STRICT-Score
Max. Potenzial
11.9x
Potenzieller Ertrag
Wahrscheinlichkeit
82%
Erfolgschance
Risikoniveau
2/10
Niedriges Risiko
Marktkapitalisierung
$2.28B
Volumen
$304.70M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
Aave is the dominant decentralized lending protocol with over $25 billion in total value locked across 14 blockchain networks December 2025. Trading at $182-197 per AAVE token with a market cap of $2.79-3.02 billion (ranked #33), the protocol has processed over $71 trillion in cumulative deposits since inception. Weekly protocol revenue currently sits at approximately $1.76 million, down from October's peak of $4.34 million amid broader market consolidation. The December 3, 2025 launch of Babylon Bitcoin Vaults unlocked $56,000+ BTC, significantly expanding Aave's addressable market.
Investitionsthese
Aave represents the blue-chip infrastructure play in DeFi lending, combining battle-tested security with continuous innovation. The protocol maintains clear market dominance with more TVL than the next five lending protocols combined, and has operated without major exploits since its 2020 relaunch. The imminent V4 upgrade launching Q4 2025 introduces hub-and-spoke architecture for unified cross-chain liquidity, dynamic risk configurations, and a health-targeted liquidation engine. GHO stablecoin growth from 200M to 300M+ supply, plus new yield products like stkGHO (8.4% APY) and sGHO savings token, create multiple revenue expansion vectors. Institutional adoption accelerates through Aave Arc permissioned markets and the November 2025 launch of the Aave App offering 6-9% fixed APY with $1M insurance coverage.
Wettbewerbsposition
Aave maintains unchallenged leadership in decentralized lending with $25B+ TVL, dwarfing Compound's $2.4B and Spark's $1.8B. The protocol commands the #2 position among all DeFi protocols by TVL in 2025. Morpho Labs operates infrastructure building on top of Aave rather than direct competition. The moat derives from: (1) 5+ year security track record that newer protocols cannot replicate, (2) cross-chain presence across 14 networks with unified liquidity management, (3) institutional integrations through Aave Arc and custodian partnerships, and (4) continuous innovation with GHO stablecoin and V4 architecture. Closest competitive threat comes from protocol-native lending on L2s, but Aave's first-mover advantage and brand recognition in institutional circles remains insurmountable.
Fazit
Aave represents the foundational infrastructure layer for decentralized lending with proven product-market fit, sustainable revenue generation, and continuous innovation. The Q4 2025 V4 upgrade positions the protocol to capture institutional DeFi demand frameworks mature. Despite near-term revenue compression, the protocol's $25B+ TVL dominance, multi-year security track record, and expanding GHO stablecoin ecosystem make AAVE a core holding for DeFi-focused portfolios. Entry points below $200 offer asymmetric risk-reward with 3-4x upside potential over 12-18 months adoption and institutional integration accelerate.
Stärken
- Market dominance with $25+ billion TVL across 14 chains, representing the #2 DeFi protocol by total value locked in 2025
- Proven security track record with no major exploits since 2020 relaunch, supported by audits from Certora, Trail of Bits, and OpenZeppelin
- Sustainable revenue model generating $1.76M weekly from lending spreads and flash loan fees without token emission subsidies
- GHO stablecoin revenue multiplier where 1 GHO borrowed equals 10 USDC in protocol revenue according to AAVE Chan Initiative
- Institutional infrastructure through Aave Arc, Blockdaemon partnership unlocking $70B DeFi access, and Aave App with fintech UX
Risiken
- Smart contract risk persists despite multiple audits, by $128M Balancer hack in November 2025 showing DeFi sector vulnerability
- Revenue compression with 60% decline from $4.34M weekly in October to $1.76M in December 2025 during market consolidation
- Regulatory uncertainty lending faces potential SEC/CFTC enforcement actions under evolving frameworks
- Competition intensifying from Morpho Labs modular lending, Spark Protocol, and protocol-native lending markets capturing share
- V4 upgrade execution risk with complex hub-and-spoke architecture requiring seamless migration of $25B+ TVL across 14 networks
Kommende Katalysatoren
Aave V4 mainnet launch with modular lending markets, hub-and-spoke architecture, and dynamic risk configurations
Zeitrahmen: Q4 2025
GHO stablecoin expansion to 300M+ supply with sGHO savings token, cross-chain deployment via Chainlink CCIP to Aptos
Zeitrahmen: Q1 2026
Aave App global expansion with Android/web versions following November 2025 iOS Europe launch, targeting mainstream adoption
Zeitrahmen: Q1 2026
Institutional DeFi adoption through Aave Arc expansion and Blockdaemon partnership providing $70B liquidity access
Zeitrahmen: Ongoing
Preisziele
Major DeFi sector exploit or adverse regulatory action (SEC enforcement against DeFi lending protocols) causes 40% sector-wide repricing from current $182-197 levels. V4 launch delays or technical issues during migration erode confidence. GHO stablecoin depegs or fails to scale beyond 300M supply.
Successful V4 mainnet launch in Q4 2025 with seamless migration of $25B+ TVL, attracting $10B+ in new institutional capital. GHO stablecoin achieves 500M+ supply through sGHO savings and cross-chain expansion. Protocol revenue stabilizes at $2.5M+ weekly markets recover in 2026. TVL expands to $35-40B through Bitcoin collateral adoption and L2 deployments.
DeFi renaissance driven by regulatory clarity (stablecoin framework passage, DeFi safe harbor guidance). V4 architecture enables $50B+ TVL with institutional capital flood through Aave Arc. GHO becomes top-5 decentralized stablecoin with 1B+ supply, generating substantial protocol revenue. Traditional finance integration through tokenized securities lending on Aave infrastructure. Market cap reclaims top-20 position at $10B+ valuation.
STRICT-Score
Bewertung: 87/100 | Potenzial: 11.9x
Verwandte im gleichen Sektor - DeFi
Alle anzeigen
Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.