The Aave V4 decentralized lending protocol reached a record $1,75 billion in deposits as of November 13, 2026. This figure represents a more than twofold increase since late August, when deposits were approximately $806 million.
Growth milestones included surpassing $1 billion in September and $1,5 billion in October. Active loans on the platform exceeded $450 million in October, with a loan-to-deposit ratio of roughly 30 percent.
The V4 protocol launched on the Ethereum mainnet on March 30, 2026, subsequently expanding to Optimism, Avalanche, and Base. Specific products, such as EtherFi Cash and Circle’s Arc, have significantly contributed to the capital inflows.
Aave V4 utilizes a hub-and-spoke liquidity model, which allows for isolated risk settings across different markets. This architecture is designed to support a wide range of assets, including tokenized real-world equities.
Despite the growth of V4, the older V3 version continues to hold approximately $31 billion in deposits. V4 currently accounts for less than 6 percent of the total deposit base held by V3.
