Thank you for your detailed transparency report and work in growing the Aave protocol.
The report highlights the protocol’s significant revenue growth, a success that stems from the collective efforts of all service providers. Aave Labs, BGD, Chaos Labs, TokenLogic, Llama Risk and Certora have all made crucial contributions.
Growth is a collaboration between many service providers and relies on invention first. Aave Labs built all initial versions of the protocol (V1 through V4), invented eMode (the architecture that enables the LRT and Ethena strategies referenced in your report), and created GHO, including the contracts, multichain architecture, GSMs and facilitators, security reviews, sGHO security review and assistance with the implementation, and all frontend work. All this to say that each service provider plays an indispensable role in the Aave ecosystem.
Since you excluded Aave Labs from this report, I’d also like to underscore that the most considerable return on investment for the DAO was the $15 million allocated to the creation of Aave V3, which has since generated over $225 million in revenue. Following this precedent, a $50 million allocation to the protocol’s future development (including an all-new revenue generating product layer) could unlock even greater value, potentially approaching $1 billion.
History shows that strategic investments in core infrastructure and development have consistently delivered the most substantial returns for the Aave DAO treasury.
On a point of clarification: the report lists Aave Labs as receiving $14 million annually. The V4 development contract ended in June 2025 and we have been working without recurring compensation since then. Historically, we have worked on several initiatives, including GHO, growth and partnerships, frontend development, etc. without compensation to the benefit of the DAO.
Aave’s success reflects what happens when service providers work together, invest in innovation, and contribute their expertise. Continued investment in new protocols and products ensures that growth strategies have the infrastructure they need to succeed. We’d like to see that continue into the future. An important part of the Aave Will Win proposal includes a commitment to transparency on revenue, spending, and project updates.