List of questions about [Web3 Strategy]

The digital air within the Aave ecosystem crackled with tension this week. A governance vote—more than a mere poll, but a bitter clash of ideals—had just concluded, leaving a proposal in tatters and the community divided. At its heart was a fundamental question: Who truly owns the soul of a decentralized giant?

The answer, for now, is a resounding not yet.

The defeated plan sought to transfer Aave's brand assets and intellectual property to its decentralized autonomous organization (DAO). Its failure was not an endpoint, but a detonation—one that forced Aave's founder, Stani Kulechov, to step into the fray with a sweeping manifesto for the future. This isn't merely about next-quarter features; it's a blueprint for an existential evolution.

The Crossroads: From DeFi Niche to Financial Colossus

In a decisive post to the community, Kulechov framed this moment as a critical juncture. The message was clear: resting on the laurels of being a premier DeFi lending protocol is a path to obsolescence. The future he paints is audaciously expansive.

He envisions Aave bursting beyond the confines of crypto-native lending, stretching its tentacles into the vast, untapped oceans of real-world assets (RWAs)—a market he frames as a staggering $500 trillion opportunity. The blueprint also includes forging pathways for institutional capital and crafting consumer-facing financial products that could bring DeFi to the masses.

This is a vision of Aave not just as a tool for the cryptographically savvy, but as a foundational layer for a new, open global financial system.

The Golden Carrot: Rewriting the Token's Value Proposition

Perhaps the most electrifying revelation for AAVE tokenholders was the promise of a transformed value model. Kulechov declared that Aave Labs plans to distribute non-protocol revenue directly to tokenholders.

This move is revolutionary. It proposes to shatter the current paradigm where the token's utility is largely governance-based. Imagine fees from new institutional services or RWA ventures flowing not just to the treasury, but into the pockets of those who steward the network. It’s a powerful gambit to align long-term incentives and supercharge the token's fundamental appeal.

Governance in the Crucible: The Fight Over Fees and Influence

The catalyst for this grand vision was a bruising governance battle, revealing deep fissures beneath the surface. The conflict centered on a seemingly technical issue: who should capture the revenue generated from token swaps routed through Aave’s interface via services like CoW Swap?

Was this income rightfully belonging to the collective DAO, or should it remain with the core developers at Aave Labs? The vote became a proxy war over control, transparency, and the very meaning of decentralization.

Adding fuel to the fire were murmurs about Kulechov's recent personal purchase of $15 million worth of AAVE tokens. Critics saw a play for voting power; the founder rebuffed it as a pure signal of personal conviction. This episode laid bare the perennial, thorny dance between founder influence and decentralized governance.

The Path Forward: A Phoenix from the Ashes

Unfazed, Kulechov has already signaled the next move. A new governance proposal is being drafted to revisit the issues of intellectual property and brand rights—a direct response to the community's pushback. This time, however, the conversation will be framed within the context of his expansive new strategic universe.

The subtext is potent: let us move beyond internal skirmishes over slices of today's pie, and focus instead on building a pie so vast it could redefine global finance.

With over $45 billion in value locked within its smart contracts, Aave is already a DeFi titan. But the week's events prove that even titans must evolve or risk being chained to the past. The bitter vote was not a conclusion, but a chaotic opening act. The next act will determine whether Aave becomes a footnote in the history of decentralized lending, or the foundation for something immeasurably larger.

The community’s voice has been heard, loudly. Now, they are being asked to look not at their feet, but at the horizon. The stakes, for Aave and for DeFi, have never been higher.