Aave V4 total value locked (TVL) increased 81.7% to $653.8 million between September 1 and September 30, excluding Base network activity, according to DefiLlama data. The inflow points to growing adoption during the protocol's early deployment phase, but revenue generation remains limited: V4 accounted for 2.04% of Aave's trailing 30-day revenue as of September 30, compared with 91.8% for Aave V3. An earlier update also recorded Arc at $181 million in TVL during September.