Aave V4 has reached $450 million in active loans, a milestone the protocol marked in a post from @aave. The latest version of the DeFi lending platform, led by Aave Labs CEO @StaniKulechov, w
Aave V4 has reached $450 million in active loans, a milestone the protocol marked in a post from @aave. The latest version of the DeFi lending platform, led by Aave Labs CEO @StaniKulechov, went live on March 30, 2026, which puts the figure at less than seven months after launch.
Aave V4 rolled out on the Ethereum mainnet after more than two years in development. The initial deployment included three hubs (Core, Plus, Prime) and eleven spokes, which route liquidity across different collateral categories. The launch was deliberately cautious. All three hubs started with conservative supply and borrow caps, which Aave Labs described as an intentional, security-first approach.
Growth then picked up. V4 deposits sat below $340 million at the start of August and were around $1.16 billion by late September, with active loans between $300 million and $310 million. Aave V4 also launched on Avalanche on July 15, its first multi-chain deployment. More recently, deposits on Circle's Arc blockchain crossed about $300 million by October 12, with total V4 deposits near $1.2 billion and active loans above $400 million across Ethereum, Avalanche and Arc.
Tokenized equities are part of the picture. Aave V4's Base deployment supports borrowing against seven Coinbase-tokenized U.S. stocks, and eligible users outside the United States can deposit them and borrow USDC. U.S. users are excluded.
The V4 numbers come after a weak stretch for the wider protocol. According to Token Terminal data cited by Cryptonews, Aave's deposits and active loans in September were both more than 55% below their September 2025 levels , and protocol revenue remained 66.6% below the previous year . The same report said Aave remained the largest onchain lending protocol, with 47% of outstanding loans across the projects Token Terminal tracks.
In other words, V4's $450 million in active loans is still small next to the roughly $12.5 billion in total active loans across Aave, based on Aavescan data. V4 is, however, the fastest-growing part of the protocol. Aavescan shows V4 active loans up 62.2% over 30 days.
Whether that translates into value for the $AAVE token will depend on whether borrowing demand keeps rising and converts into protocol revenue. Kulechov has said V4 is focused on the borrow side. He told The Block the aim is to create significant borrow demand using Aave's onchain liquidity and channel it back into the real economy.
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