all the contract updates of the protocol will need to be done by passing governance proposals.

As extensively explained here, the depositors’ yield has been moved down from 0.35% to 0.09%. From a technical perspective, this leaded to the deployment of a new LendingPoolParametersProvider to include the updated parameter.

During the last two weeks, no security incident on the smart contracts of the protocol has appeared.

Regarding the Aave Protocol subgraph on TheGraph and our user interface, we found and fixed the following issues:

  • Issue #1: Inconsistency on useAsCollateral field on depositor data. When a depositor with a deposited balance redeems everything, on the smart contracts layer, the field useAsCollateral is set to false by design. The Aave Protocol subgraph was not implementing this logic causing the off-chain data of the user to be incorrect and inconsistent with the on-chain data (correct). We fixed this issue on our subgraph to have full consistency on this part of the logic.
  • Issue #2: Lack of precision on Health Factor calculation. Due to some off-chain calculations, the calculation of the user Health Factor on our interface was lacking some precision. The function performing the calculation was fixed.
  • Issue #3: Incorrect calculation of the maximum amount to redeem. The maximum liquidity available in the pool was to taken into account to get the maximum amount to redeem for a deposit. The validation was changed in order to be consistent with the on-chain validations.

This first month of the protocol has been really exciting and we are sure it will continue this way! As always, if you want to be up to date with the latest news related to Aave, please join our telegram and discord channel, and follow us on twitter and facebook. Don’t miss the next Dev report in two weeks!


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