Wrapped Aave Gnosis WETH
WAGNOWETH
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WAGNOWETH (Wrapped Aave Gnosis WETH) is a passive, yield-bearing receipt token representing WETH deposited into the Aave V3 market on Gnosis Chain. It inherits strong technical development and governance foundations from the core Aave and Gnosis ecosystems, reflected in solid scores for Active Development (8.0/10) and Team & Governance (7.5/10). However, as a functional protocol wrapper rather than an independent asset, it exhibits no token-specific community engagement (1.5/10) and suffers from severe market illiquidity (2.5/10), with a market capitalization of under $10,000 and minimal trading volume. The Security profile (4.0/10) is constrained by a lack of a standalone wrapper audit and indirect exposure to the April 2026 KelpDAO restaking exploit, which created significant bad debt across Aave's broader WETH reserve pools, though Gnosis Chain was not directly listed among the affected networks and Aave's core contracts were not exploited. With no data gaps across the six evaluated sections, the overall score is determined by the exact weighted average of 5.1/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Wrapped Aave Gnosis WETH (WAGNOWETH)
Wrapped Aave Gnosis WETH (WAGNOWETH) is a wrapped, yield-bearing derivative receipt token operating on Gnosis Chain. The token represents Wrapped Ether (WETH) supplied to the Aave V3 lending market on the network. Rather than operating as an independent protocol with a standalone development team or roadmap, WAGNOWETH functions as passive infrastructure that inherits its technical development, upgrades, and administrative structure from the Aave DAO and GnosisDAO ecosystems following the deployment of Aave V3 on Gnosis Chain in late 2023.
The token uses a fully collateralized, elastic supply model designed to track the yield generated by deposited WETH within the Aave protocol. WAGNOWETH maintains no independent social channels, dedicated governance mechanisms, or grassroots community. Market activity for the token is characterized by extreme illiquidity, with a market capitalization below $10,000 and minimal secondary market trading volume.
From a security perspective, while the underlying Aave V3 codebase has been audited by multiple third-party security firms, the specific WAGNOWETH wrapper contract lacks an independent standalone audit. In April 2026, the broader Aave WETH ecosystem faced a major risk event when a roughly $290 million exploit of KelpDAO's rsETH restaking bridge allowed attackers to borrow approximately $200 million in WETH against stolen collateral on Aave V3. This generated an estimated $177 million to $195 million in bad debt across Aave's WETH reserves and contributed to a significant protocol-wide total value locked (TVL) decline from roughly $23.5 billion to $14.8 billion by mid-May 2026. Although Aave's core smart contracts were not compromised and Gnosis Chain was not identified among the directly affected network markets, WETH receipt holders remained exposed to protocol solvency measures and safety module slashing mechanisms before market loan-to-value ratios were restored in May 2026.