LlamaRisk has put forward a tenth round of Add Cap and Draw Cap changes for Aave V4 on Ethereum mainnet, arguing that a narrower set of adjustments is now needed after another week of deposit growth across the protocol’s four hubs. The proposal follows Round 9 and focuses on markets where utilization has moved above target levels rather than making broad changes across the system.

Deposit growth after Round 9

According to the proposal, total deposits across Core, Prime, Plus and Global Dollar hubs climbed from $239,914,421 to $262,215,897 between July 2 and July 8, a rise of about 9%. LlamaRisk said the increase was led by BTC and ETH collateral on Core, alongside continued stablecoin supply on Plus and the Global Dollar Hub.

The largest inflows during the period were USDG on Core Main Spoke, up $5,245,841, cbBTC on Core Main Spoke, up $3,997,668, and WETH on Core Main Spoke, up $2,315,368. Additional gains came from PT-USDG-24SEP2026 on the Global Dollar USDG Pendle Spoke, which added $2,237,073, and WETH on Prime Bluechip Spoke, which rose by $1,593,543.

Where utilization is tightening

LlamaRisk reported total deposits of $262,215,897 across all four hubs, with Core accounting for $206,602,582, or 51% of its Add Cap. Prime stood at $28,225,273, or 32%, Plus at $10,181,638, or 27%, and Global Dollar at $17,206,404, or 31%.

At the reserve level, the most constrained markets were USDG on Core Main, which reached 89% Add Cap utilization with $44,749,383 supplied against a $50,000,000 cap, and cbBTC on Core Main, which reached 87% utilization with 191.45 supplied against a 220,000 cap. Other reserves were below that threshold but still elevated, including WETH on Prime Bluechip at 65%, frxUSD on Core Main at 62%, PT-USDG-24SEP2026 on Global Dollar Pendle at 58%, sUSDe on Plus at 57%, WETH on Core Main at 52%, USDC on Core Main at 51%, and WBTC on Core Main at 50%.

Proposed cap changes

The new round would add about $29 million in Add Cap capacity overall. Of that, Core would receive $24 million, Prime $3 million and Plus $2 million. If enacted, the aggregate Add Cap ceiling would move from about $588 million to $618 million.

LlamaRisk said Draw Caps on the affected assets would be increased proportionally so that existing Add-to-Draw ratios are maintained. The proposal also highlights the borrow side, where the USDG credit line in the Global Dollar Hub is already at 100% utilization and the frxUSD line in Bluechip is at 81%.

One specific recommendation is to raise the USDG credit line tied to the Global Dollar Hub. The short description of the proposal says that line would increase to $20 million from $15 million, with the goal of allowing PT-USDG activity to continue scaling until USDG becomes native on the Global Dollar Hub.

What happens next

The proposal says the next step is review, followed by implementation of the cap changes through the Aave Security Council if approved. LlamaRisk also said hub utilization should continue to be monitored as deposits rise, with a broader reassessment planned as activity gets closer to existing ceilings.

The recommendation is presented as independent analysis by LlamaRisk and is framed as a targeted response to capacity pressure in selected markets after stronger usage in the week following Round 9.

Source: governance.aave.com