aave v4 testnet proving unified liquidity across 38 disconnected pools worth $33.6b. one balance sheet feeding every chain atomically. mainnet q1 2026. token at $160, down 50% from october highs. sec just closed 4-year investigation with no action. bitwise filed aave etf december 30th. protocol generates $131m annually but trades at 18.5x revenue because fees go to lps not holders. v4 adds swap fees, flash loan fees, liquidation revenue. the architecture solves defi's core problem but price reflects december governance drama not infrastructure breakthrough.