The Aave founder was quick to react after reports claimed that Kraken’s parent company, Payward, was exploring the purchase of a 15% stake in the protocol at a valuation of $385 million. The figure immediately raised eyebrows because it implied a valuation far below the market value of AAVE tokens.
Aave founder Stani Kulechov wasted little time responding. In a post on X, he dismissed the report and mocked the suggested valuation.
“First off, there is NO WAY we’d sell AAVE at a 70% discount,” Kulechov wrote.
Lots of discussions around Aave so I want to clarify a few things:
• First off, there is NO WAY we’d sell AAVE at a 70% discount lol.
• 100% of Aave Protocol and GHO revenue goes to the $AAVE token. This was established in the Aave Will Win proposal.
The report suggested the deal would value Aave at only a fraction of the token’s fully diluted valuation. While Kulechov rejected that framing, he stopped short of denying that discussions involving Aave Labs’ token holdings may have taken place.
Aave remains the largest decentralized lending protocol on Ethereum. According to Kulechov, the protocol is generating approximately $134 million in annualized revenue. Importantly, that revenue flows directly to the Aave DAO rather than Aave Labs.
Kulechov explained that Aave Labs owns an allocation of AAVE tokens and that multiple parties have explored potential purchases or strategic partnerships involving those holdings. However, he stressed that the reported details were inaccurate.
Source: Google
The relationship between Kraken and Aave is not new. In 2025, Kraken’s Layer 2 network, Ink, launched Tydro, a white-label version of Aave that serves as the chain’s lending infrastructure.
Aave Founder Outlines Future Plans
The rumors surfaced during a difficult period for Aave. The protocol saw a decline in total value locked after the KelpDAO exploit earlier this year. Although Aave was not directly hacked, the attacker used the platform to move stolen assets.
Since then, Aave has introduced a revised risk framework and continued improving its infrastructure. The protocol also launched v4 in March, featuring an upgraded hub-and-spoke architecture.
Aave founder Kulechov also revealed that the team is working on Aavenomics 3.0. The initiative is expected to introduce an automated buyback mechanism designed to benefit AAVE holders.
“Everyone at Aave Labs and Aave DAO works for $AAVE,” Kulechov said, reinforcing the project’s long-term commitment to token value and community growth.
