Wintermute Opposes Aave Proposal Over Token Value Concerns

• Wintermute has held AAVE since 2022, participates in governance, but owns no Aave Labs equity.
• Main dispute focuses on how the Aave ecosystem value should flow back to token holders.
• Wintermute will vote no, saying the proposal lacks clarity, but a long-term solution remains possible.

Evgeny Gaevoy, founder of crypto market maker Wintermute, has said the firm will vote against a current Aave governance proposal. He first clarified Wintermute’s position, stating that the company has held AAVE tokens since 2022 and has been actively involved in Aave governance. Gaevoy also said he personally owns AAVE tokens but confirmed that neither he nor Wintermute has any ownership stake in Aave Labs.

“I really don’t appreciate all the politics around this vote, all the theatrics around process not being followed and general demonization of labs,” he said.

Wintermute Discloses Its AAVE Exposure

Token Value at the Center of the Dispute

Gaevoy said the main issue is how value from the Aave ecosystem flows back to AAVE token holders. According to him, there is growing frustration among token holders who feel the benefits of the protocol are not clearly reaching them. He said this problem has been discussed widely in the crypto space and remains unresolved.

Expectations Between Aave Labs and Token Holders Clash

Another concern brought to attention by Gaevoy is a mismatch in expectations. He said Aave Labs and many AAVE holders do not agree on what should be controlled by the company and what should belong to token holders. This includes decisions around revenue, branding, and business development, which Gaevoy said have become sources of tension.

Proposal Lacks Details

Gaevoy said he cannot support the proposal because it does not explain critical points. These include who would control the Aave front-end and brand, whether the new structure would operate for profit, and how token holders would benefit financially. Without clear answers, he said, approving the proposal would be premature.

Politics and Public Disputes Add Pressure

He also criticized the tone of the debate, saying it has become overly political and harmful. While acknowledging that communication from Aave leadership could have been better, Gaevoy said the public blame game has gone too far and risks damaging the project’s reputation.

Wintermute Votes No, but Leaves Door Open

Despite planning to vote against the proposal, Gaevoy said Wintermute still believes Aave can find a long-term solution. He added that if Aave succeeds in properly linking token ownership to real value, it could serve as a model for other crypto projects facing similar governance problems.

AAVE Price Under Pressure

AAVE is trading around $152.72, up 1.77% in the last 24 hours. The price dropped sharply earlier and is still facing selling pressure. However, it is now holding steady near an important support level.

The $150 to $155 range is an area where buyers have stepped in before. If this level holds again, it could help stop further losses. If buyers remain active, AAVE could see a bounce toward $175 to $185 in the short term.

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