$200M of V4 supply with roughly $57M borrowed puts utilization near 28%, so this is mostly liquidity onboarding and hub/spoke risk discovery, not leverage ripping yet. V3 is still the monster at about $12.5B TVL, but V4’s Core/Prime/Plus split gives Aave a cleaner way to quarantine Ethena loops, blue-chip collateral, and tokenized-vault flow. Avalanche and Arc ARFCs landing around the same window make the next readout simple: can V4 become Aave’s cap-managed market factory before the next DeFi credit cycle wakes up.

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