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Aave founder responds to rumors of Payward acquisition, will not sell AAVE at a 70% discount

Aave founder Stani Kulechov responded to reports regarding Kraken's parent company Payward's intention to acquire a 15% stake in the Aave protocol, stating that AAVE "cannot be sold at a 70% discount." Previously, CoinDesk reported that Payward was negotiating to acquire a 15% stake in Aave at a valuation of $385 million. Based on this valuation, it would only correspond to about 30% of the fully diluted valuation of AAVE tokens, which is significantly lower than the market valuation.Kulechov stated on X that the reports were not accurate. He did not completely deny that Aave Labs might sell some of its held AAVE tokens, but he mentioned that Aave Labs does indeed hold a certain amount of AAVE and that several market participants have discussed purchasing through direct or indirect means or engaging in deeper cooperation around long-term partnerships. Aave is the largest decentralized lending protocol in the Ethereum ecosystem. Kulechov stated that Aave currently has an annual revenue of approximately $134 million, with the related revenue flowing to Aave DAO. He had previously proposed a governance plan to redirect Aave Labs, protocol, and product revenues to Aave DAO and token holders.At the time of this rumor, Aave was experiencing some pressure. After the Kelp DAO incident in April, Aave's TVL significantly declined. Although Aave itself was not directly attacked, the KelpDAO cross-chain bridge attackers had used Aave to convert the stolen rsETH into other assets.

first_img CryptoQuant Founder: The strategy should suspend buying BTC, as current purchases resemble a liquidity black hole rather than a price catalyst

CryptoQuant founder Ki Young Ju stated that the current Bitcoin purchasing behavior of Strategy resembles a "liquidity absorber" rather than an effective price catalyst.He pointed out that in the past two years, Bitcoin's market capitalization has increased by $467 billion, yet the price has actually dropped by 1%, indicating that the influx of large amounts of capital has merely resulted in a transfer of chips without driving up the price. In the current environment with obvious selling pressure, continuous buying by Strategy may only serve to maintain the range rather than truly drive an increase.Ki Young Ju suggested that Strategy pause Bitcoin purchases until cash reserves and dividend coverage capabilities are restored; establish a systematic, model-driven buying framework to avoid the market impression of "always buying at local highs"; and create a disciplined selling mechanism in the next bull market to reduce leverage and realize shareholder value by partially taking profits at highs, while accumulating reserves of "dry powder" for future lows.He believes that this cycle is different from previous ones, as Bitcoin has been in a sideways trend for nearly two years, neither forming a strong bull market nor experiencing sufficient panic selling and weak hands clearing out. The market may need a more thorough clearing to initiate a healthier rebound.

first_img Bittensor co-founders release decentralized roadmap, aiming to complete it within a year and a half

Bittensor co-founder const posted on the X platform, detailing the current state of decentralization of the project, future roadmap, and goals. Bittensor has not yet achieved decentralization at the economic incentive layer, which is still led by the core team, including const himself, two engineers, and a core group of contributors. The project has been live for over 5 years, with no pre-mining, and has 128 subnet teams and over 20 core validator teams, achieving decentralization at the ownership distribution level. The team chose to rapidly iterate at the cost of "maintaining centralization" rather than slowly advancing "democratic" decision-making.Regarding future update plans, Bittensor will promote validators to re-enter the competitive mechanism while opening liquidity pools for two-way investment to symmetrize the market and prevent on-chain signals from being manipulated. Additionally, a belief mechanism will be introduced to grant voting rights to Alpha token holders. In the coming weeks, updates will also be made to TaoFlow and its derivatives, further fine-tuning the issuance distribution algorithm to optimize the distribution method of inflation. Const expects to complete the construction of core mechanisms within the next year and a half, at which point the three pillars of incentive alignment, value optimization, and true ownership will operate in synergy, ultimately achieving complete decentralization by abandoning centralized control.
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