- Aave’s TVL surpassed $40B and stands near $67.2B across v3 today.
- Annualized fees approach $1.13B, with $92M over 30 days and $3M in 24 hours.
Aave’s total value locked rose past $40 billion earlier this year and continues to climb, with v3 now holding about $67.2 billion as of September 2, 2025.
That scale places the protocol at the forefront of onchain credit intermediation by collateral volume. Recent throughput is matched by fee generation, with an annualized run-rate near $1.13 billion on DefiLlama’s dashboard.
Ethereum and L2 deposits lift Aave v3 TVL above $67 billion
Capital concentration remains anchored on Ethereum, which accounts for roughly $34.44 billion of Aave v3 collateral, while activity on rollups and alt-L1s is material.
Arbitrum contributes about $1.21 billion and Base about $1.03 billion, alongside Avalanche, Linea, BSC, Polygon and Optimism. Outstanding borrow balances total approximately $28.22 billion, indicating robust utilisation of supplied assets across money markets.
The $40.3 billion threshold, first flagged in mid-May, marked a new high for decentralised lending at the time. Momentum has since extended with broader crypto market capitalisation, inflows from stablecoin treasuries and cross-chain deployments that have broadened the addressable collateral base.
The current level reflects both price effects and net new deposits into risk-managed pools.
Fee intake rises with $92 million in 30 days and $3 million in 24 hours
Fee growth has accelerated with elevated borrowing demand and periodic spikes in liquidations and flash loans. Over the last 30 days Aave v3 generated about $92.19 million in fees, with roughly $3.0 million recorded over the most recent 24 hours.
On a forward basis, the annualised fee run-rate sits near $1.125 billion, while recorded revenue attributable to the treasury tracks near $156.8 million annualised.
Aave made over $3M in fees in the last 24 hours → more than all other lending protocols combined
➥ Aave is no longer lending protocol → It's the new face of Bankification → Offer profit opportunities that traditional banks simply can't match
With nearly $70B deposited,… pic.twitter.com/EsSjwSzEnU
— Jonaso (@Jonasoeth) September 1, 2025
These cash-flow dynamics matter for three reasons. First, higher protocol fees provide a buffer that can be directed toward reserves and risk-offsetting mechanisms through governance. Second, sustained utilisation can support more competitive deposit rates even as rate curves normalise on centralised venues.
Third, consistent fee capture across chains reduces reliance on a single market and helps align risk parameters with heterogeneous liquidity conditions across Ethereum mainnet and rollups.
For lenders and borrowers, the immediate focus is on market depth and interest-rate responsiveness as collateral conditions change. The dispersion of TVL across chains suggests incremental sensitivity to gas costs and bridge liquidity, while the concentration on Ethereum underscores ongoing demand for blue-chip collateral.
With TVL above the $40 billion milestone and fee intensity elevated, Aave’s money markets remain a central venue for onchain leverage and term funding in crypto credit.
That snapshot shows that Aave (AAVE) is trading at $315.28, reflecting an absolute intraday gain of $5.82, equivalent to a +1.88% increase since the previous close. The price swung between a low of $300.20 and a high of $319.25 within the 24-hour window.
