Aave V4 total value locked (TVL) increased 81.7% to $653.8 million between September 1 and September 30, excluding Base network activity, according to DefiLlama data. The significant capital inflow highlights growing user adoption of the latest protocol iteration during its early deployment phase.
Despite the rapid TVL expansion, Aave V4 contributed just 2.04% of the protocol's trailing 30-day revenue as of September 30. Aave V3 continues to dominate earnings, accounting for 91.8% of total protocol revenue over the same period, indicating that monetization on V4 has yet to match its asset growth.
Aave V4 TVL Surges 81.7% in September but Generates Only 2% of Protocol Revenue
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