$5.5M to $300M in 113 days.

Aave V4 just hit a fresh ATH on deposits, and the utilization data underneath tells you more than the number itself.
V3 made Aave the dominant DeFi lending protocol. Isolated pools, each managing their own liquidity and risk. That design scaled Aave to peaks well above its current ~$14.7B TVL and held market leadership across chains for years.
V4 takes that architecture and asks: what if your deposit could work across every single market at once?
Hub-and-Spoke makes this possible. All deposits flow into one unified Hub, and every Spoke (Core, Prime, e-Mode, RWA, institutional vaults) draws from that same pooled liquidity. You deposit once, and that capital earns from borrow demand across every spoke simultaneously.
Your deposit goes where the demand is, automatically.
V4's key spokes right now:
- USDT: 91% utilization
- WETH: 86% utilization
- USDC: 80% utilization
Four months old and already hitting V3-level utilization on majors. Launched March 30, 2026 on Ethereum mainnet.
Deposits are getting borrowed at pace, and governance keeps raising caps to match while keeping risk management tight. Onchain activity you can verify yourself.
@aave is already the DeFi lending market leader, and V4 gives it Morpho-level modularity with Aave-scale liquidity depth in one unified system.
Every new spoke gets instant access to deep Hub liquidity from day one. Interest rates smooth out across unified utilization.
And @GHO already crossed $500M supply (sitting at ~$650M currently), live across V4 spokes with borrow fees flowing straight to the DAO treasury.
$300M in 4 months with:
- Conservative caps and phased rollout
- Multiple audits including Certora formal verification
- No forced V3 migration
- Entirely organic adoption
Compound V3 took years to reach its current scale through a more isolated model. Morpho scaled through completely different efficiency mechanisms. V4 could outpace both on capital efficiency alone, and the onchain data supports that trajectory.
imo this is the first time a protocol upgrade has shown this kind of deposit velocity with this level of utilization this early. $AAVE holders, this one's worth your time.
What V4 metric are you tracking most closely?
Data: @Token_Logic