Aave V4 TVL Climbs 82% in September as Arc Reaches $181 Million

The striking figure here is the disconnect between V4's deposit growth and its revenue contribution: capital is migrating quickly, but monetisation is not following at the same pace. That suggests the new deployment is still in a land-grab phase, where incentives, integrations or yield-seeking deposits dominate rather than durable borrowing demand. Whether active loans keep converting into protocol revenue — and whether V4's share of Aave's economics starts to track its share of TVL — is the metric worth watching, since TVL alone flatters any lending market.