Ethena

Million

Avalanche

EURC

Aave

Aave (<a href="https://x.com/aave" rel="noopener noreferrer nofollow">@aave</a>) <a href="https://x.com/search?q=%24AAVE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$AAVE</a> V4 deposits on Avalanche (<a href="https://x.com/avax" rel="noopener noreferrer nofollow">@avax</a>) <a href="https://x.com/search?q=%24AVAX&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$AVAX</a> have climbed past $125 million, an all-time high for the deployment. Avalanche credits part of the growth to the new Earn+ feature from Ethena (<a href="https://x.com/ethena" rel="noopener noreferrer nofollow">@ethena</a>) Pay, which brings DeFi yield opportunities into a consumer payment app.
<h2 id="deposits-rise-sharply-since-september">Deposits Rise Sharply Since September</h2>
Deposits on Aave V4's Avalanche deployment have surpassed $125 million, Aave said. That is more than four times the $20 million to $30 million range it recorded in September. The deployment launched on July 15 and added lending markets to Avalanche. It supports WAVAX, sAVAX, BTC.b, USDC, USDT, WETH.e and EURC through a Hub and Spoke design.
The $125 million figure should not be confused with Aave's longer track record on the network. <cite>Combined inflows across Aave's earlier Avalanche versions exceeded $15 billion, but that figure covers both previous versions and does not represent deposits currently held in V4.</cite><cite>Aave V4 also operates on Ethereum and Circle's Arc blockchain.</cite>
<h2 id="how-ethena-pay-s-earn-connects-to-aave-v4">How Ethena Pay's Earn+ Connects to Aave V4</h2>
<cite>On October 28, 2026, Ethena Pay launched Earn+, an optional vault product targeting up to 12% APY through a strategy that aims for approximately 11x leverage.</cite><cite>Upshift and Steakhouse manage the external vault, which Ethena Pay says uses Aave v4 on Avalanche.</cite><cite>The vault supplies <a href="https://x.com/search?q=%24USD&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USD</a>e as collateral to an Aave v4 Avalanche market, borrows <a href="https://x.com/search?q=%24USDT&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDT</a>, buys more $USDe and repeats the trade.</cite>
The structure involves several separate parties. <cite>Aave says it does not operate, curate or manage the vault.</cite><cite>Initial capacity is $4.5 million across all users,</cite> which is small relative to the total deposits now recorded on Aave V4 on Avalanche, so Earn+ is likely only one contributor to the increase.
The yield is a target rather than a promise. <cite>Ethena Pay does not guarantee returns, and users assume full risk.</cite><cite>The company also notes that the simplified interface does not remove liquidation risk, and positions may be liquidated if collateral falls below debt coverage levels.</cite>
Earn+ builds on an app already tied to the network. <cite>Ethena Pay launched in beta on September 1, 2026, on the Avalanche blockchain.</cite><cite>It pays cashback in AVAX, Avalanche's native token.</cite>
Sources
<a href="https://www.tokenpost.com/news/technology/46911" rel="noopener noreferrer nofollow">TokenPost: Aave V4 Deposits on Avalanche Surpass the $125 Million Mark</a> <a href="https://defiprime.com/ethena-pay-earn-plus-leveraged-vault" rel="noopener noreferrer nofollow">DeFi Prime: Ethena Pay Launches Earn+ With an 11x Leveraged Vault</a> <a href="https://www.newsbtc.com/news/ethena-pay-adds-earn-through-aave-v4-lending-on-avalanche/" rel="noopener noreferrer nofollow">NewsBTC: Ethena Pay Adds Earn+ Through Aave V4 Lending on Avalanche</a>

Aave V4 Deposits on Avalanche Pass $125 Million to Reach Record High

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