About this explorer
The Rails Aave V4 explorer shows every account on the Mag7 spoke on Base, whether still open or closed, and the full history of each one. It also shows the Equities hub: the price, limits and borrowing of each reserve on Mag7.
How it works
- Aave V4 lets people supply crypto to earn interest and borrow against it. A position is one wallet's supplied assets and debt on one spoke, and a wallet is an account address.
- Hubs hold the money that people supply, which is the liquidity available to lend. Spokes are where people open positions and borrow from a hub. Supplied assets that a wallet enables as collateral back its borrowing, and a credit line caps how much a spoke may borrow from a hub.
- Base has one hub, Equities, and one spoke, Mag7. Coinbase's tokenized stocks are its collateral, and USDC is the one asset it lends.
- A wallet's collateral on Mag7 backs its USDC debt under one health factor, and each stock's collateral factor sets how much debt it can carry. This deployment is separate from Aave V4 on Ethereum, with its own contracts and risk settings.
- Dollar values use the prices from the spoke's oracle, the service that reports each asset's price. The spoke uses the same prices when it carries out a liquidation.
Glossary
- Hub
- : A hub is a pool that holds supplied assets and lends them to spokes. Each hub keeps its liquidity apart from the other hubs and sets the interest rate of each asset. Docs: Liquidity hubs
- Spoke
- : A spoke is a market where positions live. It sets which assets count as collateral, how liquidation works and which prices apply, and it draws its liquidity from one hub or more. Docs: Spokes
- Credit line
- : A credit line is the limit a hub sets on how much of an asset one spoke may borrow from it. Docs: Liquidity hubs, Caps per hub and spoke
- Collateral
- : Collateral is a supplied asset that its owner has enabled to back borrowing. A supplied asset that is not enabled still earns interest but backs no debt. Docs: Collateral management
- Collateral factor
- : The collateral factor is the share of a collateral asset's value that counts toward the debt it can carry, and each spoke sets it for every asset. The position card calls it the liquidation threshold, which is the same figure under another name. Docs: Health factor, Reserve settings
- Health factor
- : The health factor is a position's collateral value, weighted by its collateral factors, divided by its debt. At 1.0 the weighted collateral only just equals the debt, so a position at 1.0 has no spare room, and below 1.0 the debt is no longer safely covered. The spoke refuses a borrow or withdrawal that would take the health factor below 1.0. Docs: Health factor
- Liquidation
- : Liquidation happens when a position's health factor falls below 1.0: anyone may then repay part of its debt and take its collateral at a bonus. That person is the liquidator, and the bonus is higher when the health factor is lower. Docs: Liquidations
- Position
- : A position is one wallet's supplied assets and debt on one spoke. Positions on different spokes do not affect each other. Docs: User positions
Listing
- Each card shows one wallet's position on one spoke, with its collateral, its debt, its health factor and the hubs it uses.
- A position with no debt shows what it supplied. A position whose health factor is below 1.0 is marked liquidatable, which means anyone may repay part of its debt and take collateral at a bonus.
- A closed position shows the largest balances Rails recorded in its history and how it ended, either Closed or Liquidated.
- Open positions show by default. Searching a wallet shows positions of every status.
Position page
- The top card shows the position's collateral, debt and health factor, read from the spoke now. It also shows the interest so far, which the borrower owes and the supplier earns, and the borrow rate, which is the yearly rate on the debt. The liquidation price is the asset price at which the position becomes liquidatable.
- A chart traces the collateral and the debt over the position's life.
- The timeline lists each event on the spoke, newest first.
Equities hub
The Equities hub page lists each reserve on Mag7 with its price and when the price was published, its collateral factor and its maximum liquidation bonus. It also shows the supply against the reserve's cap and the borrowing against the credit line. Use this link to open it: the Equities hub page.
You can search by wallet address. The listing filters by status, liquidatable, liquidated before (positions that were liquidated at least once), supplying and borrowing (positions holding a chosen asset), debt size (the position's debt in dollars), supply size (its supplied value in dollars), number of transactions, and hiding dust, which removes positions with tiny leftover balances. The listing sorts by recent activity, debt, supply or health factor.
Tap the (i) beside any figure to see where it comes from. Inside, the ? explains that kind of event in general.
Incentive rewards aren't covered here.See what Rails covers on each Base explorer
Official documentation: Aave V4 documentation