Aave Nears $1 Billion Milestone for V4 Deposits

Aave’s next-generation DeFi lending architecture has crossed $900 million in deposits and is closing in on the $1 billion mark, a milestone reached less than six months after V4’s mainnet debut in March.

What’s the scoop?

• The number: The $900 million figure matches Aave’s tally of total assets provided to V4. Independent trackers like DeFiLlama currently show a lower amount of around $399 million for the instances they index, from their TVL methodology. does not count borrowed assets and does not yet cover all V4 deployments.
• The architecture: V4 replaces the siled pools of V3 with a Hub-and-Spoke design. Central Hub Vaults hold and account for a chain’s liquidity, while user-facing Spokes (e.g. Core, Prime, Plus and others) draw a governed credit line from this shared pool rather than seeding their own. This allows specialized markets to leverage the same significant liquidity while remaining insulated from each other’s risks.
• The growth curve: V4 has seen approximately 131% growth in the last 30 days alone, with active loans recently surpassing $250 million for the first time. New marketplaces (a dedicated EtherFi Cash instance on Optimism and an Ethena marketplace launched on September 7, etc.) are driving much of the recent rise.
• Perspective: Even close to $1 billion, V4 is only a small fraction of Aave’s roughly $30 billion delivered on the V3 and +20 channels. This is an initial push for new infrastructure rather than a changing of the guard, at least for now.