Aave V4 goes live on Ethereum with shared liquidity hubs

The change is structural rather than cosmetic. A liquidity hub holds assets centrally, while connected Spokes define the conditions for a particular market. A specialized market can therefore draw on an existing pool instead of finding a separate base of suppliers, but it still carries its own parameters and failure assumptions.

One pool, several risk postures

Aave said V4’s Core Hub is the default venue, while its e-Mode Spokes target correlated assets and the Prime Hub is aimed at suppliers seeking a more controlled collateral posture. A Plus Hub is designed for strategy-heavy stablecoin activity. The layout allows capital to be reused across markets, but it does not make those markets interchangeable: the risk rules and caps remain local to the Hub or Spoke.

The launch starts cautiously. Aave said all three Hubs have conservative supply and borrow caps, describing that choice as “100% intentional” as it takes a security-first approach to growing V4’s deposit base. Governance can raise caps, add Spokes and extend the system to other networks as it observes production behavior.

Mainnet is a starting point, not a usage metric

Aave said V4 underwent approximately 345 cumulative days of security review involving four audit firms, four independent researchers and a six-week public contest with more than 900 verified participants. Those checks describe the preparation around the launch; they do not establish how the system will behave as caps rise or new Spokes add different collateral and oracle dependencies.

The announcement does not disclose customer counts, deposits, borrowing volume or revenue from V4. The next useful evidence will be the onchain balances, liquidation history, cap changes and governance decisions that follow the launch. Aave’s earlier governance work on risk-tiered lending shows why those details matter: shared liquidity can widen access, while parameter and oracle design still determine where losses are contained.