Core Insights - Aave Labs has proposed a governance initiative called "Aave Will Win Framework" to allocate 100% of Aave brand product revenue to the Aave DAO treasury [1] - The roadmap will focus on Aave V4, which is currently in the governance temperature testing phase [1] - Aave believes that the current regulatory clarity in the market presents an opportunity to enhance token value recovery [1] Financial Performance - Aave V3 has achieved an annual revenue exceeding $100 million [1] - If the regulatory environment continues to improve, there is potential for future revenue to be captured by the DAO [1]

吴说获悉，Aave 技术服务方 Aave Labs 提交治理 Temp Check 提案，拟确立 Aave V4 为未来核心技术架 构，并将所有 Aave 品牌产品收入 100% 上缴 DAO 金库，同时建立品牌保护机制与长期增长资金框 架；作为配套安排，Aave Labs 向 DAO 申请 2,500 万美元稳定币及 75,000 枚 AAVE 的一年期资金支 持，并设定多项产品上线里程碑拨款，用于协议开发、产品工程、获客与市场推广、机构合作及安全运 营。 （来源：吴说） ...

Core Insights - The US Securities and Exchange Commission (SEC) has officially closed its nearly four-year investigation into the DeFi protocol Aave without taking enforcement action [2][3] - Aave's founder, Stani Kulechov, has shared a long-term roadmap focusing on scaling the platform into a core credit system of the onchain economy [4] Regulatory Developments - The investigation began under the Biden administration, reflecting a tougher regulatory stance on digital assets [3] - Aave Labs maintained regular communication with regulators throughout the investigation, allowing for operations without legal uncertainty [3] Aave's Long-Term Strategy - The roadmap includes three main areas: Aave V4, Horizon, and the Aave App, aiming to onboard millions of new users and move the next trillion dollars in assets onchain [4] - Aave has processed over $3.33 trillion in total deposits and issued nearly $1 trillion in loans since its launch [4] Financial Performance - In the current year, Aave generated approximately $885 million in fees and holds about 59% of the DeFi lending market [5] - Despite its size, Kulechov describes Aave as still being in its early stages [5] Product Developments - Aave V4 will redesign the protocol's structure to unify liquidity across different networks [5] - Horizon, launched earlier this year, focuses on regulated and compliance-aligned lending [5] - The Aave App aims to simplify access to DeFi for everyday users [6] Market Reaction - AAVE's price has seen a short-term decline of around 2%, with trading volume dropping by approximately 28% [7] - The token is currently trading below a major resistance zone, with a key support area identified between $135 and $150 [7]

Aave's Future Strategy - Aave founder Stani Kulechov reveals the 2026 master plan [1] - The plan includes Aave V4, Horizon for institutional RWAs (Real World Assets), and Aave App [1] Aave's Ambition - Aave aims to "win" in the market [1]

Core Viewpoint - A dispute has arisen between the Aave community and Aave Labs regarding revenue sharing following the integration of CoW Swap, which has led to significant financial implications for the Aave DAO treasury [1][2]. Group 1: Revenue Impact - The integration of CoW Swap has resulted in the loss of a revenue stream estimated at approximately $200,000 per week, translating to an annualized impact of around $10 million [2]. - This change is perceived as shifting value away from AAVE token holders, raising concerns among governance delegates [2]. Group 2: Governance and Decision-Making - Marc Zeller, founder of the Aave Chan Initiative, criticized Aave Labs for making unilateral changes to the economic arrangement without DAO approval, which he views as a breach of fiduciary duty [3]. - Zeller expressed concerns about the implications of this decision on future upgrades, particularly the upcoming V4 upgrade, questioning whether other features could be similarly restricted from DAO oversight [4]. Group 3: Defense from Aave Labs - Stani Kulechov, CEO of Aave Labs, defended the integration, arguing that the previous fees from ParaSwap were not mandatory protocol fees but rather a "discretionary surplus" [5].

Cryptocurrency Market Updates - Grayscale Dogecoin ETF 下周上市 [1] - Hyperliquid 推出新的增长模型 [1] - Aave V4 在测试网上线 [1] Acquisition - Coinbase 将收购 Vector fun [1]

Product Update - Aave V4 testnet is now live, featuring a developer preview of the new interface [1] - Aave Pro is included in the Aave V4 testnet [1]

Core Insights - Aave is entering a significant growth phase with the release of Version 4 (V4), a $50 million token buyback program, and expansion into real-world assets (RWA) [1][5] Market Position - Aave currently controls 82% of Ethereum's total outstanding lending debt, the highest level to date, and has seen steady growth over the past four years [2] - The protocol supports around 1,000 unique borrowers daily and manages approximately $25 billion in active loans, with a 30-day trading volume of about $226 billion [3] Total Value Locked (TVL) - Aave remains the largest lending protocol in DeFi with a Total Value Locked (TVL) of roughly $36.5 billion [3][4] Aave V4 Features - The upcoming V4 release introduces a Unified Liquidity Layer to optimize capital efficiency across multiple chains and reduce transaction costs [4] - Aave aims to enhance the integration of its native stablecoin, GHO, to improve internal liquidity flows and decrease external dependency [4] Strategic Initiatives - Aave is expanding its influence through Aave Horizon, a permissioned RWA market for institutional investors, and a $100 million restructuring plan to strengthen the GHO ecosystem [5] - These initiatives align with Aave's long-term goal of becoming a global liquidity bank for the Web3 era, positioning it among the top 40 US banks by asset size [5] Token Buyback Program - Aave DAO has introduced a $50 million annual buyback proposal to support the token's price and reinvest in the DAO treasury, potentially doubling the previous weekly buyback from $1 million to approximately $2 million [6] - Market sentiment is bullish, with the $135 level becoming a price magnet for AAVE following strong updates [6]

Aave V4 Overview - Aave V4 is projected to be a major DeFi event in 2025 [1] - It features a Hub-and-Spoke architecture [1] - It introduces risk-priced borrowing [1] - It enhances risk management [1] - It includes a new liquidation engine [1]