Aave is a token. It has no blockchain of its own and no consensus of its own — it rents both from the chains it is issued on, which is why it is listed separately from the cryptocurrencies.
| CoinSpectrum Grade | D · 46/100 · provisional |
|---|---|
| Type | Token |
| Class | DeFi |
| Backing | Non-backed |
| Market capitalisation | $2.0B |
| Price | $131.99 |
| Circulating supply | 15,436,742 AAVE |
| Issued on | 15 chains |
Market data rebuilt every six hours; this build 28 October 2026. Live prices on the ranking.
D — 46 out of 100, provisional (from 8 of 10 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 37 to 57 (E to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms | 4.9 | group average |
| Host chain | 7.9 | Issued on Ethereum (A, 79/100) |
| Asset class (below every coin family) | 1.8 | Tokens: below every native coin family on the consensus ladders, 0.9 of 10 by largest asset and 2.7 by combined market cap |
| Network security | 0 | No network of its own: secured by its host chain, scored above |
| Decentralisation | 3.1 | group average, 3 of 4 measured |
| Minting and supply (who can mint more) | 5.4 | AAVE sits behind an EIP-1967 transparent proxy whose admin is Aave governance; the implementation has no admin roles, so supply can only change through a governance-approved upgrade.; no fixed maximum supply source |
| Premine (pre-issued at launch) | 0 | 100% of supply pre-issued at launch. All 16M AAVE were created at the 2020 migration: 13M for LEND holders and 3M placed in the governance-run Ecosystem Reserve, which funds staking and incentives. source |
| Fundraising | 3.8 | Sold to the public or to investors: 62.5% of supply was the insiders' to sell, 62.5% sold. ETHLend ICO Nov-Dec 2017 sold ~1B LEND (incl. a 60M pre-sale) for ~$16-18M; in July 2020 Framework Ventures and Three Arrows bought $3M of LEND at $0.10 from the team, and ParaFi bought LEND in a team token sale. source |
| Holder concentration | — | Not yet measured |
| Supply & Demand | 9 | group average |
| Supply & Demand | 8.1 | average of 5 measures |
| Exchanges (10 or more: 10) | – | exchanges not yet counted |
| Daily volume ($10K 0, $1B or more 10) | 8.1 | $92,314,703 traded in 24 hours; #29 by volume on the exchanges the site reads (scored on the median day of the last 2, $106,810,829) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 10 | 5.0% of its market cap a day, median of the last 3 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 8 | $5,203,738 within 2% of the price on 9 exchanges, 0.26% of its market cap, median of the last 2 days; a lower bound: the books returned by 1 of them stop short of 2% |
| Market cap ($1M 0, $10B or more 10) | 8.3 | $2.0B, 8.3 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 6.3 | futures, options and margin positions 14% of its market cap |
| Supply (smaller is better) | 9.8 | fixed maximum supply of 16 million |
| Record (origin, claims, halts) | — | Not yet reviewed |
Ten criteria, weighted equally — for a token, the host chain replaces the developer share, the asset class stands in for the consensus ladders, and who can mint more for the Cryptocurrency Standards. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
| Pre-issued at launch | 100% of supply |
|---|---|
| To team, investors and treasury | 18.75% of supply |
| Sold to the public or to investors | 62.5% of supply |
| Who can mint more | New tokens only through token-holder governance |
| Fundraising | Private or venture funding |
All 16M AAVE were created at the 2020 migration: 13M for LEND holders and 3M placed in the governance-run Ecosystem Reserve, which funds staking and incentives.
ETHLend ICO Nov-Dec 2017 sold ~1B LEND (incl. a 60M pre-sale) for ~$16-18M; in July 2020 Framework Ventures and Three Arrows bought $3M of LEND at $0.10 from the team, and ParaFi bought LEND in a team token sale.
AAVE sits behind an EIP-1967 transparent proxy whose admin is Aave governance; the implementation has no admin roles, so supply can only change through a governance-approved upgrade.
ICO sale share is 1B of 1.3B LEND per the ICO listing ('76.92% public'); Coin Bureau says 'nearly 1B' sold, so the 62.5% sold share is approximate. The 2020 private LEND sales came out of the team allocation, so they don't add to the total.
Sources: docs.aave.com · cryptopotato.com · theblock.co · github.com. Researched 2026-10-23, medium confidence.
It is issued on 15 chains, which means 15 separate issuances of the same claim. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. A token has neither its own blockchain nor its own consensus mechanism, so it fails both of the site's two conditions — it is a thing issued on a chain, and the chain is what is counted. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.