aave

Aave founder Stani Kulechov proposed bringing securities finance onchain through Aave V4, targeting repo, lending and tokenized collateral markets.The design leverages a hub-and-spoke liquidity model to improve capital efficiency while enabling risk-segmented financial markets.Kulechov argued that blockchain settlement could replace T+1 and T+2 settlement times with near-instant, atomic clearing and transparency.
Aave to bring securities finance onto blockchain infrastructure
He noted that the US repo market averages $12.6 trillion in daily exposures, while margin lending stands at roughly $1.3 trillion. Kulechov further stated that securities lending currently accounts for approximately $4.6 trillion of assets, while wealth-management securities-backed loans exceed $400 billion.
Much of today's securities finance infrastructure relies on multiple intermediaries, including custodians, lending agents, prime brokers and clearing houses, creating higher costs, settlement delays and limited transparency. Kulechov argued that blockchain-based infrastructure could simplify those processes by making collateral management and settlement more efficient.
"The best way to move it onchain is to get the market structure right," Kulechov noted.
The proposal centers on Aave V4's hub-and-spoke architecture, where a central liquidity hub supplies capital to multiple specialized markets with independent risk parameters.
Kulechov noted that the design could accommodate several securities finance activities, including borrowing stablecoins against tokenized securities, conducting onchain repo transactions and lending tokenized securities to earn yield.
He suggested two possible market structures. One would rely on a single liquidity hub serving all markets, maximizing capital efficiency but concentrating risk.#AAVE $AAVE
#danmalikiTHEBBI

一、机构估值体系认可，价值底部持续抬升
灰度专业研报给出$AAVE 公允估值区间80-100美元，一年基准目标175美元。传统资管正在把银行、金融科技的成熟估值模型套用在DeFi借贷赛道，打破过去加密市场纯炒作定价逻辑。随着华尔街资金持续入场DeFi，机构资金会持续重新定价AAVE，拉开长期上涨空间。
二、协议营收高速爆发，盈利能力稳定
2023-2025年Aave收入涨幅超6倍，长期利润率稳定在50%，灰度预测2026年协议净收入可达6000万美元。核心收入来源多层支撑：
1. 链上借贷业务持续扩张，现货、杠杆借贷需求随牛市持续走高；
2. 自有稳定币GHO持续流通放量，新增稳定币铸币手续费收入；
3. Aave针对传统机构推出合规化机构金融产品，打开传统金融增量资金，长期营收会持续翻倍增长。
持续盈利会持续支撑代币长期价值中枢上移。
三、DeFi借贷赛道龙头壁垒深厚，赛道天花板极高
Aave是去中心化借贷赛道头部协议，跨多链布局，用户体量、资金深度、安全机制行业顶尖。传统银行万亿级信贷市场正在逐步链上化，DeFi借贷只是初期阶段。一旦传统信贷需求大规模迁移链上，Aave作为头部协议营收会迎来数十倍增长，对应代币估值会同步大幅抬升。
四、DAO治理赋能，现金流留存潜力释放
当前协议收入分配虽不完全直接分给持币者，但随着DAO治理迭代优化，未来可通过提案调整手续费分配规则，留存更多利润用于代币回购、分红、销毁。一旦实现类似传统金融企业的利润回馈机制，会大幅提升AAVE估值倍数，对标金融股的估值溢价。
五、宏观与合规红利催化增量资金
越来越多资管机构（如灰度）推出DeFi相关金融产品，合规通道打通后，大量美股、传统基金资金可以合规布局AAVE。叠加加密整体牛市周期、以太坊生态升级、链上活动量持续提升，多重资金面利好共振，在多轮牛市周期叠加业绩持续增长的前提下，AAVE具备冲击1000美元的长期想象空间。
#AAVE