Aave V4 deposits on Avalanche have climbed above $125 million, setting a new record for the deployment less than four months after its July launch. Avalanche disclosed the milestone on November 2 and said Ethena Pay’s recently launched Earn+ product was helping drive the increase. The figure provides a concrete measure of capital supplied into Aave’s newest lending architecture on Avalanche, although the network did not quantify how much of the record came specifically from Earn+.
Aave V4 went live on Avalanche on July 15 as the protocol’s first deployment beyond Ethereum. The version introduced a Hub and Spoke architecture in which a shared liquidity hub supplies multiple markets with different collateral and risk configurations. Aave V4 deposits across all deployments surpassed $1.5 billion during October, placing Avalanche’s $125 million milestone within a broader multichain expansion.
BREAKING: @Aave v4 deposits on Avalanche hit an all-time high, topping $125M@Ethena Pay’s new Earn+ is helping fuel the growth, bringing more deposits into v4. pic.twitter.com/riSWJctTRm
— Avalanche🔺 (@avax) November 2, 2026
Earn+ Adds Leveraged Demand for Aave Liquidity
Ethena Pay launched Earn+ on October 28 as an optional product for users seeking a higher target yield on part of their dollar balance. Deposits move into an Upshift vault curated by Steakhouse, which uses Aave V4 on Avalanche for its underlying strategy. The vault supplies USDe as collateral, borrows USDT, acquires additional USDe and repeats the process, targeting roughly 11x leverage.
That mechanism is important when interpreting the $125 million headline. Earn+ launched with an initial aggregate user capacity of $4.5 million, but leverage allows the strategy to create a considerably larger gross deposit footprint within Aave than the capital initially contributed by users. Customer capital and reported Aave deposits therefore do not have a one-to-one relationship, and Avalanche has not disclosed the portion of the record balance attributable to Earn+.
The product nonetheless adds another demand channel for Aave liquidity on Avalanche by connecting a consumer-facing payments application with onchain lending markets. That development fits a network increasingly being used for different financial applications, including tokenized securities and stablecoin settlement infrastructure. Earn+ extends that financial stack into a product where DeFi execution sits underneath a simplified consumer interface.
Avalanche DeFi Activity Expands
The lending milestone arrives alongside broader capital deployment on Avalanche, although the metrics should not be conflated. The network hosts lending markets, stablecoins and tokenized assets, including hundreds of millions of dollars of BlackRock’s BUIDL fund. Aave V4 deposits measure assets supplied to that particular lending deployment, rather than total Avalanche TVL or the value of all financial assets issued on the network.
For Aave, Avalanche is now one of several V4 environments. The protocol launched V4 on Ethereum in March, expanded to Avalanche in July and subsequently deployed on Arc and Base. Aave V4 also emerged among the largest protocols when Circle’s Arc mainnet opened with more than $300 million in DeFi TVL. The architecture is therefore developing into a multichain lending system rather than remaining concentrated exclusively on Ethereum.
The $125 million record provides evidence that Aave V4 is attracting deposits on Avalanche, but it does not directly establish unique-user growth or an equivalent amount of fresh external capital. Leveraged strategies can amplify supplied balances, while deposit levels can change as borrowing conditions and incentives evolve. What the data establishes more narrowly is that Aave V4’s Avalanche deployment has reached its highest deposit balance since launching in July.