
Aave V4's Forex market has grown to ~$17.2M in deposits, more than 3x its early-August level. It's mostly a dollar-stablecoin market for now. USDC and USDT account for ~92% of deposits, while over 99% of the $5.93M borrowed is USD-denominated. What caught my eye was the frxUSD and USDG borrowing. There's ~$921K in frxUSD and ~$472K in USDG out on loan, even though neither has any deposits in the Forex market. That's what @aave V4's shared Core Hub makes possible. Borrowers can tap liquidity supplied through other markets without needing a separate pool for each asset. Nearly $1.4M in loans without having to attract those deposits locally. It's still small by Aave standards, but I like what it shows. V4 can bring new credit markets online without having to build their liquidity from scratch.


