Aave V4 user deposits reached an all-time high of $806 million, rising 30% in seven days, according to the protocol’s live onchain dashboard. The total climbed from $500 million on Aug. 19 and $600 million on Aug. 21 to above $800 million six days later, while Ethereum V4 deposits alone exceeded $500 million on Aug. 25. V4 had $216 million in active loans, including $62 million in the EtherFi market, where weETH collateral backed WETH borrowing at 92% utilization. The V4 deployment spans Ethereum, Optimism and Avalanche, with Ethereum Core holding $378 million and EtherFi Cash on Optimism $257 million. V3 remains substantially larger, with $31 billion in deposits, including $25 billion in Ethereum Core. Aave’s documentation says V4 uses a hub-and-spoke design that centralizes liquidity and accounting in hubs while spokes apply market-specific borrowing rules and risk limits. TokenLogic said on Aug. 27 that EtherFi Cash had been live for two weeks and was moving toward a $500 million lending-capacity target.