ether.fi Cash moved its credit backend to a dedicated Aave V4 instance on OP Mainnet. The deployment replaces the in-house Debt Manager that powered the product from launch and passed Aave DAO governance through TEMP CHECK, ARFC and AIP. It is one of Aave V4’s early Layer 2 deployments.
Optimism says ether.fi Cash has more than 100,000 active cards and over 300,000 accounts. Cardholders can spend without selling their crypto: in Borrow Mode, digital assets are posted as collateral and USDC or GHO is borrowed to settle the purchase. Current borrowing is roughly $22 million.
Aave V4 was chosen for its hub-and-spoke architecture, its ability to support diverse collateral in one lending market and its existing liquidation, audit and price-feed infrastructure. The deployment also brings GHO to OP Mainnet as a natively issued stablecoin backed by an Aave-deployed GHO Stability Module.
The cardholder interface does not change, while borrowing remains permissioned for KYC’d Cash users. Stablecoin supply to the instance is permissionless. ether.fi is targeting $500 million in lending capacity by 2027, with the Optimism Foundation supporting the launch through treasury liquidity and a joint incentive package.