Aave v1 (Ethereum)
Takes as collateral: bitcoin
Events for this venue: dated moves past a published rule and levels crossed.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- Liquidation threshold — the loan-to-value at which the venue liquidates a bitcoin position, not a price: no bitcoin book is read at this venue to turn it into one (a pool's debt has no collateral of its own until its accounts are read).
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. It runs contracts, so the absence is this dataset’s, not the venue’s.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — the reserve's interest rate strategy is a two-slope function of utilisation: algorithmic_utilisation. |
|---|---|
| Term structure | open_endedsourceAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — borrow()/repay() carry no maturity. |
| Rate certainty | variablesourceAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — the variable rate follows utilisation through the reserve's strategy 0xB20E27A199404bf9BCD56e37B6dE07DC906581Db. v1 also offered a stable rate, which the protocol could rebalance and which is disabled for WBTC (stableBorrowRateEnabled false): nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — getPriceOracle() = 0x76B47460d7F7c5222cFb6b6A75615ab10895DDe4, one source per reserve asset across every reserve; a pooled venue's solvency depends on all of them. |
|---|---|
| Default & liquidation | thresholdsourceAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — liquidationCall() is permitted once an account's health factor falls below 1, computed from per-reserve liquidation thresholds across its whole collateral (WBTC: LTV 60%, liquidation threshold 65%, bonus 15%). |
| Custody & backing | protocol_custodialsourceAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — deposit() transfers the underlying to the LendingPoolCore contract under the protocol's control; the depositor holds an aToken claim. |
| Recourse | non_recoursesourceAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — liability is bounded by the account's collateral; no function pursues a borrower beyond liquidationCall(). |
| Track record | 80 months observedsourceDerived from credit_venues.first_date (2020-01-13), the first Monday on which this dataset's archive read finds bitcoin supplied at the venue (credit_collateral_history) — read from its contracts at past blocks, so near the venue's own start rather than when we began observing. A lower bound on the venue's age. Not typed, and not a claim about its longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC reserves (1): WBTCsourceAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — the WBTC reserve (aToken 0xFC4B8ED459e00e5400be803A9BB3954234FD50e3) holds 2.65 WBTC; usageAsCollateral true, borrowing true. Aave v1 was superseded by v2 in December 2020 and holds a remnant. NOTE: the venue is POOLED and multi-collateral, so a BTC reserve's presence does not mean a given borrow is secured by it. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: none — Not observed: this venue's rates are not read. It is registered for its collateral history. quantity: partial — Observed through the venue's own contracts: the supplied amount of its bitcoin reserve, read DAILY at a recorded block since 2026-10-01 and WEEKLY at past blocks back to 2020-01-13. Collateral only — the venue's debt is not read. composition: none — Not observed: composition is loan-level. |
What the loans are denominated in
Not yet established for this venue — which is not the same as dollars.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialAave v1 LendingPool 0x398eC7346DcD622eDc5ae82352F02bE94C62d119 on Ethereum (chain 1), addresses provider 0x24a42fD28C976A61Df5D00D0599C34c4f90748c8, read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — deposit() transfers the underlying to the LendingPoolCore contract under the protocol's control; the depositor holds an aToken claim. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 1 incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- WBTC established · direct_wrapped · identified by symbolWBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- WBTC established · direct_wrapped · identified by symbol
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | collecting (not read yet) — no dollar reserve of this venue cleared the quantity gate on the latest day |
|---|---|
| Intermediation margin | collecting (not read yet) — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Rate volatility (30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Spread to the pair aggregate | collecting (not read yet) — this venue has no borrow rate to compare |
| Spread to matched Treasuries | collecting (not read yet) — this venue has no borrow rate to compare |
| Origination flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | collecting (not read yet) — a historical venue: its bitcoin collateral is read from its own contracts each day; its debt is not read yet |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/aave_v1_ethereum |
|---|---|
| MCP | get_venue({ venue_id: "aave_v1_ethereum" }) get_venue({ venue_id: "aave_v1_ethereum", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp