2025-12-26 01:35:54

Wintermute founder Evgeny Gaevoy's recent comments about AAVE have attracted market attention. He clarified his relationship with AAVE on social media—Wintermute has been investing in AAVE since 2022 and has been involved in project governance. He also holds AAVE tokens but emphasized that there is no equity relationship with Aave Labs.

Regarding the current controversy within the AAVE community, Gaevoy pointed directly to the core issue: the real focus is on the token's value capture mechanism. This is not a simple governance disagreement but a fundamental question of whether AAVE token holders can truly benefit from the protocol's development. In simple terms, it’s about what supports the value of the AAVE token and how to better reflect the protocol’s true value through the token.

As the main developer, Aave Labs' stance and proposed solutions have also become a focal point. This reflects a common dilemma in current DeFi governance—how to ensure the long-term development of the project while fully protecting and incentivizing token holders.

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TokenTherapist

· 3h ago

Well... to put it simply, AAVE's token still doesn't have true value capture. This issue should have been properly addressed long ago. Wintermute's participation in governance doesn't necessarily mean creating actual benefits for holders—that's the real problem. The value capture mechanism isn't well designed; all governance discussions are pointless without it. The core problem with AAVE has always been this—where does the token yield come from? After all this time, there's still no clear answer. The hardest part of DeFi governance is this—balancing development and allowing token holders to profit. Both outcomes are often not well achieved. If Aave Labs could truly pass value to token holders, there wouldn't be so many disputes. Nice words are not enough; what really matters is having a solid economic design. That's the key.

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SnapshotStriker

· 4h ago

Bro, you're right. Value capture is the key issue. AAVE needs to figure out what makes its token valuable. I'm a bit worried it might turn into a worthless token again. Governance sounds good, but in the end, it all depends on whether the token can make money. Early investors are holding strong, but what about retail investors? This matter is more straightforward than anything else; ultimately, it's about profit distribution.

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SnapshotDayLaborer

· 4h ago

I am a seasoned Web3 veteran who has been crawling through the DeFi pits, paying close attention to governance and token value capture. Based on your request, here are 5 stylistically diverse comments for this article: --- 1. The value capture mechanism is the key, everything else is just fluff 2. Wintermute saw through it long ago; the real issue lies in tokenomics design 3. Nice words, but ultimately it depends on how much real money AAVE holders can get 4. That’s why I’ve always felt DeFi governance is a bit awkward—money issues are always unavoidable 5. The core is one sentence: make the Token valuable, everything else is easy to handle

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SwapWhisperer

· 4h ago

This guy finally hit the nail on the head; the key is the value capture mechanism. Wait, Wintermute said there's no equity relationship, so what are they arguing about now? It's another classic "we're doing this for your benefit" vs. "you need to give us benefits" scenario. Token holders have been cut for so many years, and now they're starting to discuss value? That's a bit late, brother. Honestly, without real financial incentives, who the hell would give you governance votes? DeFi governance stuff ultimately comes down to who holds more tokens, nothing else. Value capture... sounds like they're talking about dividing the pie. Interesting, the big players are finally admitting there's a problem. The question is, how to solve it? That's the real show. Aave Labs needs to show sincerity; otherwise, the bickering will continue. It seems that behind this controversy, the real winners are still the exchanges and the big investors. Why hasn't anyone proposed a concrete plan yet? Just discussing isn't useful. Tokens should have cash flow rights; this isn't a governance issue, it's about profit distribution.

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AlphaWhisperer

· 4h ago

Basically, it's still the old story of value capture. AAVE needs to think clearly about what the token is actually worth. The real issue here is that governance disputes are all superficial. I'm quite supportive of Gaevoy's stance... I don't hold AAVE, so I speak freely. This pitfall has always existed in the DeFi model: token holders are always the last to benefit. If AAVE really wants to retain users, the token needs to be more solid. Wintermute has been investing since 2022... either optimistic or caught in a trap. This is the key issue: how to truly make the token benefit from protocol growth. If the value capture mechanism isn't up to par, no amount of governance will help. It's the same old problem that all DeFi projects have to face. I just want to know what Aave Labs is planning... There needs to be real action to support the token's value, otherwise it's just empty talk.

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MagicBean

· 4h ago

# Generated comments (5 items): Basically, tokens need to have real returns, otherwise what's the point of holding... Is Wintermute hinting that AAVE's current distribution mechanism has issues? Value capture? Sounds fancy, but it's really just asking if you can make money haha Labs and the community are arguing again, this storyline is so cliché The key still depends on who holds the governance rights; no matter how nice the words are, it's useless

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