Aave (@aave) $AAVE V4 deposits on Avalanche (@avax) $AVAX have climbed past $125 million, an all-time high for the deployment. Avalanche credits part of the growth to the new Earn+ feature fr
Aave (@aave) $AAVE V4 deposits on Avalanche (@avax) $AVAX have climbed past $125 million, an all-time high for the deployment. Avalanche credits part of the growth to the new Earn+ feature from Ethena (@ethena) Pay, which brings DeFi yield opportunities into a consumer payment app.
Deposits on Aave V4's Avalanche deployment have surpassed $125 million, Aave said. That is more than four times the $20 million to $30 million range it recorded in September. The deployment launched on July 15 and added lending markets to Avalanche. It supports WAVAX, sAVAX, BTC.b, USDC, USDT, WETH.e and EURC through a Hub and Spoke design.
The $125 million figure should not be confused with Aave's longer track record on the network. Combined inflows across Aave's earlier Avalanche versions exceeded $15 billion, but that figure covers both previous versions and does not represent deposits currently held in V4.Aave V4 also operates on Ethereum and Circle's Arc blockchain.
On October 28, 2026, Ethena Pay launched Earn+, an optional vault product targeting up to 12% APY through a strategy that aims for approximately 11x leverage.Upshift and Steakhouse manage the external vault, which Ethena Pay says uses Aave v4 on Avalanche.The vault supplies $USDe as collateral to an Aave v4 Avalanche market, borrows $USDT, buys more $USDe and repeats the trade.
The structure involves several separate parties. Aave says it does not operate, curate or manage the vault.Initial capacity is $4.5 million across all users, which is small relative to the total deposits now recorded on Aave V4 on Avalanche, so Earn+ is likely only one contributor to the increase.
The yield is a target rather than a promise. Ethena Pay does not guarantee returns, and users assume full risk.The company also notes that the simplified interface does not remove liquidation risk, and positions may be liquidated if collateral falls below debt coverage levels.
Earn+ builds on an app already tied to the network. Ethena Pay launched in beta on September 1, 2026, on the Avalanche blockchain.It pays cashback in AVAX, Avalanche's native token.
Sources
TokenPost: Aave V4 Deposits on Avalanche Surpass the $125 Million MarkDeFi Prime: Ethena Pay Launches Earn+ With an 11x Leveraged VaultNewsBTC: Ethena Pay Adds Earn+ Through Aave V4 Lending on Avalanche
