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Mapping the AAVE User Base.

Bitcoin

Written by Louis Latournerie , Dessislava Aubert

18/08/2025

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! Better on-ramps and embedded swaps are bringing more people on-chain. But DeFi lending and leverage still sit with a small group of large, sophisticated users. In this special edition we map Aave’s user base by deposit size, activity, collateral choices, and risk posture to understand who powers the protocol and what that implies for liquidity, stability, and growth.


    • Which users take the riskier positions on AAVE ?

    • The growth of LST and LRT as collateral on AAVE.

    • Large users behaviour on the AAVE protocol.

    Large users dominate deposits on Aave.

    Aave’s deposits are increasingly concentrated in large accounts. Users with over $100k in collateral grew from 29% in 2023 to 37% in early 2025, with the $100k–$1m collateral group rising to 26% and the $1m+ group to 11%, each up about four points.

    Over time, growth in large depositors has mostly come at the expense of smaller ones with $1k–$10k deposits. Very small users (<$1k) share for instance, fell from 15% to 12% in the past two years. Meanwhile, mid-size depositors ($10k–$100k) have stayed the backbone of Aave, making up about one-third of deposits still in 2025.

    For the full breakdown of Aave’s user distribution, activity, and risk, see our Premium Data Debrief.

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    Data Used In This Analysis

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

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