Aave V4 Deposits Surge 30% in a Week to Record $806 Million
Aave’s Version 4 protocol has reached a new all-time high in user deposits, hitting $806 million according to the platform’s live onchain dashboard. The figure represents a 30% increase over the past seven days and extends a steep growth trajectory that began in mid‑August.
Rapid August Milestones
Separate protocol announcements tracked the ascent: V4 deposits crossed $500 million on August 19, breached $600 million two days later, and surpassed $800 million six days after that. A further update noted that Ethereum‑based V4 deposits alone exceeded $500 million on August 25. EtherFi Cash has emerged as the second‑largest market within the V4 ecosystem.
Borrowing Activity Grows Alongside Deposits
The dashboard shows $216 million in active loans across V4. In the EtherFi Cash market specifically, Aave measured $62 million of active loans where weETH collateral backs WETH borrowing at 92% utilization.
Deployment Breakdown by Network and Market
V4 is currently deployed on Ethereum, Optimism, and Avalanche. The largest market by deposits is Ethereum Core at $378 million, followed by EtherFi Cash on Optimism at $257 million. Ethereum Global Dollar holds $75 million, Ethereum Prime $63 million, while Avalanche Core and Ethereum Plus account for $18 million and $15 million respectively.
Asset Composition of Deposits
The deposit mix is led by weETH at $97 million and USDG at $90 million. WETH and USDC each represent $81 million, followed by liquidETH ($77 million), liquidUSD ($58 million), and WBTC ($54 million).
V3 Still Dominates Total Liquidity
Despite V4’s rapid growth, Aave’s V3 protocol retains a far larger deposit base. The equivalent V3 dashboard shows $31 billion in user deposits, with Ethereum Core alone holding $25 billion.
Architectural Shift: Hub‑and‑Spoke vs. Market‑per‑Pool
The two versions organize liquidity differently. According to Aave’s documentation, V4 replaces V3’s market‑per‑pool design with a hub‑and‑spoke system. Hubs consolidate liquidity and accounting, while spokes apply separate borrowing rules and risk limits to particular markets.
EtherFi Cash Targets $500 Million Lending Capacity
On August 27, TokenLogic reported that the EtherFi Cash market had been live for two weeks and was progressing toward a $500 million lending‑capacity target.
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