Aave V4 deposits surpass $400M, setting a new all-time high

Aave V4 has crossed $400 million in total deposits, marking a new all-time high for the protocol version that only went live on mainnet a few months ago. The milestone lands shortly after Aave V4 recorded $350 million in deposits on August 3, 2026, a figure publicly acknowledged by Aave founder Stani Kulechov as a stepping stone toward the $400M threshold now crossed. From zero to $400M in under a year The Aave DAO approved the V4 activation on May 4, 2026, following an extended testnet period. Deposits sat near $50 million in early May, climbed to roughly $100 million by June, and pushed into the $200M-$300M range between late June and July before breaking $350M at the start of August. As of mid-August 2026, V4’s total value locked sat in the $217M-$225M range, primarily concentrated on Ethereum. The gap between that TVL figure and the $400M deposit headline reflects the difference between net locked capital and gross deposits flowing through the system. V4’s TVL grew roughly 26-36% over a single 30-day period leading into mid-August. What V4 actually changes V4 is not a cosmetic upgrade. The core architectural shift is a move to what Aave calls a Liquidity Hub and Borrow Spokes m...