Kraken Aave stake talks at a $385 million valuation drew an immediate rejection from founder Stani Kulechov, who called it a 70% discount. The dispute exposes a structural DeFi lending paradox: under
- Kraken's proposed investment in Aave at a $385 million valuation has been rejected by Aave's founder, highlighting a paradox where protocol revenue flows to token holders, not the corporate entity.
- This structural issue questions the value of 'equity' in fully decentralized protocols, as Aave's 'Aave Will Win' framework directs all revenue to the DAO and AAVE token holders, leaving Aave Labs as a service provider.
- The situation underscores the challenge for institutional investors needing equity instruments and the ongoing debate on how to price DeFi protocol equity distinct from its governance token.
Topics: Institutional adoption, Integration with defi, Legal regulatory, Asset manager initiatives, Rwa collateral lending, Securities law classification
Tags: #aave #kraken #defi #tokenization #equity #valuation #governance #dao #aavelabs #aavegroup
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