Aave V4 deposits on Ethereum surpassed $85 million as of May 25, 2026, according to Token Terminal data for the milestone. The reported figure marks roughly 100% growth over the prior month, from an estimated $42 million to $43 million in late April.
The milestone follows Aave V4’s March 30, 2026 activation on Ethereum mainnet. Aave Labs described the launch as the first production deployment of V4’s Hub-and-Spoke architecture, with a security-first, guarded rollout built around conservative initial caps.
Hub-and-Spoke Model Shapes Early Growth
Aave V4 replaces the market-by-market liquidity structure of V3 with a Liquidity Hub that centralizes accounting and shared assets, while Spokes manage specific supply and borrowing use cases with isolated risk controls. Aave’s documentation says Hubs grant credit and debit lines to Spokes, enforce system-wide constraints and provide emergency stop controls.
Aave V4 $75M supply reached. pic.twitter.com/7nx8HlwfFz
— Stani (@StaniKulechov) May 21, 2026
The official V4 launch post said Ethereum mainnet went live with three Liquidity Hubs: Core, Prime and Plus. Aave Labs also said all three Hubs launched with conservative supply and borrow caps, and that the Aave DAO would raise those limits as live behavior was observed in production.
Recent growth appears partly tied to capacity expansion and incentives. Jack Mandin reported on May 23 that Aave V4 Ethereum Core Hub deposits were approaching $70 million, led by increases in USDG, frxUSD and USDT, while total deposits across V4 Hubs had exceeded $80 million. Those figures should be treated as dashboard and analyst-tracked readings, not as a guarantee of persistent organic demand.
V4 Remains Small Beside Aave’s Existing Liquidity Base
Despite the fast month-over-month increase, V4 remains early relative to Aave’s full protocol footprint. DefiLlama’s Aave page reviewed on May 26, 2026, showed $14.395 billion in total Aave TVL, with Ethereum accounting for $11.72 billion, making the reported $85 million V4 deposit base less than 1% of total Aave TVL.
The broader Aave context is still shaped by the April 2026 rsETH incident. Aave’s own incident report said an attacker exploited Kelp’s LayerZero route on April 18, received 116,500 rsETH and deposited 89,567 rsETH on Aave, more than $6 billion in withdrawals and roughly $300 million in borrowing pressure during the liquidity crunch. That episode remains separate from V4 deposit growth, but it helps explain the protocol’s cautious rollout posture.
For now, the clean takeaway is that Aave V4 is gaining deposits from a low initial base, while its architecture is still being scaled through governance-managed caps, incentives and live risk monitoring. The next meaningful signal will be whether deposits remain after incentives normalize and whether new Spokes can attract borrowing demand without compromising the conservative launch framework.