What is happening in Aave V4 governance? @aave V4 governance has been moving quickly, with many proposals already reaching the ARFC or Direct to AIP stage. The current pipeline shows V4 is growing in three directions at the same time: - More chains: bringing V4 to Arc - More collateral: adding syrupUSDG, PT-USDG, rETH, cirBTC, and native BTC - More use cases: powering credit for products like Etherfi Cash Looking closer, governance is no longer just about deciding which assets to list. Each proposal also decides how liquidity, collateral, and risk are organized inside each market. This is where the Hub & Spoke model starts to work in practice. @Arc is proposed with one Liquidity Hub and two Spokes. @Rocket_Pool could get its own rETH Spoke. @ether_fi wants to use an Aave V4 instance as the credit backend for Etherfi Cash. As more teams build on V4, the governance pipeline becomes an early signal of adoption. It can show where V4 is heading before deposits and revenue fully catch up.