Aave Labs: $86 Million, 23% of the Token Supply, and this is their Track Record

Governance General
21

I appreciate Mark and the ACI’s detailed report in response to the “Aave Will Win Framework”.
It has become increasingly clear to many in the AAVE community that there is a core conflict at the center of AAVE.

Aave Labs believes itself superior to any other Service Provider, this is unsustainable. The superiority Aave Labs feels despite the work other SPs do is because of two reasons:

  1. Aave Labs owns/controls majority of Aave Branding and other IP.
  2. Aave Labs controls an undisclosed amount of voting Aave (500k+ AAVE).
    2a. 75k+ more AAVE (as requested) would further centralize Aave Labs gov control.

This begs the question, who owns who?
Aave Labs through its own actions has shown it thinks its superior to the DAO.

  1. The initial Horizon proposal was a clear cash grab and extremely disrespectful to the Aave DAO. The current Aave Horizon integration has been a failure, generating a measly $261k revenue in 7 months. Horizon, as its own protocol, would have completely failed, similar to all other non-Aave products that Aave Labs has developed.
  2. Aave Labs has used capital resources to develop products which had ZERO intention of revenue sharing with Aave DAO (fundamental misalignment)
  3. Aave Labs has stolen $4.5m+ from Aave DAO through the unapproved COW Swap module. (casual theft from Aave DAO cannot be left unaddressed)

Aave Labs parent company is Avara.
Aave Labs (Avara) cannot be trusted to develop V4 and other products without extorting the Aave DAO for more and more funding. Unless Aave Labs (Avara) voting block can be overcome, they (Avara) will continue to use their (Avara) own voting power to siphon Aave DAO treasury assets.

3 Likes