Aero is processing 10.5% of all DEX spot volume so far this week, per @DefiLlama. That’s its highest weekly share in two years, and the 2nd highest ever. It seems like @aeroxyz isn’t just coming for tokenized equity volume. The DEX wars keep heating up.

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

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.

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.

Active loans on Aave V4 reached $450M per TokenLogic. If we separate V3 and V4, @aave currently has two protocols in the Top 10 lending protocols by active loans, according to @DefiLlama. Aave V3 (#1#) with $11.9B. Aave V4 (#10#) with $453M. And tokenized equities onboarding is just getting started.

Huge week for Aave and it's only Tuesday. • @Dialectic_Group launched seven tokenized stock vaults on @base, built on @makinafi and powered by @aave. • @superformxyz launched Earn Stocks, bringing Aave-powered DeFi yield strategies to NVDA, TSLA, GOOGL and the rest of the Magnificent Seven while maintaining stock exposure. • @privy_io Earn now lets fintechs, neobanks and other businesses integrate Aave-powered yield directly into their apps. • Deposits in Aave’s Coinbase Stocks market are $14K away from the $10M threshold. The common denominator: More utility for tokenized stocks and more distribution through fintechs and neobanks. All powered by Aave.

The number of $1M+ revenue streams for @Aave is growing year after year. In 2026, Aave has already generated $1M+ from 10 different revenue streams, and we're just entering Q4. V4, Stable Vaults and Aave App will make extremely Aave profitable, but the diversification of its revenue streams will make Aave extremely resilient. Data by TokenLogic.

Aave is increasingly looking less like a lending protocol and more like a credit layer. With the market cap for tokenized stocks crossing $3.5B and Coinbase tokenized stocks becoming productive collateral on @Aave, all eyes are on this specific topic. However, stocks, tokenized funds, custodied BTC and ETH, RWAs, crypto collateral: all of these are increasingly becoming collateral for credit originated through Aave. And on the other side, the borrower doesn't necessarily need to be a DeFi user anymore either. > Coinbase users can borrow against tokenized equities. > Institutions can access stablecoin credit against assets held with qualified custodians. > Fintechs can embed Aave liquidity directly into their products. > Soon enough, we may even see banks launching their own frontends for the Aave App (Aave underneath) V4 makes the market structure flexible enough to accommodate each of these without forcing them into the same risk environment. The addressable market for Aave is starting to look a lot more like credit than simply DeFi lending. The thesis is becoming increasingly obvious. Data by @tokenterminal.

Aave is generating more revenue than ever before. By today's date (June 24th), @aave had generated: $6.66M in 2023 $34.07M in 2024 $53.57M in 2025 In 2026, it's already generated $61.29M. That's 14.4% higher than 2025, despite most of v4's major catalysts still being ahead.