In Grayscale, they set a price target for the "undervalued" AAVE - ForkLog

# Grayscale has set a price target for "undervalued" AAVE

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Grayscale analysts consider the AAVE token to be "undervalued." The baseline target for the next year is $179 with the current price around $75.

1/ Grayscale Research believes the $AAVE token fair value could rise to ~$175 in one year and is currently undervalued at $75

The top 30 crypto assets have an average age of ~8 years — compared to the 100+ year average for the constituents currently in the Dow

We're still early

🧵⬇️

— Grayscale (@Grayscale) June 17, 2026

The 12-month forecast includes three scenarios: baseline — $179.11, bearish — $90.91, bullish — $270.57. The potential growth from current levels to the target is about 132%.

Source: X. Grayscale expects that by 2026, the protocol could generate around $60 million in revenue. According to analysts, an increasing portion of Aave's income depends on activity with stablecoins rather than more volatile crypto assets.

The company valued the project's fair market capitalization at $1.2 billion to $1.5 billion, applying a multiplier of 20-25x similar to a fintech company.

Source: X. Grayscale's baseline scenario for AAVE relies on five positive factors:

• rapid growth of the stablecoin market;
• major partnerships with Horizon;
• return of previously withdrawn deposits;
• influx of users through Aave App;
• launch of new institutional solutions on V4 architecture.

According to the company, AAVE is considered an asset with "cash flow" on par with UNI and other DeFi protocol tokens.

Source: X.

"DeFi is no longer just speculation. Since 2023, decentralized protocols have generated nearly $25 billion in total fees from real users. DEX, lending, staking, derivatives — this is a real industry with steady income," said Grayscale.

Meanwhile, valuation multiples in the DeFi lending sector have significantly decreased. Overall, the segment maintains differentiated business models and attractive valuations.

Recall that in June, Aave developers revised asset listing standards after the April rsETH incident, which threatened the project with the emergence of billions of dollars in bad debt.