Aave V4 deposits top $1.75 billion, a record for the newest protocol version
In brief
- Aave V4 deposits passed $1.75 billion as of November 13, according to Crypto Briefing.
- V4 deposits sat near $806 million in late August, more than doubling in under three months.
- V4 runs on Ethereum, Optimism, Avalanche and Base alongside Aave V3.
- Aave V3 still holds around $31 billion, putting V4 at under 6% of that base.
From $806 million to $1.75 billion
The climb was steady, per Crypto Briefing's tally. Deposits passed $1 billion in September and cleared $1.5 billion in October. Borrowing grew with them, too: active loans on V4 topped $450 million in October, which the outlet said works out to roughly 30% of that month's deposits.
V4 went live on Ethereum mainnet on March 30, 2026. It then expanded to Optimism, to Avalanche in July and to Base in October. Base is the smallest piece so far, with deposits ranging from $9 million to more than $25 million since it went live for V4, according to the report.
Crypto Briefing said a few integrations account for a large share of V4's growth. It pointed to EtherFi Cash on Optimism and to Circle's Arc blockchain, which brought inflows of USDC and cirBTC. Aave has also brought in external curators, including Sentora, to set up and tune V4 markets.
How the hub-and-spoke model works
V4 uses what Aave calls a hub-and-spoke liquidity model. Liquidity pools in central hubs, and individual markets connect to them as spokes with their own rules. The spokes share the hub's liquidity, but their risk settings stay separate.
That's the structure behind V4's wider asset ambitions. The design targets a broad range of assets, including tokenized real-world equities (an area where, the outlet noted, a lending protocol runs into questions about pricing, liquidation and regulation).
Still a fraction of V3
V4 is still small next to its predecessor.
Aave V3 holds around $31 billion in deposits, according to Crypto Briefing, and the two compatible versions run side by side. By that measure, V4 holds less than 6% of V3's deposit base. Across all versions, Aave had processed $1.1 trillion in cumulative borrow volume by October 2026, the report said.
The outlet's read is that V4 is pulling in capital without Aave forcing anyone to migrate from V3. It's growth on V4's own terms, and it doesn't depend on V3 users being pushed over.
Frequently asked questions
What is Aave V4's hub-and-spoke liquidity model?
In V4, liquidity pools in central hubs, and individual markets connect to those hubs as spokes with their own rules. The spokes share the hub's liquidity, but each keeps separate risk settings, according to Crypto Briefing.
How do Aave V4 deposits compare with Aave V3?
Crypto Briefing reported that V3 still holds around $31 billion in deposits and runs side by side with the compatible V4. At more than $1.75 billion, V4 holds less than 6% of V3's deposit base.
Which networks is Aave V4 deployed on?
V4 launched on Ethereum mainnet on March 30, 2026, then expanded to Optimism, to Avalanche in July and to Base in October. According to Crypto Briefing, Base deposits have ranged from $9 million to more than $25 million.
