Aave V4 deposits hit a record $1.75 billion
The newest version of the decentralized lending protocol Aave has surpassed $1.75 billion in deposits, an all-time high for V4 as of November 13, 2026.
Deposits on the Aave V4 platform have climbed to more than $1.75 billion, an all-time high for the newest iteration of the decentralized lending protocol.
The growth has been steady, with V4 amassing approximately $806 million in late August and surpassing $1 billion by September, before clearing the $1.5 billion mark in October.
This surge means deposits have more than doubled in less than three months, with active loans on V4 also topping $450 million in October.
Liquidity hubs and spokes
Aave V4 operates on a hub-and-spoke liquidity model, where liquidity pools are centralized in hubs while individual markets connect as spokes with their own risk settings.
This architecture allows for a wide range of assets, including tokenized real-world equities, while keeping conservative markets separate from riskier ones.
The protocol is expanding across networks, having launched on Ethereum mainnet on March 30, 2026, followed by Optimism, Avalanche, and most recently Base in October.
Key integrations driving growth
The influx of capital is not evenly distributed, with specialized markets contributing the bulk of the growth.
EtherFi Cash on Optimism has contributed hundreds of millions of dollars, providing a steady base of capital through its crypto spending product.
Circle’s Arc blockchain has brought in USDC and cirBTC, placing the protocol next to one of the largest pools of dollar-pegged crypto.
Base has seen deposits ranging from $9 million to $25 million, a modest figure relative to the total but significant for a chain that only went live in October.
Legacy and future outlook
Aave V3 remains the dominant version of the protocol, still commanding around $31 billion in deposits.
V4 holds less than 6% of V3’s deposit base, though the two versions run side by side and are compatible with each other.
The protocol has processed $1.1 trillion in cumulative borrow volume by October 2026, and the next milestones to watch include whether deposits continue to compound at this pace and if the loan-to-deposit ratio holds up as new chains come online.
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