Swaps are becoming a real revenue line for @Aave. Swap fees as a share of monthly protocol revenue: Oct ‘25: 0.8% Nov: 0.8% Dec: 0.04% Jan ‘26: 0.04% Feb: 0.01% Mar: 0.3% Apr: 3.6% May: 4.9% Jun: 4.4% Jul: 8.2% Aug: 4.7% Sep: 8.4% Oct (MTD): 5.3% September alone brought in $524K in swap fees, up from $4K in December. The turning point was April, when the Aave Will Win proposal passed and swap fees from the Aave interface (routed through @CoWSwap) started flowing to the DAO. CoW Swap accounted for $503K of September’s total. Part of the rising share comes from lower borrow interest. However, both have been ticking up since June, so this is a second revenue stream growing alongside lending, and it accrues to the DAO and $AAVE holders. Data by TokenLogic

11 Aave markets ended Q3 with $1.3B+ in deposits and $417M borrowed. Across V3 and V4, @aave expanded into new chains, consumer credit, and different lending structures. A few things stood out to me 🧵

DeFi Q3 Earnings: @aave edition Q3 2026 revenue: $18.9M > Down 23% QoQ (Q2: $24.6M) > Down 50% from Q1 ($37.9M) > Lowest quarter of 2026 What happened: Q3 was the first full quarter after April's LayerZero hack, while Q2 still had a strong April. Protocol earnings fell $7.6M QoQ, and buybacks remain paused. What's improving: 1. Protocol earnings rose every month: $4.56M, $4.66M, $5.15M 2. Expenses down 32% QoQ to $14.9M, partly because Q2 carried a one-off $5.0M Aave Labs payment 3. Net income up 50% QoQ to $4.0M and rising every month, with margin up from 18.2% to 23.8% 4. Deposits up 41% to $33.6B, active loans up 32% to $13.2B (+9% at constant prices) What to watch in Q4: 1. V4 ramp: 10 spokes opened in Q3, and Cash already holds $311.5M, with Aave earning 20% of its revenue 2. Native BTC collateral via Babylon 3. Tokenized stocks growth on Base, live since Sep 29 4. Aave App and Aave Institutional 5. When buybacks restart *Figures exclude DeFi United. My read: Q3 was a quarter focused on rebuilding the foundations. Q4 is when the sauce starts. Data by TokenLogic.

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 ↓

Aave has generated at least $1M from 10 different revenue streams in 2026. You can't say that about any other DeFi protocol. As @Aave expands into tokenized equities, new collateral types, additional lending markets, and a broader consumer base, its revenue becomes less dependent on a single source. With Aavenomics 3.0, all value will accrue to the DAO and $AAVE holders. Data by @Token_Logic.

4.50% is a good rate. I don’t get why so much capital don’t take this opportunity and stay in subyield venue. The ethereum:0x40d16fc0246ad3160ccc09b8d0d3a2cd28ae6c2f balance sheet is clean and transparent and @aave has proven that even in catastrophic situation it would rise up to not let down depositors. This is currently a subside offered by Aave but I think more capital should move out of @SkyEcosystem or $USDT $USDC in Aave core into lending GHO.

sGHO deposits grew 29% in Q3, from 129.1M to 166.6M $GHO. Some of that came from stkGHO holders moving over with the one-click migration tool. stkGHO dropped from 50.8M to 31.1M over the same period. On 1 September, the Aave Savings Rate paid by sGHO also went up from 4.25% to 4.50% APR. Full Q3 report ↓

11 new @aave markets went live in Q3, including two new chains and the first V4 markets on Avalanche, Optimism and Base. By 30 September, they held $1.3B in deposits and $417.6M in borrows. The three biggest: @monad Core: $583.9M @ether_fi Cash: $311.5M @arc Main: $247.9M, in under two weeks More in our Q3 report ↓

Since 30 July, the credit side of @ether_fi Cash, Visa card, has run on a dedicated @aave V4 hub on @Optimism. manages the hub end to end. Aave provides the infrastructure and earns 20% of the revenue it generates, without taking on the day-to-day risk. The plan at launch was $175M in deposits. It ended September at $311.5M, with ~$500M targeted by the end of the year. From our Q3 report ↓

$25.9M in syrupUSDC is now deposited in @maplefinance's Spoke on Aave V4 on Arc, alongside $23M in active $USDC loans. Users can borrow against their yield-bearing Maple positions, accessing liquidity without selling their collateral.

.@aave’s treasury doesn’t manage itself. Over the past year, TokenLogic has coordinated $1.15B across 2,063 treasury operations and 17 chains, including swaps, bridges, protocol flows and internal transfers. Behind the numbers is the day-to-day work of allocating liquidity, managing positions and moving capital as needs and opportunities change

Our @aave Quarterly Report for Q3 2026 is out. ✦ $18.9M in revenue, $4.0M in net income ✦ $33.6B in deposits, $13.2B in active loans ✦ New deployments on @monad and @arc ✦ @ether_fi Cash on Aave V4, $311.5M in deposits ✦ Tokenized stocks live on @base Full report ↓