Aave代币销毁或终能“删除”DAO持续买入的AAVE

Aave founder revealed that a plan to destroy AAVE tokens is under discussion.

Aave founder Stani Kulechov said that Aavenomics 3.0 (a planned reform of the token economy system of lending agreements) is currently considering implementing a token destruction mechanism. However, as of now, there are no governance proposals that clearly define the specific scale, funding source or timetable of any destruction operation.

Although the DAO has bought back some AAVE tokens, these tokens are still kept in the vault and may still be used for other expenses in the future. