Aave Founder Denies Kraken Stake-Sale Report, Says No AAVE Will Be Sold at 70% Discount

Aave founder Stani Kulechov denied recent reports of a stake sale, saying claims that AAVE would be sold at a 70% discount are false and that there will be no fire sale.

Writing on X on June 26, Kulechov said there is "no scenario" in which AAVE would be sold at a 70% discount and that recent coverage framed the matter inaccurately.

Revenue generated by the Aave protocol and the GHO stablecoin goes entirely to AAVE token holders, he wrote. The same structure applies to revenue from all products, including Aave App, Aave Pro and Swap.

Aave Labs is only a service provider that develops the protocol and expands the ecosystem for the DAO, according to Kulechov. It does not receive protocol or product revenue.

Addressing the recent deal speculation, he said market participants had discussed, directly and indirectly, buying AAVE tokens held by Aave Labs as part of long-term partnerships. Characterizing those talks as a bargain-price sale of the company is inaccurate, he added.

Kulechov said Aave is currently generating about $134 million in annual revenue, all of which goes to the Aave DAO. He also said all intellectual property, including the Aave brand, and software developed for Aave belong to AAVE token holders.

He added that Aavenomics 3.0 is being designed and that an automated, non-discretionary buyback mechanism is in preparation. Details will be disclosed later.