Posting an independent observation on treasury composition, in case it’s useful to delegates. Nothing is for sale in this note and there is no proposal here — it’s an analyst’s flag.
Per DefiLlama’s treasury tracker (pulled today), Aave’s tracked treasury reads $114.8M — and 63.4% of it, about $72.8M, is held in AAVE itself.
What that means mechanically: treasury capacity moves one-to-one with the token’s price. A 40% drawdown in AAVE compresses treasury capacity by roughly 40% without a single dollar leaving. The inverse also holds — the treasury is a levered bet on the protocol’s own token.
The question I kept running into while mapping the flows: has reserve policy ever been stress-tested as token concentration + outflows together, rather than each separately?
Notes on method and intent: this figure is a conclusion, not the full map (the complete flow analysis is client work). Method is machine-checked then re-checked by a human before anything is published. I take no custody, hold no positions, and manage nothing for anyone. No links in this post. If it resonates, I’m @VorionV — happy to answer in-thread.
— Vorion