Aave V4 has added more than $300 million in deposits over the past week, lifting total deposits to nearly $750 million. That is a sharp acceleration from roughly $10 million in its first week after mainnet went live in late March, to more than $100 million by May, and already above $600 million before this latest jump. Since Aave’s model starts with suppliers bringing assets that can then support lending, that growth points to V4 attracting capital at a much larger scale.
The next question is whether that capital gets used. For V4 to show durable traction, borrowing and utilization need to rise alongside deposits. Aave has framed V4 as a more unified and efficient lending system, and the clearest proof of adoption now is whether users actually draw credit from this larger pool rather than just parking assets in it.