January 31, 2022 - Aave V3 is Live on Seven Testnets, MiniMice Spotlight, and More Community Updates

A recap of the Aave ecosystem, January 24th to 30th 2022

For anyone free from worrying about petting their Aavegotchi everyday, featuring: Grantee Spotlight 🔦 , Aave Weekly ⚡️ , Risk 🔎 , State of the protocol 📰 , Ecosystem 🧉 , Governance ⚖️, Upcoming events 📆 , and Water cooler 🆒

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Spotlight: MiniMice 🔦

For this week’s Spotlight 🔦 , we are taking a deep dive with Project MiniMice, an Aave bounty winner. Check out the full Q&A to learn more about MiniMice. Big thanks to Gy from EthicHub for taking the time to answer our questions!

Aave Weekly ⚡️

The Aave Weekly Newsletter brings readers insights on protocol liquidity, income and other performance metrics.

The Aave Protocol closes week 5 of 2022 with $20.9 billion of liquidity:

  • 43.5% Utilisation, generating $5.7m of estimated interest for depositors
  • $74m of Flash Loan volume, generating $66k of fees for depositors
  • $33m liquidated, generating $3m of fees to liquidators
  • $690k for the ecosystem collectors now holding $42.7m
  • $9.5m generated by the protocol this week
  • With an additional $1.6m $StkAAVE, $2.7m $WMATIC & $2.4m $WAVAX distributedat the weekly close price

Protocol Liquidity


Protocol Usage


Safety Module


Risk 🔎

In case you haven’t seen it, check out the Aave Risk Dashboard by Gauntlet at gov.gauntlet.network/aave. The Gauntlet team is particularly keen on iterating on this dashboard for the community and would love feedback via this Google Form.

Risk Dashboard Updates (From Gauntlet):

Details can be found in this Medium article

At Gauntlet, we aim to drive understanding and adoption of DeFi. In order to provide more clarity on market risk in Aave, we have made updates to our risk dashboard. To summarize, we have split our existing VaR into insolvencies (new definition of VaR) and liquidations (Liquidations at Risk or LaR). As a result of this change, VaR will now appear substantially lower and the bulk of capital at risk will appear in LaR.


Gauntlet Support Plan for Users Impacted by AIP-55:

Details can be found in this forum post

AIP-55 mistakenly changed ENJ parameters that were intended for FEI. As a result, ENJ’s liquidation threshold was lowered from 70% to 60%. Gauntlet has conducted analysis on users who were potentially impacted (driven to liquidation) by the lower liquidation threshold for ENJ collateral. Gauntlet will be reimbursing all users who were liquidated (between the time of AIP 55 execution and last Friday) who held any ENJ collateral at the block before liquidation. Details of Gauntlet’s support plan can be found here. In addition, AIP-57 was passed and executed to revert ENJ changes.

It is becoming increasingly important to have robust checks in place to prevent future issues in governance proposals. Gauntlet is happy to serve as a resource to the community and discuss with any parties looking to put up their own governance proposals.

State of the protocol 📰

  • Aave V3 was deployed on 7 testnets - try it out today on Ethereum Rinkeby, Fantom Testnet, Harmony Testnet, Arbitrum Rinkeby, Polygon Mumbai, Optimism Kovan, and Avalanche Fuji. This is just the start of where V3 will be as Snapshot votes continue to roll in to get the community’s support to launch on other chains with the latest being Boba, Metis, and BitTorrent Chain. Check out the Github and start testing today.
  • The Polygon Market has a fresh look with new assets BAL, CRV, DPI, GHST, LINK, SUSHI, and GHST (hello 👋 ). This is the first crosschain governance proposal which allows a vote to take place on one network while being executed on another, in this case Ethereum and Polygon. Look out for amGHST and camVaults from Qi Dao.
  • The Centrifuge team shared an update on the Real World Asset Market that is now over $10M in size. Read the full post for other highlights and what’s next. Plus, join the team talk with Stani on February 2nd.

Ecosystem 🧉

Governance ⚖️

On-chain votes:

Snapshot votes:

Other discussions:

Upcoming Events 📆

Water cooler 🆒

Front end down? IPFS has got you covered 💪