Aave's V4 lending markets reached $806 million in user deposits, up 30% in a week and a new all-time high, according to the protocol's onchain dashboard. EtherFi Cash was V4's second-largest market at $257 million, while V4's active loan book reached $216 million.
Aave's live onchain dashboard showed V4 user deposits at $806 million on Aug. 27, up 30% over seven days and a new all-time high above $800 million. The climb has been steady through August. Aave said V4 deposits crossed $500 million on Aug. 19. Deposits then crossed $600 million on Aug. 21, before moving above $800 million six days later. Ethereum V4 deposits alone crossed $500 million on Aug. 25.
EtherFi Cash drives borrowing activity
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. There, weETH collateral backed WETH borrowing at 92% utilization.
Current V4 deployments span 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. By token, weETH led the deposit mix at $97 million, ahead of USDG at $90 million, WETH and USDC at $81 million each, liquidETH at $77 million, liquidUSD at $58 million and WBTC at $54 million.
V3 still holds the bulk of Aave's liquidity
Aave's V3 dashboard showed $31 billion in user deposits, far above V4's $806 million, with Ethereum Core alone holding $25 billion. The two versions organize liquidity differently: Aave's documentation says V4 replaces V3's market-per-pool design with a hub-and-spoke system, where hubs consolidate liquidity and accounting while spokes apply separate borrowing rules and risk limits to individual 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.
Source: The Defiant
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