Aave is showing 2 different user growth loops right now. V3 just added ~11K to its 30d active user set, a notable pickup after months of softer user activity. V4 is growing differently. It added ~22.7K active depositors over the last 30d versus just ~2.7K borrowers. Part of what makes that interesting is distribution. @ether_fi Cash now uses a dedicated @aave V4 instance as its credit backend, plugging an existing consumer base into Aave infrastructure. V3 is also depositor-heavy right now, so the simple “V3 = credit market, V4 = savings” framing misses the point. One side is growing through Aave’s mature markets. The other is increasingly reaching users through products built on top of Aave. Same protocol, different distribution loops.