Stani Kulechov pointed out that the valuation of DeFi lending should be based on traditional metrics such as lending activity and interest flows, rather than TVL. Comparing data at the end of 2025, Aave has approximately 52 billion in supply, about 2.2 billion in active loans, interest flows exceeding 700 million, and DAO reserves of 150 million; SoFi's loan book is 3.8 trillion, with revenue of 1.8 billion and net profit of 481 million. He emphasized that traditional finance evaluates based on loan books, interest income, and interest margins, and that Aave's lending business under traditional accounting frameworks is closer to a 700 million USD scale; TVL is not a revenue basis, but the core is the loan book and interest flow.

WuSaidBlockchainW

2026-05-25 00:22:13

Abstract generation in progress

Wu reported that Aave founder and CEO Stani Kulechov tweeted that the valuation of DeFi lending protocols should not mainly reference TVL, as it measures net collateral rather than lending activity. Comparing data at the end of 2025, Aave's supply scale is about $52 billion, active loans are approximately $22 billion, lending interest flows exceed $700 million, and DAO reserves are about $150 million; SoFi's deposits are around $37.5 billion, loan book is about $38 billion, loan income is approximately $1.8 billion, and net profit is about $481 million. Stani said that in traditional finance, deposits are liabilities or capital costs, loans are interest-earning assets, and lenders are usually evaluated based on the loan book, interest income, interest spread, and asset growth; but the DeFi market mainly focuses on TVL and DAO reserve fees. He believes that Aave, under a traditional financial accounting framework, is closer to a lending business exceeding $700 million, rather than a protocol with $150 million in revenue; TVL is not the income basis of a lending protocol, and the loan book and interest flows are the core.

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GateUser-2d7346e0

· 6h ago

Someone finally burst the bubble of TVL.

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Go,LongLive!

· 6h ago

66666666666666666666666666

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NightFlightMint

· 9h ago

Loan ledger is the real deal; TVL is just a vanity metric, it should have been changed long ago.

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ShellsLeftBehindByTheReceding

· 9h ago

Once the market learns to use interest flow valuation, DeFi blue chips might really need a re-evaluation.

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FrenBurner

· 9h ago

SoFi's balance sheet has 380 billion, earning only 481M in net profit.
Looking at it this way, Aave's profit margin seems pretty decent?

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PositionLikeACat

· 9h ago

The DAO retaining 150 million is an uncommon metric that few people mention; its financial health is actually quite good.

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GaslightSamurai

· 9h ago

52 billion in supply, only 2.2 billion lent out, this capital efficiency... but the interest flow of 700 million can indeed be effective

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Aave Founder Stani: The valuation of DeFi lending protocols should not be primarily based on TVL

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