Aave V4 توضیح داد: چه تغییراتی برای وام دهندگان و وام گیرندگان ایجاد می کند

Is Aave V4 a New Way to Lend and Borrow in DeFi? Aave V4 is the biggest redesign of the Aave protocol since V3. It went live on Ethereum on March 30, 2026, and many users now ask one simple question. What actually changes when they lend or borrow? The short answer is structure. Aave V4 replaces separate lending pools with one shared liquidity layer and specialised markets built on top of it. This guide covers how that works, how it differs from Aave V3, and where the risks sit. What Is Aave V4 and Why Does It Matter? Aave V4 is the next major version of a non-custodial DeFi lending protocol. Users supply crypto to earn interest, or borrow against collateral they lock up. In Aave V3, each market has its own isolated liquidity pool. Assets supplied in one market can only be borrowed there. That splits liquidity and makes every new market start from zero. Aave V4 targets that problem. The project says liquidity is no longer fragmented across markets on one chain, which may lift utilisation and improve rates. That is a stated goal, not a guarantee. Here is the rollout so far: Ethereum:activated March 30, 2026 with guarded caps. Deposits neared $10M in week one and passed $20M by April 13, per Aave Labs. Avalanche:launched July 15, 2026. Growth:Aave Labs' August update reported deposits above $800M. Arc activation was still in preparation. How Does Aave V4 Work? The core idea is a Hub and Spoke design. The official Aave V4 documentation describes two layers. Liquidity Hubs: The Shared Pool Each network gets at least one Liquidity Hub. It holds the assets and sets credit and debit limits for every Spoke. It also enforces one hard rule: total borrowed can never exceed total supplied. Emergency stop controls sit here too. Users don't touch the Hub directly. They go through a Spoke. Spokes: Where Users Interact A Spoke is a module with its own risk settings, oracle connections and pause controls. The Aave Labs architecture overview gives examples. An E-Mode Spoke handles correlated assets, an Isolation Spoke handles newer tokens, and an RWA Spoke can handle tokenised treasury bills. Aave Labs also says anyone can build a Spoke. If it adds value, it can draw on the Hub like a credit line. Aave V4 vs Aave V3: What Has Changed? Feature Aave V3 Aave V4 Architecture Independent markets Hub and Spoke Liquidity Isolated per market Shared in a Hub per network Risk settings Market level Spoke and reserve level Liquidations Fixed close factor Target Health Factor Risk pricing Asset parameters User Risk Premium New markets Need fresh liquidity New Spokes connect to existing liquidity What Changes for Aave V4 Lenders?