Aave V4 opens on Base with stocks as collateral

Aave V4 is live on Base. Aave Labs said on the governance forum that the Protocol Security Council had lifted the halt placed on the market at deployment and that the instance is open through pro.aave.com. Its first market is an Equities Hub holding seven Coinbase-issued tokenised stocks, AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc, alongside USDC.

The structure runs one way. In the hub's MAG7 Spoke the equities are collateral only and cannot be borrowed; USDC is the sole borrowable asset. A second spoke acts as an ERC-4626 entry point for USDC deposits across the hub. In its parameter recommendations earlier in the same thread, the risk provider LlamaRisk noted that stablecoin suppliers who join the hub opt in to equity-collateralised lending explicitly, and that the exposure does not extend to other Aave markets.

How it was switched on

The activation was not an AIP and carried no Aave Governance V3 vote. The Snapshot vote on deploying V4 to Base served as the binding decision, and the council, five of eight signers and the same set as on Ethereum, executed it directly. Each stock has its own Chainlink feed, and USDC uses the Chainlink USDC/USD feed capped at 1.04. Risk stewards are to get shorter cooldowns than on Ethereum and Avalanche, 12 hours instead of 36 on caps and 36 instead of 72 on spoke parameters, through an AIP in the coming days.

The pricing is the part lenders should read closely. LlamaRisk describes the initial tokenised-equity feeds as 24/5: they publish from Sunday evening to Friday evening Eastern time and hold the last value over weekends and market holidays. A position can still be liquidated at any hour, but a deterioration on Friday afternoon first becomes visible at the Sunday reopen, when the price catches up in one step. Chainlink is expected to bring 24/7 feeds for the same tokens to Base, and the parameters may then be revisited.