Aave's first externally curated V4 markets are now live on Ethereum, according to Sentora's October 22 launch explanation. Sentora said it is managing active borrowing markets for $RLUSD, $PYUSD and $OUSD within a governance-approved deployment.

Under the arrangement, Sentora sets collateral rules, risk parameters, interest-rate curves and oracle configurations. Those responsibilities place practical decisions about lending conditions with an outside specialist, while Aave governance retains control of the overall framework.

Shared Liquidity, Separate Rules

Aave V4 divides the protocol between hubs and spokes. The protocol's liquidity documentation describes a hub as the central settlement and accounting layer that holds assets, while spokes are specialized smart contracts through which users interact with a market's collateral, borrowing and liquidation logic.

This structure lets different markets draw on the same underlying liquidity pool while applying their own conditions. Governance determines how capacity each spoke receives: credit limits constrain borrowing, and supply limits constrain additions. The design gives the system ways to cap activity without requiring every market to follow the same collateral policy. Sentora's three markets sit inside this framework, each with its own configuration and its own governance-set capacity.

For borrowers, the identity of each market therefore matters. Two markets built on the same protocol can offer different assets, borrowing capacity and liquidation conditions, and a shared brand or common liquidity source alone does not mean positions will behave alike during a sharp market move. A position in the $RLUSD market, for instance, need not carry the same borrowing capacity or liquidation conditions as one in the $PYUSD market.

For suppliers, the practical comparison is between the income on offer and the market rules — including the interest-rate curves Sentora configures — that produce it. A higher rate can be attractive, but it also warrants examining which borrowers can access the liquidity and what happens if collateral values deteriorate.

A New Monitoring Layer

Sentora has also extended its Risk Radar to cover the V4 structure. The monitoring system separates hub, spoke and asset views, provides tools for comparing caps against usage, and shows where borrowing is concentrated. A governance tracker records changes to assets and parameters. In a model where an outside curator sets collateral and risk parameters, that visibility gives users a way to track how each curated market is configured and adjusted over time.

The company offered a practical example of how a limit works: a spoke that reaches its borrowing cap cannot draw additional funds until capacity becomes available through repayment or an approved increase. That restriction remains relevant even when users can see liquidity elsewhere in the wider system.

For DeFi users assessing the new markets, the launch creates another set of factors to weigh. A curator's collateral choices matter alongside the protocol's contract design, and a market's allocated capacity matters alongside headline total liquidity. Monitoring can make those differences visible, although a dashboard cannot remove losses caused by an unsuitable collateral policy.

The first rollout now serves as a live test of that division of responsibility: Sentora sets market strategy, Aave supplies the lending framework, and governance determines the boundaries within which the markets operate.

The original report was written by the News Desk and edited by Samuel Rae.