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AAVE 
ETH Aave V4 deposits hit a new high, with a 30% increase in a single week exceeding US$806 million.
Aave Version 4 Agreement (V4) set a new record for deposits, with total inflows reaching US$806 million, an increase of 30% in just one week.
continues to rise strongly.
The growth rate is impressive. When V4 was launched in early May 2026, the deposit amount was approximately US$50 million, and then climbed to the range of US$200 million to US$300 million between the end of June and July. Entering August, the growth momentum suddenly accelerated.
V4 deposits exceeded US$500 million on August 19, exceeded US$600 million two days later, and then crossed the US$800 million mark in just six days.
Aave founder Stani Kulechov publicly confirmed a $600 million milestone. Since then, the amount of agreed deposits has continued to climb, far exceeding US$800 million, hitting a record high.
Deposit data covers funds on the Ethereum main network and Layer 2 networks such as Base and Polygon, reflecting the strong market demand for stablecoin earnings and the accelerating trend of migration from V3 to V4. Among them, the core market of Ethereum is still the largest deposit market in V4, with deposits reaching US$378 million.
Lending activity is also active, with V4 currently active loans of US$216 million.
EtherFi Cash injects new power into V4
EtherFi Cash running on the Optimism network holds US$257 million in V4 deposits, making it the second largest market in the agreement. Dedicated Aave V4 instances operated by EtherFi are now deployed on the OP Main Network to support Cash's credit backend, replacing the previously self-built lending system that brought Cash from scratch to current size.
EtherFi said Cash has more than 100,000 active card users and 300,000 accounts, and its goal is to reach US$500 million in borrowing capacity by 2027.
Aave V3 still runs in parallel, carrying most of the protocol's liquidity across chains. This architecture gives Aave DAO flexibility in the pace of migration, while V4 builds its own deposit base independently.
The modular architecture and enhanced risk control mechanisms adopted by theagreement are attracting institutional interest in fund management and digital credit lines. At present, the audit work is nearly completed, and the governance vote on cross-chain liquidity has yet to be carried out.
