Aave v3 OP
AOP
Evaluation Score
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Dimension Breakdown
AI Analysis
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AOP (Aave v3 OP) is an interest-bearing aToken representing OP deposits in the Aave v3 liquidity market on Optimism. The token benefits from Aave's institutional-grade codebase, extensive audit history (including recent 2026 formal verification by Certora, audits by Trail of Bits, MixBytes, and active Immunefi bug bounties), and reputable contributor teams (Aave Labs, BGD Labs). Its tokenomics function transparently as an elastic supply 1:1 receipt token that accretes interest based on borrow demand.
However, AOP faces notable challenges in market viability and secondary liquidity. Secondary exchange trading has largely halted with negligible daily volume, and its market capitalization remains small at approximately $400K. Furthermore, its USD value is directly tied to OP's price trajectory, which has experienced a substantial drawdown from all-time highs. Development on the core v3 repository has transitioned to maintenance as resources pivot toward V4. While the Security and Audit History section score was capped at 5.0 under that section's internal price crash rule, no qualifying red-flag events (such as protocol exploits, hostile delistings, insolvency, or regulatory actions) occurred to trigger an overall score cap. The overall score reflects the weighted average across all sections.
Development Activity
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Community Support
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Tokenomics
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Market & Use Case
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Team & Governance
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Security & Audits
Security history and audit status
About Aave v3 OP (AOP)
AOP (Aave v3 OP) is an interest-bearing receipt token (aToken) issued on OP Mainnet, representing Optimism (OP) tokens deposited into the Aave v3 liquidity market. Minted and burned dynamically on a 1:1 basis with user deposits and withdrawals, AOP functions without fixed emissions or vesting schedules. Holding AOP allows users to accrue interest funded by borrower demand on the Optimism lending pool, with balances increasing according to the protocol's interest index.
The token inherits its technical architecture, security framework, and governance from the Aave protocol. Development and protocol maintenance are supported by contributor organizations such as Aave Labs and BGD Labs under the direction of the Aave DAO. The underlying Aave v3 codebase has undergone numerous audits and formal verifications by firms including Certora, Trail of Bits, MixBytes, and PeckShield, alongside an active bug bounty program hosted on Immunefi.
AOP faces significant market and structural risks. Secondary market liquidity is severely constrained, with trading halted across CoinGecko-listed exchanges and daily volume falling to nominal levels around $1.20 against a market capitalization of approximately $400,000. Mechanically tracking the price of the underlying OP token plus accrued yield, AOP has experienced a price crash of roughly 90% from its all-time high. Additionally, the original Aave v3 core repository was archived as read-only in October 2025 as development shifted toward Aave V4, and the broader ecosystem encountered governance friction in February 2026 regarding the centralization of protocol levers and the legal enforceability of DAO token-holder rights.