Research

USDT (Aave V3)

Aave V3 · Ethereum · Lending

Obs · 23m ago

Total APY

3.13%

TVL

$428.1M

Observed risk

Moderate

Rate

Base: 3.13%
Incentive: n/a
Fee: n/a
Total: 3.13%

Liquidity

TVL: $428,061,832
7D change: -56.7%
30D change: -11.5%

TVL has fallen 57% over the last 7 days where reported.

Risk

Moderate observed risk·High evidence confidence

An emergency pause authority exists with broad scope.
Oracle appears to rely on a single manipulable source.

Risk methodology

Historical yield

Current: 3.13%
7D median: 3.63%
30D median: 3.37%
30D range: 3.01% to 4.38%
30D trend: -0.2%

Loading history

Loading 30-day APY history…

Lending market

Supplied: $2,901,813,429
Borrowed: $2,470,994,050
Available: $427,251,772
Utilization: 85.26%
Supply APY: 3.18%
Borrow APY: 4.17%
Base rate: 3.18%
30d utilization: -4.5 pp
Borrow demand: Moderate

Rate verification

DefiLlama: 3.13%
Protocol native: 3.18%
Difference: 0.05 pp
Confidence: strong

Where the yield comes from

The reported yield primarily comes from borrower interest paid into this lending market.

What can reduce the rate

Yield may fall if borrowing demand decreases or token incentives are reduced.

Risk detail

Yield.ly's risk assessment summarizes observable factors and data coverage. It is not an audit, credit rating, guarantee, or recommendation. Smart contracts, assets, protocols, custodians, and market conditions can fail in ways the model does not detect.

Watch

An emergency pause authority exists with broad scope.
Oracle appears to rely on a single manipulable source.
TVL declined sharply over the last 7 days.

Strengths

Substantial persistent liquidity on record.
Predominantly base yield rather than token incentives.
Thirty-day observation history available.
Verified protocol and market identity.

Risk dimensions

Principal risks

An emergency pause authority exists with broad scope.
Oracle appears to rely on a single manipulable source.
TVL declined sharply over the last 7 days.

Exposure

Exposure type: Single asset
Assets: USDT

User deposits USDT. Funds enter Aave V3 on ethereum. Aave V3 depends on Chainlink oracle. Contracts are upgradeable or governance-controlled. USDT introduces Tether Limited custodian exposure. Exit via withdrawal from lending market.

Exit conditions

Flexible withdrawal is typical for lending markets unless a lockup is reported.

Some product terms are currently incomplete.

Qualification notes

Meets Yield.ly's current requirements for default discovery where qualified. Learn how qualification works

Incentive-heavy yield
A large share of this rate comes from token incentives, which can change quickly and may depend on the reward token market value.
Risk flag
TVL declined sharply over the last 7 days.

Data sources

Source observed: Oct 20, 2026, 8:02 AM UTC
Yield.ly refresh: Oct 20, 2026, 8:11 AM UTC
Data generated: Oct 20, 2026, 8:17 AM UTC

DefiLlama · total APY, base APY, TVL
CoinGecko · token icon

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Share opportunity

3.1304% · Aave V3 · Ethereum. Not investment advice.

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