After hitting the low point of the previous bear market last week, Aave has seen a recent rebound of around 20% in the market. In the past half month, V3 deposits have returned to 1 billion yuan, and V4 deposits have also exceeded 100 million yuan. These are indeed improvements in the data level, and also release some of the previous oversold sentiment. However, the growth of V4 still relies on subsidies from old projects on the chain, and no new customers have been seen. The previously drawn pie has not yet been completed. If V4 does not introduce new incremental markets, even if the price is cost-effective, it will lack explosive power. Long term investors may not necessarily choose products with obvious bottlenecks. In summary, Aave's success or failure depends on V4.