Nearly 50% of the users adopting Aave V4 are first time users of the lending protocol, according to founder Stani Kulechov. Total deposits in the latest version reached $1.3B by late September, an increase of roughly 70% over the preceding month. Active loans similarly surged 83% during the same 30 day period to exceed $400M.

The V4 iteration launched publicly six months ago and is deployed across Ethereum, Avalanche and Arc. It employs a hub and spoke architecture that allows isolated risk profiles to access pooled liquidity to improve capital efficiency, a design that has already secured $30M in assets on Avalanche. The upgrade features a smaller codebase than Aave V3 and integrates third party curators like EtherFi to manage lending market structures.