Aave v4 decouples liquidity from market settings. Hubs store supplied liquidity, while Spokes act as individual markets that borrow from Hubs, each maintaining its own collateral assets and risk configurations. To control exposure, Hubs set specific supply limits (add caps) and borrowing limits (draw caps) for each Spoke. This means evaluating risk in Aave v4 requires analyzing three distinct levels: the Hub, the Spoke, and the individual assets within each Spoke.
Sentora Risk Radar now combines core v3 metrics with new, tailored v4 indicators. Here are three key highlights.
Asset Flow Map: Visualizing Liquidity & Cap Utilization
The Asset Flow Map shows how capital moves between Hubs and Spokes. Each ribbon shows the cap as an outer band and current usage as the inner core. Users can switch between supply (add cap) and borrow (draw cap) metrics and view flows from the Hub or the Spoke perspective.
From the Hub perspective, the map shows how a Hub distributes capacity across its Spokes. At the time of capture, the Core Hub held $539.23M in supply against $935.98M in add cap, for 58% utilization.
The Main Spoke accounted for $409.98M of that supply, followed by the Etherfi Spoke at $103.35M.
From the Spoke perspective, the map shows flows to each asset within the Spoke.
In the Ethena Ecosystem Spoke, Core Hub borrowing sat at 100% of its $20.99M draw cap, with frxUSD, USDC, and USDT each at their Core limits. On the same Spoke, the Plus Hub showed 17% utilization of its $32.23M draw cap.
A Spoke at its draw cap cannot take additional borrows from that Hub until governance raises the cap or positions repay.
Hub Borrow Distribution: Tracking Demand Across Spokes & Assets
Hub Borrow Distribution decomposes the outstanding borrowed principal of a Hub by Spoke and asset over time.
The indicator shows which Spokes drive demand for Hub liquidity and how that mix shifts. A rising share for one Spoke concentrates the Hub's credit exposure in that Spoke's collateral set and parameters.
Governance Tracker: Monitoring Risk Parameter Updates Across Hubs & Spokes
The Governance Tracker logs events that update Hub and Spoke risk parameters.
Each entry records the timestamp, the affected asset or reserve, and the new value. This helps users track their risk exposure based on updates implemented by the curator or Aave themselves.
Access these indicators directly through the Sentora Risk Radar →
Why Multi-Layer Risk Coverage Matters for Aave v4
Aave v4 adds a risk management layer between total liquidity and individual markets. Supply and borrowing limits set at the Hub dictate how much capital each Spoke can access, while parameters at the Spoke level govern how that exposure behaves under market stress.
Risk Radar monitors both layers alongside the governance updates that adjust them.
Aave v4 indicators can be viewed on Sentora Risk Radar. Additional protocols and indicators will follow as the coverage set expands.
