LittleGhost👻

How Much Does It Cost to Run a Mature DAO? || @Aave Case Study 👻 Aave is one of the most battle-tested protocols and mature DAOs in crypto. In 2025, annualised expenses total $63.8M. Let’s break down where the money goes, who gets paid, and what the DAO gets in return👇🧵

1/ Chainlink SVR recaptures non-toxic Aave Liquidation MEV that would otherwise leak to third parties, routing it back to the protocol. $11M delivered to the @aave DAO so far. Our dashboard tracks it in real time ↓🧵

One of my favorite additions of v2, visualize every revenue source flowing into the Aave DAO treasury and how they are used ↓

1/ $GHO incentives are back on @0xfluid. 83,000 $GHO distributed across Mainnet, Plasma and Arbitrum for the next 4 weeks. Full breakdown ↓

1/ What's actually backing $WETH borrows on @aave? Our new dashboard lets you see exactly that, live and historical, across any token & market ↓

Aave markets have processed around $42B in flashloan volume. A niche metric, but a clear signal that its liquidity is actively used across DeFi. Breakdown by chain: 🔹 Ethereum: $35B / 85.0% 🔹 Base: $2.30B / 5.5% 🔹 Arbitrum: $2.17B / 5.2% 🔹 Plasma: $412M / 1.0% 🔹 Polygon: $388M / 0.9% 🔹 BNB Chain: $348M / 0.8% 🔹 Avalanche: $276M / 0.7% Flash loans are not casual borrowing. They are mostly used by arbitrageurs, liquidation bots, collateral managers, and advanced DeFi users who need instant liquidity within a single transaction. So when Aave processes this much flashloan volume, it shows that its liquidity is not just sitting idle. It is being used to power liquidations, arbitrage, collateral swaps, and other atomic onchain operations. @base and @arbitrum both crossing $2B in flashloan volume is also worth watching. Ethereum remains the core venue, but Aave’s flashloan utility is clearly extending beyond mainnet. Of course, flashloan volume is not the same as sticky user demand or protocol revenue. Some of it is bot-driven, and not every dollar of volume turns into meaningful fees. But from a DeFi infrastructure lens, this is still a strong signal. @aave liquidity is useful, composable, and deeply integrated into the backend of onchain markets. That is usually what durable DeFi infrastructure looks like. Source: @Token_Logic

I always come back to this Sankey diagram to track where $GHO is moving. Cross-chain flows across Ethereum, Plasma, Avalanche, Arbitrum, Base and more. In the last 30 days, ~$50M moved from Ethereum to Plasma alone, +$9.2M net staying there. aave.tokenlogic.xyz/gho/cross-chain

Wondering what methodology is used for a specific metric? For every data point on Dashboard V2, you can see the full definitions and calculation details directly by clicking the ⓘ buttons, so you always know what you're looking at. Try it now: aave.tokenlogic.xyz/aave

The Kelp DAO exploiter's rsETH positions on Aave have been liquidated on Ethereum and Arbitrum. Track every Aave liquidation here: aave.tokenlogic.xyz/aave/liquidati…

Today, the TokenLogic team launched the @aave V2 dashboard. This is the most comprehensive Aave Dashboard in the industry. Everything you want to know about Aave is now available and free. Any API you want, any data insight you want, just DM and you will get it - simple.

Dashboard V2 is live!🎉 Anyone can now find literally all the most reliable and granular metrics about @aave all in one place. Try it now: aave.tokenlogic.xyz

1/ TokenLogic Dashboard V2 is live! 👻 The most comprehensive analytics suite for @aave, built on the most granular DeFi dataset ever assembled. What's inside ↓

1/ TokenLogic's mandate at @aave is expanding. Today we're publishing the Phase II Extension ARFC, reflecting a broader scope and a deeper commitment to Aave, now also covering V4 development, expanding RWA exposure for $GHO, and more. Breakdown below ↓

GHO did $1.19M in revenue in Apr 2026, marking its highest monthly revenue so far this year. The more interesting signal is where that revenue came from: • GHO Stability Module: $787K • Core: $249K • Prime: $113K • Horizon: $42K Core used to carry most of GHO’s revenue. In April, the Stability Module became the largest contributor by far. GHO is no longer just a borrow asset inside Aave Core. Revenue is now coming from several parts of the system: Core demand, Prime, Horizon, and the Stability Module. For @aave, that matters. It gives Aave another revenue surface that can scale with GHO adoption. Not loud. Just steady expansion. Source: @Token_Logic

1/ The past few days were tough for DeFi, with the $rsETH exploit put up to $230M in @aave bad debt on the table. What followed across 11 days involved the effort of service providers, DAOs, foundations and individual contributors. We monitored the situation closely and built a comprehensive timeline 👇

1/ Aave Labs has published the technical implementation plan to restore rsETH backing and clear the seven exploiter positions across Aave and Compound. Here's how it fits into the broader recovery picture 👇

The circulating supply of sGHO broke $300M and keeps growing. This matters more than it seems, as sGHO growth implies GHO mints. The more GHO is minted, the more stability fees for @aave. sGHO growth = Revenue growth Sneak peek from @Token_Logic’s new dashboard

Our Q1 Aave Finance Report is out 👻 A quarterly snapshot of @aave's financial performance. ▪️ $33.8M in protocol revenue ▪️ $44B in user deposits ▪️ $405M $GHO in circulation ▪️ ~80.7K $AAVE bought back ▪️ 186K active users Full breakdown in the 🧵↓

1/ $sGHO is getting a full architecture upgrade 👻 ERC-4626 vault, fixed 4.25% APR, one-click entry from $USDC, and a dedicated rate governance contract. This moves $sGHO from a bootstrapping product to something DeFi and CeFi can integrate natively. Read all about it ↓

GHO and sGHO ATH in circulating supply👻

$GHO launched on @Plasma 4 days ago and already crossed $22M+ in total deposits. ✦ $14M+ on @aave ✦ $8M+ on @0xfluid There's still time to jump in and start earning $XPL rewards.