TLDR
- The Aave founder asserts that the $15 million in tokens were not used in the recent vote.
- Kulechov admits communication failures regarding the economic alignment between Aave Labs and holders.
- The Aave DAO generated $140 million this year, surpassing the last three years combined.
Following a voting period fraught with controversy, Stani Kulechov, the founder of Aave, addressed allegations of manipulation. He denied that his purchase of AAVE tokens, valued at over $15 million, was intended to alter the outcome of the governance initiative that ultimately pitted the community against his firm.
Regarding the matter, Kulechov wrote on X: “These tokens were not used to vote on the recent proposal and that was never my intention.” He clarified that the purchase represents a personal capital bet based on his long-term conviction in the ecosystem.
However, the timing he chose for the transaction—at the height of the conflict—has left DeFi sector figures like Robert Mullins and Sisyphus deeply skeptical.
The Challenge of Economic Alignment at Aave Labs
Kulechov acknowledged that the relationship between Aave Labs and token holders has not been explained clearly. He committed that, in the future, the company will be more explicit about how developed products create direct value for the DAO.
Despite the debate and all the controversy, the founder of Aave noted that the autonomous organization had a record year, with revenues of $140 million. He pointed out that treasury control remains firmly in the hands of token holders.
It is worth noting that the chaos stemmed from a proposal to transfer domains, social media handles, and intellectual property from Aave Labs to the DAO. Although the measure failed with 55% of votes against it, the process revealed a structural rift.
Experts point out that voting power is excessively concentrated: the top three voters control more than 58% of the total, raising questions about whether the results truly reflect the sentiment of the minority community.
In summary, this chapter in the protocol’s history leaves a lesson on the fragility of token-based governance. While the founder of Aave attempts to calm the waters by promising greater transparency, the debate over whether large holders can execute “governance attacks” remains more alive than ever in the DeFi ecosystem.
