> @aave V4 revenue is starting to enter an acceleration phase. In August, V4 hit a new ATH at around $53K in monthly revenue, with Ethereum Core still acting as the main engine at $42K, or nearly 80% of total revenue. At the asset level, $USDG is currently the largest revenue contributor at $21K, ahead of WETH at roughly $12K. That is a pretty clear signal that stablecoin credit is becoming one of V4’s first meaningful economic engines. EtherFi Cash and @avax still contribute very little revenue today, but both matter for a different reason. @ether_fi is migrating its credit stack to V4, while Avalanche extends V4 into a new chain and a different borrower base. If utilization picks up, both can become additional revenue surfaces instead of V4 relying mainly on Ethereum Core. > Another notable data point is user growth. Most of the depositor growth in August came from the EtherFi Cash instance, which reached nearly 46K depositors, while total V4 depositors stood at around 49.5K based on the chart breakdown. This suggests V4 is starting to scale in a different way from V3: not only by bringing users directly into Aave, but also by sitting behind products like EtherFi Cash and letting the distribution layer onboard users for the protocol. Revenue is still small, but both sides of the flywheel are starting to move together: more credit markets → more users → more borrow demand → more revenue.