Decentralization, this great ideal of the crypto industry, is starting to crack. Between the promises of collective governance and the control of central figures, doubt sets in. In recent days, it's Aave who's getting all the attention. A heated vote, millions at stake, a suspicion of manipulation… The affair lays bare the tensions between theory and reality in the crypto ecosystem. The governance project is far from over.
In brief
- The December 11 vote was rejected by 55%, sparking a lively community debate.
- A fee transfer to Aave Labs has sparked anger among DAO members.
- Stani Kulechov bought 15 million in AAVE, claiming not to have voted with it.
- Proposals are emerging to clarify governance without slowing down innovation within the protocol.
A rushed vote that divides the Aave community
On December 11, a community vote shook the Aave platform. The issue? Transfer Aave Labs brand assets to the DAO. An approach presented as a step towards more transparency. However, 55% of voters rejected the proposal, 41% abstained, and only 3.5% voted for.
It all starts from one post from a pseudonymous contributorEzR3aL. He denounces the transfer, without consultation, of income from integration with CoW Swap to an address controlled by Aave Labs. A fire started. The community shouts as they pass in force.
The icing on the cake is that the name of Ernesto Boado, former CTO of Aave Labs, is associated with the proposal. But the latter affirms that he did not give his agreement and that he would never have validated the publication of the text if it had been consulted.
In the background, it is the organizational vagueness between DAO and developers that raises questions. And the vote, considered rushed, caused the oldest contributors to jump.
A founder, $15 million and a promise of loyalty
In this tumult, another fact reignited the controversy. Aave founder Stani Kulechov recently purchased $15 million worth of AAVE tokens. In a tweet, he tried to defuse the criticism:
I also want to revisit my recent purchase of $15 million in $AAVE. These tokens were not used to vote on the recent proposal, and that was never my intention. This is my life's work, and I put my own capital to work for my convictions.
The statement is intended to be reassuring. But for many in the crypto community, it's hard to believe it's a simple coincidence. In a system where the weight of a vote depends on the tokens held, concentration inevitably raises the question of power.
This case echoes precedents on other DeFi platforms. MakerDAO and Uniswap have also experienced episodes of tension between the participatory ideal and the logic of power. At Aave, mistrust is now established.
Crypto governance: towards a new architecture for Aave?
Following the vote, several proposals emerged. An active member, eliasfreeman, suggests an Ethereum-inspired overhaul: create an independent Aave Foundation, based in Switzerland. It would ensure a transparent framework, while letting developers innovate.
According to him, it is time to structure governance without paralyzing it:
To maintain quality execution without turning every operational decision into a slow governance process, the foundation could draw inspiration from the “Ethena: Governance by Committee” model: token holders periodically elect an independent risk committee, whose members sign a formal service agreement with the foundation.
The objective: to reconcile efficiency and legitimacy. With a hybrid model, between developer autonomy and community control. The proposal does not yet achieve consensus, but it opens avenues.
DAOs will have to choose: remain in vague decentralization or build solid governance to resist the pressure of growing challenges.
Figures, facts and context to remember
- $156.13: AAVE price at time of writing;
- $140 million: revenue generated by the Aave DAO in 2023, a record;
- $15 million: amount invested by Stani Kulechov in AAVE tokens;
- 3.5% only: support for the contested proposal;
- Ernesto Boado disavows: he claims not to have authorized the publication of the text.
A breath of fresh air, however, seems ready to sweep away this troubled period. The recent closure of the SEC investigation has lifted a weight off Aave's shoulders. The protocol is now actively preparing for its next phase of growth for 2026. The ground seems more stable… for a while.
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