thedefiant.io
Aave’s live onchain dashboard listed V4 user deposits at $806 million. Deposits jumped by 30% over seven days and reached a new all-time high above $800 million.
The latest reading extends a steep August climb. Aave announced that V4 deposits crossed $500 million on Aug. 19 and $600 million on Aug. 21, before moving above $800 million six days later. A separate announcement said Ethereum V4 deposits alone crossed $500 million on Aug. 25. EtherFi Cash accounted for V4’s second-largest current market.
The market is supporting borrowing as well as deposits. V4 had $216 million in active loans on the dashboard. Aave separately measured $62 million of active loans in the EtherFi market, where weETH collateral backed WETH borrowing at 92% utilization.
The current market mix includes V4 deployments on Ethereum, Optimism and Avalanche. Ethereum Core held $378 million, followed by EtherFi Cash on Optimism at $257 million, Ethereum Global Dollar at $75 million and Ethereum Prime at $63 million. Avalanche Core and Ethereum Plus accounted for another $18 million and $15 million, respectively.
The deposit mix was led by weETH at $97 million and USDG at $90 million. WETH and USDC each accounted for $81 million, followed by liquidETH at $77 million, liquidUSD at $58 million and WBTC at $54 million.
V3 Retains a Far Larger Base
Aave’s equivalent V3 dashboard showed $31 billion in user deposits, far above V4’s $806 million. Ethereum Core alone held $25 billion on V3.
The versions organize liquidity differently. Aave’s documentation says V4 replaces V3’s market-per-pool design with a hub-and-spoke system: hubs consolidate liquidity and accounting, while spokes apply separate borrowing rules and risk limits to particular markets.
On Aug. 27, TokenLogic said the EtherFi Cash market had been live for two weeks and was moving toward a $500 million lending-capacity target.