#AAVE涨超13% When fundamentals start to pay off: The value reassessment behind AAVE's rally of over 13%

From June 27 to 30, Aave's native token AAVE accumulated gains of over 13%, trading above $93. Against the backdrop of Bitcoin struggling below $60k, AAVE charted its own course — this is not merely a recovery in market sentiment, but a round of value reassessment driven by protocol fundamentals.

The core catalyst comes from a fundamental shift in tokenomics. Aave founder Stani Kulechov clearly stated that 100% of the revenue generated by the Aave protocol and the GHO stablecoin will belong to the AAVE token, not Aave Labs. Currently, the protocol generates approximately $134 million in annualized revenue for the Aave DAO. This means AAVE has transformed from a pure governance token into a true yield-capturing asset — holders will directly share in the protocol's growth dividends.

The advancement of Aavenomics 3.0 further reinforces this logic. The new token economic model will introduce an automatic buyback mechanism, continuously repurchasing AAVE from the market, creating a deflationary effect. At the same time, Aave executives have revealed plans to bring tokenized stocks such as AAPL and TSLA to Aave V4, allowing users to deposit them as collateral or lend them out directly — targeting the global securities lending market of approximately $4.6 trillion.

Institutional endorsement has ignited market imagination. Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank, initiated coverage on Aave on June 25 with a target price of $3,500 by 2030 — representing a roughly 50x upside from the price at the time. His core argument: tokenized RWA assets will grow 37x to $2.7 trillion by 2030, and Aave holds 61.5% of the active loan share in the DeFi lending market.

Additionally, Aave and Chainlink have collectively recovered over $21 million in MEV revenue through the SVR mechanism, with approximately $14 million flowing to Aave, opening a new avenue for protocol revenue generation.

However, risks also exist: AAVE's Relative Strength Index has climbed to 69.22, approaching overbought territory; exchange reserves have risen 16.97% to $229 million, increasing seller liquidity. The $100 mark remains a key technical resistance.

When the market finally begins to pay for real revenue, AAVE's current rally may just be the start of value regression — but the premise is that the pace of fundamental improvement cannot stop.