TL;DR
- Aave founder’s $10M token purchase ahead of a key vote is called a “governance attack.”
- The controversial vote concerns reclaiming control of the Aave brand’s intellectual property.
- Critics highlight voting power concentration, with the top three addresses controlling over 58% of votes.
A recent $10 million purchase of AAVE tokens by Stani Kulechov, founder of the decentralized lending protocol Aave, has sparked controversy within the crypto industry. Members of the community allege that the move was intended to increase his voting power in a crucial governance proposal, reigniting debate over the concentration of influence inside decentralized autonomous organizations (DAOs).
Robert Mullins, a decentralized finance strategist, claimed on X that Kulechov’s acquisition aimed to strengthen his position ahead of a vote potentially harmful to AAVE holders’ interests. “This is a clear example of tokens failing to properly disincentivize governance attacks,” Mullins wrote.
Other industry participants shared similar concerns. Prominent crypto user Sisyphus noted that Kulechov had sold millions of dollars in AAVE between 2021 and 2025, questioning the economic logic behind the recent repurchase.
I’m surprised that no one is talking about the fact that Stani bought $10M of AAVE, claimed it was bc he is aligned with the token yet in actual fact it was to increase his voting power in anticipation to vote for a proposal directly against the token holders best interests
This…
— Robert (@0xluude) December 23, 2025
The dispute comes as Aave token holders debate how voting power should be exercised within one of DeFi’s largest protocols. Critics argue that large token acquisitions can distort governance outcomes, allowing major holders to dominate decisions while diminishing smaller investors’ influence. The controversy underscores structural weaknesses in token-based governance systems, which often fail to prevent concentration of control.
Aave Brand Control Vote Triggers Backlash
According to X, tensions escalated after a proposal to reclaim ownership of Aave’s brand assets advanced to a vote despite ongoing debate. The proposal asks whether AAVE holders should regain control of domains, social media accounts, and intellectual property through a DAO-managed legal framework.
However, several stakeholders objected, arguing that the vote was rushed and lacked adequate discussion. Former Aave Labs CTO Ernesto Boado, identified as the proposal’s author, stated that the initiative was submitted without his approval and that the move damaged community trust.
The incident has amplified concerns about centralized decision-making within supposedly decentralized governance models, highlighting tensions between DAO autonomy and the power of high-value holders.
Voting Power Concentration Inside Aave DAO
Researcher Samuel McCulloch of USD.ai criticized the process, calling the vote “absurd” and pointing out that a small number of large holders control nearly half of all voting power.
Snapshot data from Aave DAO shows that the top three voters account for more than 58% of total voting weight. The largest participant, identified as 0xEA0C…6B5A, holds 27.06% of voting power (333,000 AAVE), while the second, aci.eth, controls 18.53% (228,000 AAVE).
The situation renews the question of whether token-based governance can truly uphold decentralization or if it merely replicates traditional patterns of concentrated financial control.
