Aave Nears $1B Milestone for V4 Deposits

Aave's next-gen 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 $900M figure is Aave's own count of total assets supplied to V4. Independent trackers like DeFiLlama currently show a lower ~$399M for the instances they index, since their TVL methodology doesn't count borrowed assets and doesn't yet cover every V4 deployment.
• The architecture: V4 swaps V3's siloed pools for 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 that shared pool rather than bootstrapping their own. That lets specialized markets tap the same deep liquidity while staying walled off from each other's risk.
• The growth curve: V4 has seen roughly 131% growth over the past 30 days alone, with active loans recently topping $250M for the first time. New markets (a dedicated EtherFi Cash instance on Optimism, and an Ethena market that launched September 7th, etc.) have driven much of the recent surge.
• Perspective: Even near $1B, V4 remains a small fraction of Aave's roughly $30B supplied across V3 and +20 chains. This is early traction for new infra rather than a changing of the guard, at least for now.