Press Release
AAVE Now Live on Solana via Sunrise
Sunrise lists AAVE alongside Solana Foundation's first USDT deployment into Aave, both delivered in the same weekend.
AAVE, the governance and safety module token of the Aave Protocol, is now natively tradable on Solana through Sunrise. The listing accompanies a Solana Foundation commitment, announced April 25, to deploy treasury USDT into Aave in support of the protocol's response to bad debt arising from the April 18 Kelp DAO bridge exploit. The two commitments — treasury capital into Aave, and a canonical AAVE market on Solana — were executed inside the same 48-hour window.
AAVE Becomes a Canonical Solana Asset
Through Sunrise, AAVE is available on Solana as a canonical asset rather than a wrapped derivative. The token trades across Solana apps like Jupiter, Meteora, and Kamino from launch: Solana wallets, traders, and protocols can hold and trade AAVE against SOL, USDC, and other Solana-native assets. AAVE held on Ethereum can be moved to Solana, and back, through Sunrise.
The Kelp DAO Exploit and Aave's Recovery
On April 18, 2026, an exploit of Kelp DAO's LayerZero-based bridge resulted in approximately $292 million in unauthorized rsETH minting. A portion of those tokens were used as collateral on Aave to borrow roughly $190 million in ETH and other assets, creating a bad debt scenario at the protocol estimated between $123 million and $230 million.
In response, the Aave community has coordinated a recovery effort that draws on the Aave DAO's treasury (approximately $181 million in assets at the time of writing) and on capital and operational support from a number of ecosystem partners. The wider effort has been organized publicly under a “DeFi United” framing. As of April 24, confirmed public pledges totaled approximately 43,500 ETH, with named commitments from Mantle, Aave founder Stani Kulechov, EtherFi, Lido, and Golem. The Solana Foundation's USDT deployment into Aave, announced by Solana Foundation president Lily Liu on April 25, is part of that broader coordination. In the same announcement, the Foundation confirmed that AAVE would be made available on Solana the same weekend.
Today's listing fulfills the second of those two commitments. Sunrise is the asset gateway through which AAVE arrives on Solana with canonical status and live markets.
“Sunrise is about uniting capital markets. The speed at which the Solana ecosystem and the broader community have come together to expand Aave and support DeFi United has been incredible to be a part of.” — Saeed Badreg, CEO, Wormhole Labs
About Sunrise
Sunrise is the day one asset gateway of Solana. Sunrise enables new onchain assets—crypto, stocks, commodities, and more—to list on Solana with liquidity on day one, giving users and builders immediate access to live, tradable markets. Sunrise is made by Wormhole Labs.
About Wormhole Labs
Wormhole Labs is a technology company that specializes in building products, tools, and reference implementations to expand the cross-chain ecosystem. They are committed to open-source development and laying down the paths for a connected decentralized world.
Contact
Email: contact@sunrise.xyz
Twitter / X: @sunrise