Aave
Tổng quan giao thức Aave
Context
This figure appears at the opening of the Aave Protocol whitepaper introduction, immediately after describing the shift from ETHLend's peer-to-peer lending to a pool-based lending strategy. It provides the top-level view of all participants that interact with the protocol. The diagram shows borrowers, depositors, price oracles, collateral liquidators, and integrated third-party applications all connected through the central pool contracts.
What This Figure Shows
The Aave Protocol diagram illustrates how the protocol aggregates liquidity from depositors into shared reserve pools, which borrowers can then access by posting collateral. Interest rates for both sides are set algorithmically based on the utilization ratio of each pool — when more funds are borrowed relative to total deposits, rates rise to attract more liquidity. Depositors receive aTokens that continuously accrue interest, while borrowers must maintain a health factor above 1 or face liquidation. Price oracles feed external market prices into the system so collateral valuations remain accurate, and third-party applications can integrate directly with the LendingPool contract. The design eliminates the need to individually match lenders and borrowers, enabling instant, permissionless loans.
Significance
This overview diagram is foundational for understanding how Aave differs from earlier DeFi lending systems by replacing bilateral loan matching with a pooled liquidity model. It establishes the roles of every actor — depositors, borrowers, liquidators, oracles, and integrators — and shows how the protocol creates a self-sustaining financial ecosystem on Ethereum. The figure serves as the conceptual anchor for all subsequent sections of the whitepaper.
