Some understanding of Aave V4: The core concept is Liquidity Hub and Spokes used in conjunction with it, with the central idea of centralized asset management, solving the problem of capital fragmentation, and improving liquidity utilization. This action will be divided into two stages: (1) At present, the focus is on solving the problem of liquidity fragmentation caused by establishing different markets within the same network. For example, on Ethereum, there are now Core Market, Prime Market, and EtherFi Market. With the Liquid Hub, the same network will not have different markets, and liquidity will be centrally managed. Then, Spokes can be used to customize lending parameters, eliminating the friction of new markets and the inefficiency of liquidity fragmentation. (2) The ultimate version of the future is cross network centralized management, which eliminates the fragmentation between chains and becomes a unified market. But this change must rely on a third-party cross chain infrastructure. Currently, Aave uses Chainlink CCIP the most, which maximizes efficiency and is the entirety of traditional lending models, but also introduces a layer of cross chain risk. Spokes is the lending entry point for Aave V4, connected to Liquidity Hub for use, providing customized lending functions. Independent rules and risk parameters can be set. Its main function is to maximize lending flexibility, with a hint of Hooks in Uniswap. Overall, the first step in upgrading V4 belongs to the experience improvement, and the qualitative change is the next step in the entire chain. It is estimated that this may also be the final version of the traditional lending model. There is a high probability that Aave will still choose Chainlink CCIP for cross chain transactions, as Chainlink has gradually penetrated into the bottom layer of DeFi invisibly.