Apu Mallku [Delegate platform]: Putting AAVE Token Holders First

Delegate Platforms
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Hello Aave Community. I’m Apu Mallku (apumallku.eth). My journey with this protocol didn’t start yesterday; it began in late 2017, as an early participant in the EthLend ICO. I have been here since before Aave was even Aave.

Address: 0x086b62a858d5363820ee5249bf9c6078341c8f85
Dune: https://dune.com/apumallku/aave

When the foundation of DeFi was being built in early 2020, I was there for the launch of Yearn Finance, taking my first steps in yield farming and eventually serving as Partnership Lead for prominent DeFi projects—initiatives that became the original “Blue Chips” of the DeFi Summer. My professional background in partnership growth has given me a front-row seat to how protocols scale, how they fail, and how they are often captured by misaligned interests.

For years, I have been a silent observer—watching from the sidelines, analyzing the shifts in governance power, and voting with my own conviction. But the current state of Aave has reached a tipping point where silence is no longer an option. Now is the time to act. Aave doesn’t need more “Governance-as-a-Service” corporate delegates. It needs fiercely independent, veteran voices who aren’t afraid to speak the truth. We are witnessing a slow drift toward corporate capture, where institutional delegates often remain silent on critical issues like conflict of interest or Service Provider (SP) monopolies.

Encouraged by the support of independent voices and active contributors, I am formalizing my role as a Delegate. My goal is simple: I am here to ask the hard questions, protect the protocol from centralization, and return the focus to where it belongs—the utility and value of the AAVE token.

:shield: Core Values & Ethos

My governance philosophy is deeply rooted in free-market dynamics and strict decentralization. My recent track record in the forum reflects this:

Anti-Monopoly & True Decentralization: A DAO should foster competition, not monopolies. I stand against the consolidation of power by a few whale wallets or aggregate SPs. Aave must remain sufficiently decentralized, not just for ethical reasons, but to mitigate existential regulatory risks (e.g., SEC scrutiny).

Meritocracy & Accountability: Funding should be based on performance, not legacy status. I advocate for clear KPIs, Conflict of Interest (COI) frameworks, and bounty-based models to ensure every AAVE/GHO spent by the Treasury delivers undeniable value.

IP Sovereignty & Open Innovation: Aave must be an ecosystem that empowers third-party builders, not one that leaves them behind due to legal or branding bottlenecks created by centralized off-chain entities.

Independent Over Institutional: I do not run a governance factory, and I am not looking to appease any corporate partners. I represent the raw, free-market ethos of DeFi. I will always favor transparency over political correctness. If a proposal is bad for the DAO but good for an insider group, I will publicly call it out.

:bullseye: Key Priorities

If you delegate your voting power to me, these are the pillars I will aggressively pursue:

Maximize AAVE Token Power & Utility: The AAVE token must be the ultimate beneficiary of the protocol’s success. I will support and champion initiatives that drive value accrual to the token, enhance its utility within the ecosystem (like GHO dynamics), and ensure that holders are rewarded for their risk.

Ruthless Treasury Stewardship: The DAO’s treasury is not an ATM for Service Providers. I will scrutinize budget renewals, demand transparency, push for mandatory disclosures, and vote strictly against any proposal where a clear conflict of interest compromises the DAO’s financial health.

Aggressive Ecosystem Growth: I will enthusiastically support all growth initiatives that scale Aave’s dominance safely—such as listing new resilient assets, deploying on promising L2s, and expanding GHO adoption—provided they adhere to strict risk management standards.

:handshake: Disclosures & Conflict of Interest

In the spirit of the transparency I demand from others:

I am an independent DeFi participant. I am not currently employed by, nor do I receive a salary from, any Aave Service Provider.

I hold positions in AAVE, ETH and SKY but Aave remains my primary governance focus.

:ballot_box_with_ballot: How to Delegate

If you share this vision of a decentralized, free-market-driven, and highly efficient Aave, I invite you to delegate your AAVE / stkAAVE to my address. It is time to make our voices heard and protect the protocol we all helped build.

ENS: apumallku.eth

Address: 0x086b62a858d5363820ee5249bf9c6078341c8f85

Let’s build a stronger, truly decentralized Aave.

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How AAVE will win
[TEMP CHECK] The AAVE Utility Renaissance: Aligning Protocol Success with Token Holder Value
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Date Voted: February 25, 2026

:ballot_box_with_ballot: SNAPSHOT

1. Proposal: [TEMP CHECK] Aave Will Win Framework

  • Vote: NAY

  • Rationale: This vote was rushed and it shows. I welcome Labs opening a dialogue — but that’s all this is: a dialogue starter, not a finished product. The most relevant service provider in the entire ecosystem has failed to answer a single sensitive question raised by the community before pushing this to Snapshot. That is unacceptable. A proposal with this name carries enormous expectations. At minimum, it should have contained concrete proposals around AAVE token utility and explicit, tangible benefits for token holders. Instead, we got silence on the hard questions and a Snapshot vote. Ghosting the community while forcing a governance pulse is not leadership — it’s pressure. Not good enough.

2. Proposal: [ARFC] Aave v3.7 Candidate

  • Vote: YAE

  • Rationale: BGD Labs has consistently delivered. This proposal is technically sound, well-structured, and follows the proper governance process. Aave v3.7 is the right next step for the protocol’s technical evolution. I support moving forward.

:chains: ON-CHAIN

3. Proposal: Focussing the Aave V3 Multichain Strategy – Phase 1

  • Vote: YAE

  • Rationale: Freezing low-activity V3 markets is a prudent and necessary risk management decision. ACI has presented a clear case, the proposal is well-scoped, and it aligns with the long-term health of the protocol. I vote in favor.

4. Proposal: Create Allowance GHO Mantle

  • Vote: NAY (human error)

  • Rationale: My NAY vote here was a human error — I intended to vote YAE. TokenLogic’s proposal to create an aEthLidoGHO allowance for the Aave Liquidity Committee is sound and consistent with GHO’s liquidity strategy. I’m documenting this publicly because transparency is the standard I hold others to. I hold myself to the same standard.

5. Proposal: February 2026 – Funding Update

  • Vote: YAE

  • Rationale: Transparent, well-structured, and straightforward. Maintaining the DAO’s runway and ensuring clear traceability of funds is non-negotiable for a healthy protocol. TokenLogic delivers consistently. I support this without reservations.

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If you value a governance approach that prioritizes transparency, protocol safety, and long-term value for AAVE token holders, I invite you to delegate your voting power to my address:

Address: 0x086b62A858D5363820EE5249bF9c6078341c8F85

ENS: apumallku.eth

Your support allows me to continue defending the interests of the community and ensuring Aave remains the premier liquidity protocol in DeFi.

:ballot_box_with_ballot: Voting Activity Report

6. [Snapshot] [ARFC] Deploy Aave v3 on X Layer

Decision: FOR

Rationale: We support the deployment on X Layer as part of Aave’s multichain expansion. By integrating with OKX’s ecosystem, Aave can tap into a significant source of retail liquidity and onboard a new demographic of users. This move strengthens the protocol’s position as the leading liquidity provider across all relevant EVM networks, driving more value to AAVE holders through diversified revenue streams.

7. [Snapshot] [TEMP CHECK] Deploy Aave Protocol on Monad

Decision: FOR

Rationale: Monad’s high-throughput architecture is one of the most anticipated technological leaps in the EVM space. Voting FOR ensures that Aave remains at the forefront of innovation. Being a first-mover on Monad allows the protocol to capture early TVL and establish itself as the foundational lending layer for a high-frequency DeFi ecosystem, which is essential for long-term growth.

8. ACI is Leaving Aave

Decision: YAE

Rationale: This is a historic and difficult vote for our platform. I am voting YAE, but I want to be clear: I never imagined having to vote for the decoupling of the Aave Chan Initiative (ACI) from the DAO.

  • Transition over Disruption: While the departure of such a key contributor is a loss, we must prioritize the protocol’s operational continuity. This vote facilitates a structured 120-day wind-down, which is the most responsible path to prevent governance instability.
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9. [Snapshot] [ARFC] Safety Module - Reduce Emissions

Decision: NAY

Rationale: I have voted NAY on the proposal to reduce emissions for the Safety Module. While I understand the DAO’s goal of fiscal optimization, my stance is clear: Putting AAVE Token Holders First means not stripping away incentives before a superior alternative is functional.

