Aave's fourth protocol version has hit a fresh deposit record, with total inflows reaching $806 million and rising 30% in the span of just one week. A Sharp and Sustained Climb The pace of gr
Aave's fourth protocol version has hit a fresh deposit record, with total inflows reaching $806 million and rising 30% in the span of just one week.
The pace of growth has been striking. Deposits sat near $50 million at the time of V4's early May 2026 deployment before climbing through the $200 million to $300 million range between late June and July. From there, momentum accelerated sharply through August. V4 deposits crossed $500 million on Aug. 19 and $600 million two days later before surpassing $800 million within another six days.Aave founder Stani Kulechov confirmed the $600 million milestone publicly. The protocol has since pushed well past $800 million, setting a new all-time high.
The deposit figure includes funds across Ethereum and Layer 2 networks such as Base and Polygon, reflecting strong demand for stablecoin yields and accelerating migration from V3 to V4.Ethereum Core remained the largest V4 market with $378 million in deposits.Borrowing activity has also increased, with V4 recording $216 million in active loans.
EtherFi Cash on Optimism holds $257 million in V4 deposits, making it the second largest market on the protocol.A dedicated, EtherFi-operated Aave V4 instance is now live on OP Mainnet, powering Cash's credit backend. It replaces the in-house lending system that took Cash from zero to its current scale.EtherFi says Cash has more than 100,000 active cardholders and over 300,000 accounts,with EtherFi targeting $500 million in lending capacity by 2027.
Aave V3 continues to operate in parallel, carrying the bulk of the protocol's overall liquidity across chains. That structure gives the Aave DAO flexibility on the pace of migration, while V4 builds its own deposit base independently. The protocol's modular architecture and enhanced risk controls are attracting institutional interest in treasury management and digital credit lines, with audits nearing completion and governance votes on cross-chain liquidity pending.
SourcesAave V4 deposits reach $806M after 30% weekly gain – Crypto Briefingether.fi upgrades to Aave V4 on OP Mainnet – Optimism BlogEtherFi moves Cash credit backend to Aave V4 on OP Mainnet – Crypto Times
