Aave V4 — launched on Ethereum mainnet March 30 with a deliberately conservative, security-first rollout — has hit a new all-time high without a single incentives or points program running. Founder Stani Kulechov framed the milestone as validation of V4's modular architecture, which was designed to eliminate the need for bootstrap liquidity incentives when deploying new borrowing configurations. Stands in sharp contrast to most recent DeFi launches where growth is tightly coupled to points farming programs that tend to leak value the moment they wind down.

TLDR by @Benthic

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