Aave V4 deposits top $10M

Aave V4 has pulled in more than $10 million in deposits, giving the new version of the lending protocol an early test with live capital. (ambcrypto.com) Aave Labs said on April 1 that Aave V4 is now active on Ethereum after governance approval, and a March 5 governance post said the launch started with three liquidity hubs — Core, Prime, and Plus — supporting 10 spokes. (governance.aave.com 1) (governance.aave.com 2) Aave is a crypto lending protocol: users deposit tokens into pools, borrowers take loans against collateral, and suppliers earn yield from borrower interest. Aave’s main site says the protocol has handled $3.46 trillion in lifetime deposits and $1 trillion in lifetime borrows across its markets. (aave.com) Version 4 changes how those pools are organized. Aave’s documentation says V4 uses a “hub and spoke” design, with one central liquidity hub supplying multiple spoke markets that can each carry their own risk rules. (aave.com) That structure replaces the older market-per-pool setup in V3. Aave says the goal is to add new features or markets without forcing users to migrate liquidity every time a new pool is created. (aave.com) Aave has tied that redesign to real-world assets, or tokenized claims on assets such as Treasury bills. In a recent risk-isolation post, Aave said its Horizon real-world-asset market already supports tokenized collateral including VanEck’s VBILL and Superstate’s USCC for whitelisted institutional borrowers. (aave.com) Another V4 feature targets idle cash inside the protocol. Aave Labs wrote that about $6 billion of its roughly $20 billion in stablecoin deposits was sitting available for borrowing as of March 2026, and the new Reinvestment Module is designed to move some of that unused liquidity into governance-approved strategies such as short-term Treasuries, money-market instruments, delta-neutral basis trades, and wrapped token products. (aave.com) That helps explain the references to Pendle-style strategies around the deposit inflows. Pendle describes its own product as a yield-trading platform that lets users split principal from future yield, while Aave’s V4 materials describe a system for routing idle liquidity into external yield sources without locking depositor funds. (pendle.finance) (aave.com) Aave has been building toward this architecture for nearly two years. The original V4 temp check was posted on May 1, 2024, and a September 15, 2025 roadmap said launch was targeted for the fourth quarter of 2025 before the eventual Ethereum activation in March 2026. (governance.aave.com 1) (governance.aave.com 2) (governance.aave.com 3) The $10 million figure is small next to Aave’s existing balance sheet, but it is new money entering a version built to separate risk, share liquidity, and plug into off-chain yield sources. The next test is whether those first deposits keep growing as more V4 hubs, spokes, and reinvestment strategies move from design documents into routine use. (aave.com 1) (aave.com 2) (aave.com 3)