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$AAVE published three deposit milestones in a week. V4 crossed $1 billion. weETH passed $4 billion on V3, becoming the protocol's second-largest asset. Arc drew $125 million within days of launch. The Arc number came with a detail the others didn't: roughly 99.5% of it sits unused. Deposits are supply, and a lending protocol earns on the share that actually gets borrowed. A billion parked in V4 and a billion lent out of V4 are the same headline and completely different businesses