The governance crisis of Aave DAO deepens, and the $140 million revenue results are overshadowed by a lack of trust.

The Aave DAO of 2025 may seem to be achieving financial success at first glance. Its annual governance revenue has reached $140 million, surpassing the total of the past three years in a single year—a remarkable feat. However, behind these numbers, serious operational issues are surfacing.

The Paradox of Revenue Growth and Trust Crisis

The original purpose of a DAO is transparency and democratic decision-making. Yet, recent developments in the Aave DAO are shaking these principles. An incident in December became a symbolic event: over $10 million in swap fees from CoW Swap were directly sent to Aave Labs instead of the DAO’s official treasury.

It is natural for the community to express anger over this decision. If the flow of funds is opaque, no matter how much total revenue increases, it is a separate issue from the health of DAO governance.

Voting and Influence Issues

Founder Stani Kulechov stated that a $15 million token purchase did not influence votes related to brand ownership and revenue sharing. However, this statement itself highlights a critical issue. Why is such an explanation even necessary? Because there is a fundamental concern among DAO members about the influence of large holders.

A Time When Governance Transparency Is Questioned

Methods of revenue sharing, management of key brand assets, and the flow of funds—all these are the foundation of the DAO’s trust. For Aave DAO to truly achieve sustainable development, expanding financial scale alone is not enough. The key questions now are how to ensure transparency and accurately reflect the community’s voice in governance.