AAVE V4 deposits reach $806M after 30% weekly gain

Aave V4 deposits have climbed above $800 million for the first time, extending a sharp August expansion across the protocol’s newest lending infrastructure.

Aave’s live onchain dashboard showed $806 million in user deposits, up roughly 30% over the past seven days and marking a new all-time high.

Growth accelerated throughout August. V4 deposits crossed $500 million on Aug. 19 and $600 million two days later before surpassing $800 million within another six days. Ethereum V4 deposits alone crossed $500 million on Aug. 25.

Borrowing activity has also increased, with V4 recording $216 million in active loans. The EtherFi market accounted for $62 million of those loans, with weETH collateral supporting WETH borrowing at 92% utilization.

Ethereum Core remained the largest V4 market with $378 million in deposits, followed by EtherFi Cash on Optimism with $257 million. Ethereum Global Dollar held $75 million, while Ethereum Prime accounted for $63 million.

By asset, weETH led deposits with $97 million, followed by USDG at $90 million. WETH and USDC each accounted for $81 million, while liquidETH held $77 million.

V4 remains considerably smaller than Aave V3, which currently holds about $31 billion in user deposits, including roughly $25 billion on Ethereum Core.

Aave V4 replaces V3’s market per pool structure with a hub-and-spoke architecture designed to consolidate liquidity while allowing individual markets to maintain separate borrowing rules and risk parameters.

TokenLogic said Thursday 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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