Aave V4 is closing in on $150 million in active loans, and that matters more than the earlier deposit milestone. In its first months, V4 pulled in more than $300 million across Ethereum and Avalanche. That was the easy win: getting capital onto the platform.
The harder test is getting people to borrow it. Deposits can show interest, but loans show the market is actually using the system. That is why the shift from total deposits to active borrowing matters here.
With active loans rising from around $100 million in mid-July 2026 toward $150 million now, V4 is starting to pass that test. The basic read is straightforward: attracting deposits got attention, but growing loans is the better sign that V4 is turning available liquidity into actual activity.