Deep dive by intern_cc auditing the financial health of Aave

TL;DR: Aave is shifting from a crypto-native lender to core infrastructure for fintechs and institutions. Revenue remains cyclical but structurally stronger—current peaks are over 2× 2021 levels. GHO’s steady climb past $400M market cap shows organic demand and validates Aave’s vertical integration. Forecasts show a maturing protocol where even bearish revenue floors sit above previous bull highs. The buyback program is disciplined, with ~$30M deployed and steady deflationary pressure on AAVE supply, tracking close to its $50M yearly goal.

Top comment by @Danicjade

More coverage

• AAVE V3 Origin Audit | Tea-Fi | Halborn Audit Reports (halborn.com)
• Association of Out-of-Pocket Annual Health Expenditures ... - PubMed (pubmed.ncbi.nlm.nih.gov)
• State audit finds RTD's financial health stronger than many of its peers (rtd-denver.com)
• Like a Sentinel Standing Watch, the Financial Statement Auditor Is ... (pcaobus.org)
• Deep Dive - CFO Dive (cfodive.com)

Explore the topic

• AAVE
• GHO
• Aave