Aave V4 Sees Surge in TVL, But Revenue Remains Low

Aave's V4 protocol saw a significant surge in total value locked (TVL) in September, climbing 82% to reach $181 million. This growth comes as Arc reached new heights, but despite this increase, V4 only generated 2% of Aave's trailing 30-day protocol revenue. Active loans in DefiLlama's tracked markets rose by a notable 76%, indicating a growing demand for decentralized finance (DeFi) services.

The substantial growth in TVL and active loans suggests that more users are participating in DeFi, but it also raises questions about the distribution of revenue across Aave's protocols. While V4 is seeing significant adoption, it appears to be generating relatively little revenue compared to other protocols on the platform.