Aave (AAVE)
Unlock Schedule
Aave (AAVE) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the Aave (AAVE) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence AAVE price performance.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
Aave tokenomics at a glance
- Fixed supply: 16 million AAVE.
- Migration: 13M allocated to LEND holders at 100:1; 3M to the Ecosystem Reserve governed by the DAO.
- Core utilities: governance voting/delegation and protocol security via staking. These mechanics are the backbone of “Aave tokenomics.” (docs.aave.com)
Staking and the Safety Module (Umbrella)
AAVE holders can stake to the Safety Module—recently upgraded to “Umbrella”—which acts as a backstop if a shortfall occurs. Umbrella extends coverage by allowing staking of aTokens and GHO, and automates slashing logic so coverage is fast and targeted by asset and network. Stakers earn Safety Incentives defined by governance. (aave.com)
Governance influence and GHO discounts
Stakers (stkAAVE) not only support protocol resilience; they also may receive a discount on GHO borrow rates via the GHO Discount Strategy. This ties security and utility together: contributing to safety can reduce a user’s borrowing cost for the native stablecoin. (docs.gho.xyz)
What drives AAVE utility
- Voting on Aave Improvement Proposals (AIPs).
- Staking in Umbrella/legacy SM.
- Using AAVE as an allowlisted asset in certain markets.
- Indirect demand from ecosystem growth (e.g., GHO adoption, new markets), which can influence long‑term AAVE price narratives even though real‑time AAVE price is outside this page’s scope. (aave.com)
Assumptions
- Claimed LEND→AAVE migration tokens modeled linearly from 2020-09-25 to 2025-09-15 totaling ~12.695M AAVE.
On-chain forum reports ~305k AAVE remained in the migration contract as of 2025-09-15; actual claim timestamps are irregular and user-driven.
- Safety Module emissions treated as stepwise daily rates converted to linear monthly schedules.
On-chain rewards stream per-second; governance proposals specify daily rates and change dates. We anchor to proposal execution/official reference dates.
- 2024 emissions mix (360/360/100 AAVE/day) start modeled from 2024-03-14.
Governance documentation cites 2024-03-14 as the pre-Umbrella reference date; exact on-chain enabling may differ by days.
- stkGHO AAVE emissions assumed 0 AAVE/day after 2025-06-05 Umbrella launch.
Governance posts in 2025 present ‘current’ daily AAVE emissions as 531/day (315+216) excluding stkGHO; stkGHO rewards migrating to GHO was discussed/partly enacted.
- Liquidity Mining Round 5 (proposed 862.4/day in mid-2022) excluded.
Could not confirm an executed AIP with definitive start/end; only ARC discussions found. We include only executed LM periods.
- 1. https://docs.aave.com/aavenomics/incentives-policy-and-aave-reserve
- 2. https://docs.aave.com/aavenomics/flashpaper
- 3. https://github.com/aave/aip/blob/main/content/aips/AIP-1.md
- 4. https://governance-v2.aave.com/governance/proposal/2/
- 5. https://demo-arc.aave.com/governance/proposal/4/
- 6. https://governance-v2.aave.com/governance/proposal/11/
- 7. https://governance-v2.aave.com/governance/proposal/21/
- 8. https://governance-v2.aave.com/governance/proposal/28/
- 9. https://governance-v2.aave.com/governance/proposal/47/
- 10. https://governance-v2.aave.com/governance/proposal/60/
- 11. https://governance.aave.com/t/arfc-amend-safety-module-emissions/16640
- 12. https://governance.aave.com/t/arfc-safety-module-emission-update/22554
- 13. https://governance.aave.com/t/arfc-safety-module-umbrella-emission-update/23103
- 14. https://governance.aave.com/t/arfc-winding-down-lend-migration-contract/23126
- 15. https://docs.aave.com/developers/1.0/developing-on-aave/the-protocol/aave-token
Allocations
Description
#45
Aave is a DeFi protocol that allows users to lend and borrow cryptocurrencies and real-world assets using smart contracts. It has its own governance token called AAVE that enables holders to vote on protocol upgrades and earn rewards.
| Sector: | Lending |
| Blockchain: | Ethereum |