Aave founder and CEO Stani Kulechov outlined the protocol’s broader strategic vision following a controversial governance vote that rejected a proposal to transfer control of Aave’s brand assets and intellectual property to its decentralized autonomous organization (DAO).
The failed vote sparked renewed debate within the Aave community about the long-term direction of the protocol and governance structure, which Kulechov directly addressed.
In post posted on Friday at the Aave Governance Forum, Kulechov argued that the protocol must evolve beyond its core decentralized finance (DeFi) lending business to pursue opportunities in real-world assets (RWA), institutional lending and consumer-facing financial products.
He described the community as being “at a crossroads,” noting that DeFi’s future growth trajectory remains uncertain without broader market expansion.
Importantly, Kulechov said Aave Labs plans to distribute off-protocol revenue to Aave token holders (AAVE), which could expand how the token captures value beyond governance participation. He added that following community opposition to the previous initiative, Aave Labs plans to introduce a recent management proposal regarding intellectual property and brand rights.
Kulechov’s post appears to have been intended to divert the community’s attention away from short-term management disputes and towards a more coherent long-term strategy. He highlighted risk-weighted assets in particular, describing the sector as a potential $500 trillion opportunity based on the estimated value of global financial assets.
According to the industry, Aave is one of the largest DeFi protocols, with a total value exceeding $45 billion in October data.
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Controversy at the heart of Aave management
As Cointelegraph reports, the recent dispute over Aave’s governance centers on who should control and benefit from the fees generated by cryptocurrency swaps in the ecosystem.
Some of these swaps are routed through CoW Swap, a decentralized trading service that allows users to exchange tokens directly with Aave. A dispute has arisen over whether the revenue associated with these swaps should belong to the Aave DAO, which represents token holders, or whether it should remain under the control of Aave Labs developers.
Some members of the Aave community have also pointed to Kulechov’s recent purchase of approximately $15 million worth of AAVE tokens as an attempt to influence the governance vote, which he has vehemently denied, stating that the purchase reflects his personal “belief” on the record rather than an attempt to influence the outcome.
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