Etherfi is preparing to deploy the Aave v4 hub, bringing three pieces of good news to Aave: 1. 20% revenue sharing 2. A strong start for the whitelabel hub 3. Etherfi Cash driving GHO borrowing demand It’s expected to bring $1.75 billion in TVL (proposal target). Although the whitelabel hub’s TVL won’t be counted towards Aave’s TVL, this can serve as an excellent case study for v4 implementation—especially considering Aave v4 itself only has a little over $200 million. At the same time, the 20% revenue sharing commitment is great news, especially given that Aave v4’s growth hasn’t met expectations. The most valuable aspect is its impact on GHO. Currently, Etherfi Cash operates by allowing you to deposit yield-bearing assets like weETH into EtherFi. When you swipe your card for purchases, the system automatically borrows stablecoins to pay merchants. Now, this process has been migrated from the Debt Manager to their self-deployed Aave v4 hub, where GHO is borrowed in the middle and then converted to USD to pay merchants. Every time a user swipes their card, it’s essentially creating an on-chain GHO loan, continuously generating organic borrowing demand. This model features risk isolation and independent governance, making it competitive for institutional adoption. However, compared to the Morpho model, it’s more conservative, retaining some control and revenue sharing. It’s a compromise—not as decentralized as Morpho, but it directly secures a portion of the revenue.