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AAVE Price Drops 10% Amid Governance Tensions and Fee Redirection Concerns
The price of AAVE has dropped by 10.5% within the last 24 hours due to governance tensions within the DeFi protocol.
AAVE Price Crash Details
- AAVE's price fell from $178 to $159 during Asian trading hours on Dec. 22.
- Daily trading volume increased by 232%, reaching over $600 million.
- Concerns arose that Aave Labs redirected millions in swap fees from the DAO treasury without token holder approval.
- The change from ParaSwap to CowSwap integration potentially diverted $10 million in annual revenue from the DAO.
Governance and Stani Kulechov’s Response
- Stani Kulechov clarified that frontend revenue is separate from core protocol revenue.
- He proposed a community vote to transfer key brand assets to the Aave DAO.
- This includes website domains and social media accounts.
Bitcoin Hyper (HYPER) Presale Information
- The Layer-2 network for Bitcoin addresses scalability issues.
- $29.6 million raised in presale with a token price of $0.013465.
- Offers 39% staking APY and aims to power a Bitcoin-native DeFi ecosystem.