Aave founder Stani Kulechov has rejected the framing around a reported Kraken-linked investment in Aave, saying there is “NO WAY” Aave would sell AAVE at a 70% discount.
The clarification follows yesterday’s Kraken stake report, which said Kraken parent Payward was in talks to buy a 15% stake in Aave at a $385 million valuation. The reported structure sparked debate because it implied a steep discount to AAVE’s fully diluted token valuation.
Kulechov said Aave Labs owns an allocation of AAVE that multiple market participants have discussed purchasing, either directly or indirectly, through deeper long-term partnerships. He said the report’s framing was inaccurate and separated those discussions from the idea that Aave would sell tokens cheaply against token-holder interests.
The distinction matters for AAVE holders because the disputed point is not only whether Kraken has explored exposure to Aave. The market reaction centers on whether any strategic deal would dilute token alignment, sell AAVE below market value or redirect value away from the DAO.
Aave Revenue Flows To The Token
Kulechov also used the clarification to restate Aave’s revenue model. He said 100% of Aave Protocol and GHO revenue goes to the AAVE token under the Aave Will Win framework.
The same alignment applies to product revenue from the Aave App, Aave Pro and Swaps. Kulechov said no protocol or product revenue goes to Aave Labs, which he described as a service provider to the DAO responsible for building and growing Aave.
The Aave Will Win framework was designed to resolve long-running debate over revenue, brand ownership, product alignment and whether Aave-branded surfaces should accrue value to AAVE holders. Kulechov said all intellectual property, including the Aave brand and software built for Aave, belongs to AAVE.
That clarification builds on Aave’s recent revenue strength. Aave has already crossed a major gross revenue milestone, reinforcing why token-holder alignment around protocol and product revenue has become a central governance issue.
Aavenomics 3.0 Adds Buyback Plan
Kulechov also said the Aave team is designing Aavenomics 3.0, including a new automated and non-discretionary buyback mechanism. He did not give the full structure, but the comment points to a more rules-based approach for routing protocol economics back toward AAVE.
The buyback plan would arrive as Aave keeps expanding beyond crypto-native lending. Kulechov said the protocol is building for the entire finance asset market, including real-world assets, not only the existing crypto total addressable market.
Kraken and Aave already have a product relationship through DeFi Earn, where Aave lending infrastructure supports Kraken users depositing funds into DeFi yield products. The latest clarification does not remove the possibility of deeper partnerships, but it pushes back against the idea of a discounted AAVE sale or revenue structure that weakens token-holder alignment.
Aave remains at the center of the debate after the Kraken stake report, but Kulechov’s latest position is direct: AAVE will not be sold at a 70% discount, protocol and product revenue belongs to AAVE, and Aavenomics 3.0 is being designed around an automated buyback mechanism.
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