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Aave V3

Protocol Overview

Aave V3 was deployed on Gnosis Chain by Aave DAO in October 2023. It shares the same interest rate mechanics as Agave (Aave V2) but adds V3-specific risk management features: Efficiency Mode, Isolation Mode, and Siloed Borrowing.

Contracts on Gnosis Chain

Contract Address
Pool (PoolInstance) 0xb50201558B00496A145fE76f7424749556E326D8
PoolConfigurator 0x7304979ec9E4EaA0273b6A037a31c4e9e5A75D16

dbt Models

  • contracts_aaveV3_PoolInstance_events — all supply/borrow/repay/liquidation events, start 2023-10-04
  • contracts_aaveV3_PoolConfigurator_events — governance and risk parameter change events, start 2023-10-04

V3-Specific Features

Efficiency Mode (E-Mode)

Groups correlated assets (e.g., stablecoins) with higher LTV and liquidation thresholds. An E-Mode category is assigned per user, reducing the risk of liquidation between highly correlated assets.

Isolation Mode

Newly listed volatile assets can only be used to borrow designated stablecoins. A debt ceiling caps total borrowing against the isolated asset. Detected via the IsolationModeTotalDebtUpdated event.

Siloed Borrowing

High-risk assets marked as "siloed" — if borrowed, the user cannot borrow any other asset. This prevents cross-contamination of risk.

Token Mechanics

  • Supply → receive an aToken (e.g., aGnoUSDC) whose balance grows in real time
  • Borrow → a variableDebtToken balance grows with accrued interest
  • Both are standard ERC-20 tokens and can be transferred

Decoded Event Signatures

Same core events as Agave, with Deposit renamed to Supply in V3:

Supply(address indexed reserve, address user, address indexed onBehalfOf, uint256 amount, uint16 indexed referralCode)

Withdraw(address indexed reserve, address indexed user, address indexed to, uint256 amount)

Borrow(address indexed reserve, address user, address indexed onBehalfOf, uint256 amount, uint256 interestRateMode, uint256 borrowRate, uint16 indexed referralCode)

Repay(address indexed reserve, address indexed user, address indexed repayer, uint256 amount, bool useATokens)

LiquidationCall(address indexed collateralAsset, address indexed debtAsset, address indexed user, uint256 debtToCover, uint256 liquidatedCollateralAmount, address liquidator, bool receiveAToken)

ReserveDataUpdated(address indexed reserve, uint256 liquidityRate, uint256 stableBorrowRate, uint256 variableBorrowRate, uint256 liquidityIndex, uint256 variableBorrowIndex)

Example Queries

Liquidation Events

SELECT
    block_timestamp,
    transaction_hash,
    decoded_params['collateralAsset']                                        AS collateral,
    decoded_params['debtAsset']                                              AS debt_asset,
    decoded_params['user']                                                   AS liquidated_user,
    toFloat64(decoded_params['debtToCover']) / 1e18                          AS debt_covered,
    toFloat64(decoded_params['liquidatedCollateralAmount']) / 1e18           AS collateral_seized,
    decoded_params['liquidator']                                             AS liquidator
FROM contracts_aaveV3_PoolInstance_events
WHERE event_name = 'LiquidationCall'
ORDER BY block_timestamp DESC
LIMIT 50

SELECT
    toStartOfDay(block_timestamp)                                    AS day,
    'aave_v3'                                                        AS protocol,
    decoded_params['reserve']                                        AS reserve,
    avg(toFloat64(decoded_params['liquidityRate'])) / 1e27           AS supply_apr
FROM contracts_aaveV3_PoolInstance_events
WHERE event_name = 'ReserveDataUpdated'
GROUP BY day, reserve

UNION ALL

SELECT
    toStartOfDay(block_timestamp),
    'spark',
    decoded_params['reserve'],
    avg(toFloat64(decoded_params['liquidityRate'])) / 1e27
FROM contracts_spark_Pool_events
WHERE event_name = 'ReserveDataUpdated'
GROUP BY day, decoded_params['reserve']
ORDER BY day DESC, reserve

See Also