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Feb 18
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$122.98
$122.97
-0.0%
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LONG
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Stani Kulechov
Founder of Aave Labs
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"We want to ensure that we send an extremely strong signal that the value capture is going to the tokencentric model... 100% of that revenue [from Labs products] to the AVA DAO." Historically, value in DeFi protocols was split between the development company (equity) and the DAO (token). Aave Labs is voluntarily forfeiting its revenue streams (including fees from the Aave Card and frontend swaps) to the DAO. This consolidates all economic value into the AAVE token, transforming it from a governance token into a cash-flow generating asset. LONG (Fundamental value accrual shift). The DAO might reject the funding request for Labs ($50M/year), or regulatory scrutiny could increase due to the direct revenue model. |
Unchained (Chopping Block)
Why Aave Labs Is Putting Itself at the Mercy ...
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Feb 14
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$128.27
$122.97
-4.1%
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LONG
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Tim Copeland
Co-host, Head of Growth at The Block
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Tim notes that BlackRock is explicitly buying UNI tokens, not just equity in Uniswap Labs. Separately, Craig notes Aave is proposing to direct 100% of revenue to the DAO. BlackRock's direct token purchase validates the "governance token" as an investable asset class for institutions, moving beyond just holding BTC/ETH. Simultaneously, Aave's revenue switch solves the "useless governance token" narrative, creating a clear path for cash flow to accrue to token holders. These two events signal a repricing of "DeFi Blue Chips." Long the market leaders (UNI/AAVE) as they transition from speculative assets to cash-flowing, institutionally-held assets. Regulatory pushback against revenue-sharing tokens (securities laws); BlackRock using voting power against the ethos of the protocol. |
The Block
BlackRock buying UNI and other DeFi updates, ...
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Feb 01
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$124.23
$122.97
-1.0%
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WATCH
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Taiki Maeda
Crypto Trader / Analyst, Host of Taiki Maeda Channel
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- Hype (Hyperliquid): "Metrics have been going straight up... tokenized equity." - Pendle: "Hitting new all-time highs in Open Interest (OI)." - Aave: "Sub $2B market cap... buying back tokens." - Uniswap: "Introducing buybacks." The "K-Shaped Recovery" thesis. While the general market dumps, protocols with actual revenue, buybacks, and growing usage metrics (OI/Volume) are decoupling from "vaporware." These are the potential "Carvanas" (assets that fell 90% but have the fundamentals to recover). WATCH / ACCUMULATE. The speaker is shifting from 100% short to a mix of cash and spot accumulation in these specific names. General market beta; if ETH collapses further, these assets will likely be dragged down temporarily despite good fundamentals. |
Taiki Maeda
Shorting Ethereum: My Life-Changing Trade
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