About this explorer
The Rails Aave V4 explorer shows every position on Ethereum, one for each wallet and spoke, whether still open or closed, and the full history of each one. It also compares the four hubs: their assets, supply, borrowing and rates.
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.
- Within one spoke, a wallet's collateral backs all its borrowing under one health factor, and each asset's collateral factor sets how much debt it can carry. Positions on different spokes do not affect each other.
- Ethereum has four hubs, named Core, Plus, Prime and Global Dollar. Some spokes borrow from more than one hub: the Bluechip spoke borrows from both Prime and Core.
- Dollar values use the prices from Aave's oracle, the service that reports each asset's price. Aave 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.
Hub comparison
The hub comparison shows each hub's supply, borrowing, mix of assets and spokes. It then gives one table of every asset in every hub, with the amount supplied, the amount borrowed, the rates and the utilisation, which is the share of the supplied amount that is borrowed. Use this link to open it: the hub comparison page.
You can search by wallet address or by ENS name, a readable wallet name such as name.eth. The listing filters by status, liquidatable, liquidated before (positions that were liquidated at least once), hub, spoke, 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 Ethereum explorer
Official documentation: Aave V4 documentation