Aave V4 nhằm mục tiêu biến đổi thị trường tài trợ chứng khoán trên chuỗi trị giá hàng nghìn tỷ

The Huoxing Finance report states that on June 20, Aave founder Stani Kulechov published a post indicating that Aave V4 can be used to reconstruct the on-chain securities financing market. He noted that securities financing is one of Wall Street’s largest yet under-the-radar markets, with securities-backed lending already a multi-trillion-dollar business: the U.S. repurchase market has an average daily exposure of approximately $1.26 trillion, secured financing reaches $1.3 trillion, wealth management securities-backed loans exceed $400 billion, and approximately $4.6 trillion in assets are on loan in the securities lending market, generating a record $15 billion in revenue in 2025. Aave V4 employs a “liquidity hub + modular markets” structure, enabling shared liquidity at the底层 while allowing segmented markets with distinct risk parameters, asset ranges, and rules at the upper layer. Aave V4 can support three core securities financing use cases: securities-backed lending, repurchase transactions, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repurchase transactions can enable atomic settlement by borrowing stablecoins against tokenized securities as collateral; in securities lending, tokenized securities themselves can become lendable assets, with lending income flowing directly to asset holders. Stani stated that Aave V4 can adopt either a single shared liquidity hub or multiple hubs segmented by asset class and risk. The former offers deeper liquidity, while the latter provides stronger risk isolation. He believes the practical path may begin with a unified liquidity model and gradually evolve into a multi-hub structure segmented by asset class and risk as the range of collateral types expands.