Deposits on Aave V4 (@aave) on Avalanche (@Avax) have topped $225 million, rising 295% since late October, according to protocol data. Active outstanding borrowings from the deployment have also surpassed $100 million.
The figures indicate rapid growth for the lending protocol's newest version on a network where earlier Aave versions have a long track record. Aave's native token is $AAVE, while Avalanche's is $AVAX.
How Aave V4 Reached Avalanche
Avalanche was the first network outside Ethereum mainnet to host Aave V4. Aave's changelog lists the launch on July 15, 2026, calling it the version's first multichain deployment. The Avalanche market introduced a Core Hub with Main, Forex and $AVAX Correlated Spokes.
V4 had launched earlier on Ethereum mainnet, on March 30, 2026.
Aave Labs announced the Ethereum launch on 30 March 2026, and The Block reported that V4 uses a hub-and-spoke architecture to concentrate liquidity and serve a broader range of markets and use cases.When Aave launched on Avalanche, founder Stani Kulechov said the network was a natural first expansion target.
He pointed to its established Aave lending market and its fast-growing tokenized-asset ecosystem.Growth Over Recent Weeks
Deposits had been rising for weeks before the latest milestone.
Aave said deposits on its Avalanche deployment had exceeded $125 million, following roughly $20 million to $30 million in September. The earlier figure was reported in early November. Ethena Pay's Earn+ feature has been linked to some of the growth. A separate analysis noted that these deposits go to an external vault run by Upshift and managed by Steakhouse. Aave says it does not operate, curate or manage the vault. This context matters when interpreting the totals. Cumulative inflows across Aave's earlier Avalanche versions exceeded $15 billion. This figure does not represent deposits currently held in V4.Borrowing above $100 million suggests that a meaningful portion of deposits is being used rather than left idle. Lending-protocol deposit and borrowing figures can change quickly with market conditions and incentive programs, so readers should check live protocol dashboards for current numbers.
Sources
Aave protocol changelog
TokenPost: Aave V4 Deposits on Avalanche Surpass the $125 Million Mark
The Block: Aave V4 launches on Ethereum mainnet
