Aave founder Stani Kulechov stated on X on June 26 that he would "absolutely not sell AAVE at a 70% discount" and said previous descriptions were "inaccurate." Payward is in talks to acquire a 15% stake in Aave for $385 million; DefiLlama data shows this valuation is approximately 30% of Aave's fully diluted token valuation.
Payward in Talks to Acquire 15% of Aave for $385 Million
According to reports, Payward is negotiating to acquire 15% of Aave for $385 million; based on DefiLlama data, this valuation is about 30% of Aave's fully diluted token valuation (approximately $1.32 billion). At the time of the controversy, AAVE was trading near $82.49. Reports indicate that Payward's interest is primarily in holding AAVE tokens, rather than controlling Aave DAO or protocol revenue.
Kraken-incubated Layer 2 network Ink has launched Tydro—a white-label version of Aave—as its core lending layer, building on an existing partnership between the two parties.
Kulechov Clarifies: Aave Labs Token Sale Does Not Equal Protocol Control Transfer
Kulechov highlighted a key distinction: Aave Labs holds separately allocated AAVE tokens; if Aave Labs sells its allocated tokens, it is an internal treasury transaction, and the buyer does not automatically gain control of Aave DAO, nor is protocol revenue redistributed to the buyer.
Kulechov cited two financial metrics to argue the discount is unreasonable: Aave's current annualized revenue is approximately $134 million; and the upcoming Aavenomics 3.0, which includes a new automated, non-discretionary buyback mechanism (full details not yet released). The DAO has approved a $25 million stablecoin grant and an allocation of 75,000 AAVE tokens to support Aave Labs under the "Aave Will Win" framework.
ACI, BGD Labs, and Chaos Labs Announce Departure from Aave DAO
Since the April 2026 Kelp DAO rsETH exploit, Aave's governance environment has remained under pressure—attackers used under-collateralized rsETH as collateral, causing downstream effects on the Aave market. Three well-known DAO service providers have announced their exit: Aave Chan Initiative (ACI) said it will gradually wind down services following governance disputes; BGD Labs stated it will cease collaboration with the DAO after its contract expires; Chaos Labs has announced it is stepping away from Aave's risk management work.
ACI founder Marc Zeller cast 166,200 votes against the "Aave Will Win" proposal in the governance vote.
FAQ
What did Kulechov deny and not deny?
Kulechov explicitly stated on X that he would "absolutely not sell AAVE at a 70% discount" and called previous descriptions "inaccurate." What he did not categorically deny: Aave Labs may sell part of its allocated AAVE tokens as part of building a broader partnership—but such a transaction does not equate to a transfer of protocol control.
What is the essential difference between Aave Labs selling tokens and a protocol control transfer?
Aave Labs holds separately allocated AAVE tokens, separate from Aave DAO's governance rights. If Aave Labs sells its allocated tokens, the buyer does not automatically gain control of Aave DAO, and protocol revenue is not redistributed to the buyer. It is an internal treasury transaction, not a governance-level transaction at the protocol level.
What is the current governance situation of Aave DAO?
Since the April 2026 Kelp DAO rsETH exploit, Aave has faced governance turbulence, with three well-known service providers (ACI, BGD Labs, Chaos Labs) successively announcing their departure. ACI founder Marc Zeller cast 166,200 votes against the "Aave Will Win" proposal in the governance vote.
