Overview
- Aave V4 deposits reached a new high of $806 million on Thursday after rising roughly 30% over the prior seven days, according to the protocol’s on‑chain dashboard and market reports.
- Active borrowing on V4 climbed to about $206–$216 million, with the EtherFi market holding $62 million of loans and showing a 92% utilization rate that leaves little immediately available liquidity.
- Two markets now hold most capital: Ethereum Core has $378 million and EtherFi Cash on Optimism holds $257 million, together accounting for about 79% of V4 deposits.
- WeETH is the single largest token on V4 at roughly $97 million, followed by USDG, WETH and USDC, which means liquid staking and a few stablecoins dominate the asset mix.
- V4 uses a hub‑and‑spoke design to concentrate liquidity while letting individual markets set rules, and the rollout to Avalanche for tokenized real‑world assets increases product scope even as V4 remains far smaller than Aave V3 and raises governance and concentration risks.