This report thoroughly explains the valuation logic of AAVE, and the cash flow characteristics of DeFi blue chips have finally been recognized by mainstream institutions.

Grayscale Research released a report stating that AAVE is undervalued at the current price level. The report estimates Aave's revenue this year to be approximately $60 million, and using a fintech company's price-to-earnings ratio of 20 to 25, the current fair value of AAVE is around $80 to $100. Grayscale believes that if regulatory clarity accelerates the tokenization of assets entering DeFi lending, the fair value of AAVE could rise to about $175 within a year. The report also categorizes AAVE, UNI, SKY, and others as more cash flow-driven assets, distinguishing them from Bitcoin and other assets with more commodity-like attributes.