:loudspeaker: Delegate to Apu Mallku

If you want a delegate who protects your staking yield and demands technical readiness before making radical changes, delegate your AAVE to:

Address: 0x086b62A858D5363820EE5249bF9c6078341c8F85

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If you value a governance approach that prioritizes transparency, protocol safety, and long-term value for AAVE token holders, I invite you to delegate your voting power to my address:

Address: 0x086b62a858d5363820ee5249bf9c6078341c8f85

I want to start by expressing my deepest gratitude to all the delegates who, week after week, entrust me with their voting power to represent them in the Aave DAO. Your support is the engine of this platform. To celebrate our growth and enhance transparency, I have created a Dune Dashboard where you can track the evolution and impact of the Apu Mallku platform in real-time: dune.com/apumallku/aave.

:ballot_box_with_ballot: Voting Activity Report

10. [Snapshot] [TEMP CHECK] Aave V4 Bug Bounty Program on Sherlock

Decision: FOR
Voting Power: 1,206.42 AAVE

Rationale: Security is the non-negotiable foundation of Aave. I voted FOR establishing this bug bounty program on Sherlock. As we prepare for the transition to V4, incentivizing top-tier white-hat hackers to stress-test the code is the most cost-effective insurance policy for the DAO. This directly protects AAVE holders from potential exploit risks during the next major protocol upgrade.

11. [Snapshot] [ARFC] Buyback Program - Budget Adjustment

Decision: FOR
Voting Power: 1,206.42 AAVE

Rationale: I support this budget adjustment for the Buyback Program. Optimizing the DAO’s treasury to strategically accumulate AAVE from the market aligns protocol revenue with token value. This mechanism creates a healthy feedback loop: as the protocol succeeds, the DAO increases its stake in its own future, reducing circulating supply and rewarding long-term holders.

  • Strategic Execution: While I agree with the proposal, I believe the buyback should be optimized based on market conditions. If the token is undervalued, the DAO should execute larger orders.
  • Beyond DCA: In my view, a simple DCA (Dollar Cost Averaging) strategy is not the correct approach and never has been; we need a more opportunistic execution model to maximize value for the treasury.

12. [Snapshot] [TEMP CHECK] Aave V4 Licensing

Decision: FOR
Voting Power: 1,206.42 AAVE

Rationale: Protecting Aave’s intellectual property is vital for maintaining our competitive advantage. I voted FOR the V4 licensing framework to ensure that while we remain open-source in spirit, the DAO retains control over how its innovations are commercialized by third parties. This prevents “vampire attacks” and ensures that the value created by Aave Labs and the DAO stays within the Aave ecosystem.

:chains: On-chain Votes (Chronological Order)

13. [On-chain] Activate Capo Risk Agent and expand Rates Agent

Decision: YAE
Voting Power: 1,206.42 AAVE

Rationale: I voted YAE to expand our automated risk management capabilities. Activating these agents allows for more dynamic, data-driven parameter adjustments across multiple networks, scaling safety without manual bottlenecks.

14. [On-chain] Enhancing Market Granularity in Aave 3.6: part 2

Decision: MISSED (Operational Error)
Voting Power: N/A

Rationale: Regarding this vote, I unfortunately missed the execution window due to an operational error. I want to be fully transparent: I have already taken the necessary technical measures and updated my monitoring workflows to ensure this does not happen again. Reliability is my top priority.

15. [On-chain] Gho X-Layer Activation

Decision: YAE
Voting Power: 6,993.74 AAVE

Rationale: Following our support for the X-Layer deployment, I voted YAE for the official activation of GHO on this network. This increases GHO’s utility within the OKX ecosystem and drives more interest income back to the DAO treasury.

16. [On-chain] wstETH CAPO Oracle Incident User Reimbursement

Decision: YAE
Voting Power: 6,993.74 AAVE

Rationale: Accountability is key to maintaining trust. I voted YAE to reimburse users affected by the wstETH CAPO oracle incident. Ensuring that users are made whole after a technical failure is essential for Aave’s reputation as a premium, secure protocol.

  • Advocacy for Clarity: I was very vocal regarding this issue, actively seeking answers and trying to understand exactly what happened.

  • Bridging the Gap: Most forum posts were overly technical, leaving non-technical community members lost in jargon. In the future, I want to see better documentation regarding risk management workflows that is accessible to everyone.

  • Workflow Support: I fully support the initiative to incorporate LlamaRisk into these workflows to enhance our collective oversight.

:loudspeaker: Delegate to Apu Mallku

If you want a delegate who protects your staking yield and demands technical readiness before making radical changes, delegate your AAVE to:

Address: 0x086b62A858D5363820EE5249bF9c6078341c8F85

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