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Grayscale: The current price of AAVE is undervalued, and its fair value may rise to approximately $175 within a year.
The report notes that Aave's protocol revenue has increased more than 6.6 times over the past three years, with an operating profit margin of about 50%. It estimates that Aave will earn approximately $60 million in revenue by 2026, and using a 20-25x P/E ratio typical of fintech companies, the current fair value market cap is $1.2 to $1.5 billion, corresponding to a token price of $80-100. If regulatory clarity accelerates the adoption of tokenized assets, the fair value of AAVE could rise to $175 within a year. Grayscale also points out that DeFi value accumulation is usually achieved through burning, buybacks, rebates, and staking, and that protocol revenue alone is insufficient to determine token value.