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At a glance
- What changed
- Outstanding borrowing on Aave V4 has passed $500 million ($503M on Aave's chart), more than double the level two months earlier.
- Who it affects
- Borrowers and depositors on Aave V4 markets, mostly through Aave Pro, and apps building on V4.
- When
- Announced 27 October 2026; V4 has been live since 30 March 2026.
What Aave reported
Aave said on its official X account on 27 October 2026 that Aave V4 has crossed $500 million in active loans, more than doubling over the past two months. The post carries a chart titled Aave V4 Active Loans that starts in April and ends with a bar labelled $503M.
Active loans means money that borrowers currently owe on V4, not deposits and not a running total of everything ever borrowed. The chart shows slow growth through spring and early summer and a much steeper climb from September onward. Aave did not split the figure by network, Hub or asset, and the post gives no deposit total or interest rates.
Seven months of V4
V4 is still a young market. Aave Labs launched it on Ethereum mainnet on 30 March 2026 with three Liquidity Hubs, Core, Prime and Plus, and Aave Pro as its interface. In V4 a Hub holds the supplied money and Spokes are the individual markets that lend it out, each with its own collateral and risk rules. Every Hub started with deliberately low supply and borrow caps, which the Aave DAO raises step by step as it watches the system in use.
Aave's changelog shows how quickly V4 has spread since then. A Hub and Spoke for Paxos's USDG stablecoin followed on Ethereum in June, Avalanche became the first network outside Ethereum on 15 July, Circle's Arc chain followed on 16 September, and Base on 7 October with a market for tokenized stocks. Aave did not say how much each of these added to the $500 million, so the growth cannot be pinned on any single launch.
Our take
A half-billion figure is small next to Aave V3, but it matters because borrowing is what pays V4 depositors: rates on supplied assets come from borrower demand. Doubling in two months, while caps are still being raised in steps, suggests apps such as Aave Pro and partners building on V4 are bringing in real borrowers. Anyone supplying funds should still compare the live rate and caps of each market in Aave Pro, since they differ by Hub and Spoke and none are guaranteed.
The Aave App code in the box above moves you up the iOS waitlist for Aave's own savings app. To hold stablecoins in a self-custody wallet before using DeFi, Phantom, shown in the box below, supports USDC.
Dates to know
As announced by the provider. A listed date does not confirm current availability or eligibility.
- Aave reports V4 active loans above $500 millionDate passed
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