The latest snapshot is dated Sept. 30 at 8:04 a.m. ET. It covers Ethereum, Arc and Avalanche, but does not include V4’s newly launched Base market. DefiLlama excludes borrowed coins from TVL, so the figures should not be read as gross user deposits or a complete tally of every V4 deployment.
Ethereum remained the largest tracked market, with $444.1 million locked, up $98.1 million, or 28.4%, from the Sept. 1 reading. Avalanche rose from $13.9 million to $28.8 million. These are changes in dollar-valued balances, not a measure of net inflows independent of asset prices.
Base Opens Stock-Backed Borrowing
V4’s expansion is also adding collateral types. Aave Labs said on Sept. 25 that its Base Equities Hub was live with seven Coinbase tokenized stocks—AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc—that users can pledge to borrow $USDC. The securities are offered only to eligible non-U.S. persons in permitted jurisdictions.
The stocks are collateral-only: users cannot borrow the equity tokens themselves or open equity-against-equity positions. $USDC suppliers to the dedicated hub explicitly take on stock-collateral lending exposure, which is separated from other Aave markets, according to the deployment documentation.
That structure builds on the architecture introduced when V4 launched on Ethereum in March. Rather than V3’s market-per-pool design, V4 uses liquidity hubs connected to borrowing modules called spokes, with their own risk settings and limits, as Aave’s documentation explains.
The Base market operates around the clock, but its Chainlink equity price feeds hold the last published price over weekends and U.S. market holidays. LlamaRisk’s assessment says reopening prices incorporate information accumulated during the closure in a single step—a risk for borrowers whose collateral has fallen in value.
V3 Still Generates Most Revenue
V4’s larger balances have not displaced V3 as Aave’s main revenue source. In DefiLlama’s trailing 30-day window retrieved Sept. 30, V4 generated $103,745 in protocol revenue, about 2.04% of Aave’s $5.07 million total. V3 generated $4.66 million, or 91.8%, over the same window.
TVL is not itself income. DefiLlama measures V4 protocol revenue as its retained share of borrower interest and liquidation bonuses. Of V4’s $103,745 in trailing 30-day revenue, Ethereum contributed $99,837 and Arc $1,754.
On Base, Aave Labs says additional tokenized stocks and GHO borrowing are subject to governance and risk review, while supply and borrowing caps will be revisited through the risk-steward process as token supply and trading depth grow.
