What is the “Aave Will Win” proposal?

A governance framework directing 100% of all Aave-branded product revenue to the DAO and AAVE token holders, while redefining Aave Labs as a funded service provider.

What triggered the Aave governance dispute?

In December 2025, CoWSwap’s integration quietly rerouted swap fees away from the DAO treasury without a governance vote, exposing deeper tensions over who controls Aave’s product revenue.

How much revenue does Aave generate?

Aave generated $140 million in protocol revenue in 2025. Application-layer products now add $10-$20 million in swap fees, all formally directed to the DAO under the new framework.

What is Aave’s total value locked?

Approximately $25 billion across multiple chains, making Aave the largest lending protocol in DeFi by this measure.

An upcoming upgrade introducing a reinvestment feature that converts idle pool capital into yield-generating positions, creating an entirely new protocol revenue stream.

Delta Exchange Blog

Educational

Aave Governance Passes Landmark Vote, Directing 100% of Revenue to AAVE Token Holders

Shubham Goyal

May 6, 2026