EtherFi's move is quite interesting, using Aave V4 as the backend for its own Visa card, and also bringing in GHO and 175 million in liquidity. They've really figured out the DeFi payment loop.

According to the Aave governance forum, EtherFi has proposed a Temp Check, requesting to deploy an Aave V4 exclusive white-label instance operated by itself on OP Mainnet as the credit backend for the Visa card product EtherFi Cash, replacing the current Debt Manager. This instance will share liquidity and other market isolation with Aave: EtherFi will handle configuration, risk parameters, liquidity, and operations, while Aave will provide V4 deployment and operational licenses and receive 20% of the reserve factor income. The commercial terms also include integrating GHO, deploying GHO GSM on OP Mainnet, introducing up to $175 million in assets at launch, and granting EtherFi Cash exclusive use of the Aave V4 lending market. The proposal will