Aave V4 Deposits Near $750M, Surge Past $300M in a Week

The speed of the ramp is the signal here: a new version pulling in hundreds of millions within a week suggests depositors are treating the upgrade as a migration destination rather than a wait-and-see experiment. That matters for Aave's competitive position against rival lending venues, since liquidity depth is the metric that compounds. The open question is whether this is genuine new capital or existing Aave liquidity rotating from earlier versions — the distinction shapes how much the protocol's overall footprint actually grew.