According to CoinMeta, reports from token and terminal show that in August, AAVE grew 13.7% month-on-month to $27.4 billion, with active loans increasing by 12.9% to $11.7 billion, accounting for approximately 47.8% of the on-chain lending market. AAVE V4 TVL grew 53.4% month-on-month to $442 million, and Horizon TVL reached $372 million during the same period. The market value of GHO rose to $662 million, setting a new historical high. However, the number of monthly active users has declined for the fourth consecutive month to 68,900, which is the lowest level since the beginning of 2024.