Aave 创始人：CLARITY 法案进入“最后一公里”，若通过将为 DeFi 带来利好
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Aave founder: UK government's proposed tax on ISA cash interest could increase the attractiveness of DeFi savings products.
According to Foresight News , Aave founder Stani Kulechov posted on the X platform that the UK government is considering taxing interest earned on cash in Individual Savings Accounts (ISAs), which would weaken their advantage over ordinary savings accounts and loan interest income. He believes this change will relatively increase the attractiveness of DeFi Earn savings products.
Aave withstood an $8.45 billion withdrawal wave during the rsETH crisis, reigniting debate about DeFi's risk management capabilities.
According to Mars Finance, on June 19th, Aave successfully completed one of the largest liquidity stress tests in DeFi to date, despite experiencing approximately $8.45 billion in fund withdrawals following the attack on KelpDAO's rsETH cross-chain bridge in April 2026. The core functionality of the protocol remained intact. This crisis stemmed from the attack on KelpDAO's LayerZero cross-chain bridge, resulting in the theft of approximately $292 million in rsETH, raising concerns about the value and solvency of rsETH as collateral. Because rsETH is widely used as collateral in protocols like Aave, the risk spread rapidly, leading to a concentrated withdrawal of funds by users. Utilization in some markets reached 100% at one point, and some users were unable to withdraw their funds immediately. Faced with liquidity constraints, Aave's risk management team initiated emergency freeze and parameter adjustment mechanisms to limit the spread of risk. Aave founder Stani Kulechov viewed this event as proof of the increasing maturity of DeFi, believing that the protocol's ability to operate as designed under extreme pressure demonstrates the resilience of its transparent, rule-driven on-chain system. However, several independent analysts pointed out that while Aave avoided a systemic collapse, the incident exposed the continued risks of concentration, liquidity, and contagion from the high interconnectivity between protocols within the DeFi lending system. The behavior of large borrowers could have a greater impact on the stability of the entire system than anticipated by models. Aave currently manages these risks through multiple layers of protection, including loan-to-value (LTV) limits, liquidation thresholds, supply caps, lending caps, Isolation Mode, E-Mode, and governance mechanisms. These mechanisms functioned effectively in this crisis, but observers believe that the speed of governance response and risk models still need further optimization to cope with future unknown systemic shocks. Analysis suggests that this incident demonstrates that DeFi protocols can withstand large-scale runs without external intervention, but a single stress test cannot fully prove system security. As composability between protocols continues to increase, an issue with an external asset or cross-chain bridge could still quickly escalate into a liquidity crisis for the entire ecosystem.
Kraken is in talks to acquire a 15% stake in Aave, valuing the company at $385 million, with plans to expand into DeFi asset management.
According to Mars Finance, on June 26th, sources familiar with the matter revealed that Payward, the parent company of crypto trading platform Kraken, is in talks with decentralized lending protocol Aave to exchange 35,000 Ethereum for 250,000 AAVE tokens and a 15% stake in Aave Group, valuing the company at approximately $385 million and involving a transaction valued at approximately $71 million. Sources also indicated that Kraken is simultaneously seeking co-financing for the deal. This investment is positioned as the first in a series of transactions in Payward's asset management business, signifying Kraken's more proactive role in DeFi and other investment areas. Sources stated that Payward has ample capital backing and that existing partners have expressed interest in participating in such opportunities. Aave is currently the largest decentralized lending protocol, but in April of this year, it was embroiled in one of the most severe crises in DeFi history: hackers exploited a vulnerability in the KelpDAO cross-chain bridge to mint approximately $292 million worth of uncollateralized rsETH, which was then used as collateral to lend real assets on Aave, resulting in $190 million to $230 million in bad debt for the protocol. Although Aave's own smart contracts were never compromised, the incident still triggered the withdrawal of over $8 billion in deposits, highlighting the cascading risks of interconnected DeFi ecosystems. Kraken has been making frequent acquisitions recently, having previously announced in April the acquisition of crypto derivatives exchange Bitnomial for up to $550 million, and reportedly raising a new round of funding at a valuation of $20 billion, actively paving the way for a potential IPO.
Aave founder Stani: Central banks are willing to accept a 30% deposit requirement if they pay market interest rates for stablecoin reserves.
According to Mars Finance, Aave founder Stani stated that he would accept the reserve requirement if the Bank of England (BoE) was willing to pay market interest rates for 30% of the underlying assets of systemically stablecoins that are required to be held at the central bank. Previously, the BoE proposed that a portion of the reserves of systemically stablecoins be held at the central bank to reduce risk; Stani's statement focuses on whether passive deposit rates can cover the opportunity cost of this "locked-up" asset.
Aave founder Stani criticizes UK stablecoin regulatory policies: 30% interest-free reserves will stifle domestic issuance, making it difficult for the UK to compete with the US.
PANews reported on June 22 that Aave founder Stani published an article on the X platform stating that while the Bank of England has removed the £20,000 cap on individual stablecoin holdings, it still requires issuers to deposit 30% of their reserves into a non-interest-bearing account with the central bank. Stani pointed out that this severely weakens the economics of stablecoin issuance, essentially taxing issuers and potentially forcing companies to relocate to offshore markets. Furthermore, the UK's £40 billion limit on stablecoin issuance will also stifle growth. He believes that on-chain ledgers are not fundamentally different from existing payment institution databases, and regulators should maintain technological neutrality; otherwise, the UK may struggle to compete with the US.
Grayscale: AAVE's protocol revenue has grown more than 6.6 times in the past three years; AAVE's current valuation is conservative.
According to a recent report by Grayscale Research, as reported by ChainCatcher, Aave, a leading protocol in the DeFi lending space, currently has a fair valuation range of $80-$100 for its AAVE token. The report points out that Aave's protocol revenue grew more than 6.6 times from 2023 to 2025, and its current operating profit margin is approximately 50%, with further room for improvement as it scales up. Aave's DAO treasury once reached a peak of $360 million, providing ample capital for the protocol's development. Grayscale believes that the current price of approximately $75 for AAVE only implies an annualized return growth of about 9% over the next 10 years, a relatively conservative expectation. If Aave achieves a 25% annualized return growth, the corresponding price could reach $227; if it reaches 35%, it could reach $444. However, the report also emphasizes that Aave's future performance will still depend on the competitive landscape of DeFi lending, regulatory clarity, and the progress of stablecoin and RWA tokenization businesses.