Aave founder and CEO Stani Kulechov has outlined an ambitious strategic vision for the protocol following a contentious 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 has sparked renewed debate within the community over the protocol's long-term direction and governance structure.
In a post on the Aave governance forum, Kulechov argued that the protocol must evolve beyond its core DeFi lending business to pursue opportunities in real-world assets (RWAs), institutional lending, and consumer-facing financial products. He described the community as being "at a crossroads," noting that DeFi's future growth remains uncertain without broader market expansion.
Significantly, Kulechov announced that Aave Labs plans to distribute non-protocol revenue to AAVE tokenholders, a move that could fundamentally expand how the token captures value beyond governance participation. He added that Aave Labs will introduce a new governance proposal to address intellectual property ownership and brand-related rights, following community pushback against the earlier initiative.
The recent governance dispute centered on who should control and benefit from fees generated by cryptocurrency swaps within the Aave ecosystem. Some swaps are routed through CoW Swap, a decentralized trading service, and the disagreement arose over whether this revenue should belong to the Aave DAO or remain under Aave Labs' control. Some community members also pointed to Kulechov's recent purchase of roughly $15 million worth of AAVE tokens as an attempt to influence the vote, a claim he strongly denied, saying it reflected his personal "conviction" in the protocol.
Kulechov's post appears aimed at refocusing the community away from short-term disputes and toward a cohesive long-term strategy. He highlighted RWAs in particular, describing the sector as a potential $500 trillion opportunity based on the estimated value of global financial assets. Aave is one of the largest DeFi protocols, with its total value locked exceeding $45 billion in October.
