The fourth iteration of the Aave lending protocol has surpassed $1,16 billion in total deposits. This milestone was achieved between September 16 and 17, 2026, representing a doubling of the total deposit volume within a single month.
Growth in the V4 protocol has been rapid, rising from under $340 million at the start of August to $577 million by early September. Currently, the platform supports active loans ranging between $300 million and $310 million, indicating a utilization rate of approximately 26%.
A major driver of this expansion is the Ether.fi Cash market on Optimism, which alone accounts for over $300 million in deposits. The V4 architecture utilizes a hub-and-spoke liquidity model, allowing for the creation of specialized markets connected to a central hub.
Despite the growth of V4, it remains a smaller portion of the overall Aave ecosystem. The V3 protocol continues to hold approximately $31 billion in deposits, meaning V4 currently represents less than 4% of the total deposit base.
The protocol launched on the Ethereum mainnet in March 2026. Following the recent adoption metrics, the AAVE token has tested price resistance levels near $145. Data reporting for these figures may vary between the official Aave interface and third-party aggregators.
