Aave Founder Rejects Kraken Stake Valuation as Inaccurate

The controversy centers on a report stating that Kraken planned to acquire 250,000 AAVE tokens and a 15% equity stake in Aave Group for 35,000 ETH. Kulechov pushed back against these claims on social media, noting that the suggested valuation represents only 30% of the protocol’s fully diluted token worth. He emphasized that Aave Labs currently holds an allocation of tokens that various market participants have approached them to purchase through long-term partnerships, but denied the specific deal structure outlined in recent media coverage.

Kulechov highlighted that Aave’s financial standing has shifted significantly following the approval of his "Aave Will Win" proposal earlier this year. Under this governance change, all protocol and branded product revenue is directed to the Aave DAO and token holders, rather than Aave Labs. The protocol currently generates approximately $134 million in annualized revenue. While Kraken’s parent company, Payward, is reportedly looking to expand its reach into decentralized finance through a new investment arm, Payward Asset Management, the nature of its potential involvement with Aave remains a subject of dispute between the two parties.