Aave Labs said it is in the final stage of preparing Aave V4 for activation on Base, with the first live market set to be the Equities Hub. The initial setup includes seven Coinbase-issued tokenized equities alongside USDC, and execution will move forward only if a binding Snapshot vote passes.

The proposal differs from a standard Aave governance rollout. Aave Labs said the activation will not be submitted as an AIP and will not go through an Aave Governance V3 vote. Instead, the Snapshot result will serve as the binding community decision for execution.

First Base V4 market centers on tokenized equities

According to the proposal, the first Base V4 market will include AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc, all described as Coinbase-issued tokenized equities, together with USDC. Within the MAG7 Spoke, those equity tokens are configured as collateral-only assets and cannot be borrowed.

USDC is the only borrowable asset in the market. Activation would also switch on the Equities USDC Tokenization Spoke, described as an ERC-4626 entry point for USDC deposits across all spokes of the USDC reserve on the Equities Hub.

Deployment is complete, but activity remains halted until activation

Aave Labs said the market has already been deployed and fully configured on Base. However, every spoke registration remains halted, which means no supplying, borrowing or liquidity movement can occur before the activation step is executed.

At execution, the payload is expected to remove the halted status on each spoke registration in the hub. That would make both the MAG7 Spoke and the Equities USDC Tokenization Spoke operational on Base. Aave Labs added that caps and oracle settings would remain unchanged from the deployed configuration, and that the action would not alter roles, owners or oracle assignments.

Security Council would execute if Snapshot passes

The ARFC to deploy Aave V4 on Base has been escalated to Snapshot, using risk parameters that Aave Labs said follow LlamaRisk recommendations in the associated governance discussion. The post states that the Snapshot vote is the binding vote for this execution, and activation proceeds only if the result is positive.

If approved, the activation would be carried out directly by the Aave V4 Protocol Security Council through its executor. Aave Labs said the Security Council uses the same 5-of-8 signer set as on Ethereum and that its executor holds the required HUB_CONFIGURATOR_DOMAIN_ADMIN_ROLE on the Base V4 AccessManager. The relevant addresses, it added, have been included in the aave-address-book and permissions-book.

Oracle setup and Base-specific steward timing

For pricing, Aave Labs said the deployed configuration was verified onchain against LlamaRisk's recommendations. Each tokenized equity reserve uses a Chainlink OCR2 proxy tied to a Coinbase ticker pair for the underlying stock, while the USDC reserve uses a PriceCapAdapterStable connected to the Chainlink USDC/USD feed with a cap of 1.04 rather than an SVR feed.

The post also outlines a Base-specific difference for Risk Stewards in the Equities Hub. While the stewards would operate within the same bounds used on Ethereum and Avalanche, the cooldowns would be shorter on Base: 12 hours instead of 36 hours for caps, and 36 hours instead of 72 hours for spoke parameters. Aave Labs said the maximum change allowed per update would stay the same and that these steward configurations are expected to be implemented through the AIP process in the coming days.

Next step is the Snapshot result

The immediate next confirmed step is the binding Snapshot vote on the Base V4 activation. Aave Labs framed the current post as formal advance notice ahead of execution, with activation contingent on a positive vote outcome.

If that approval is secured, the execution would open the first Aave V4 market on Base without a separate AIP for the activation itself. The later AIP process referenced in the post applies to the Risk Steward configuration changes, not to the initial go-live action.

Source: governance.aave.com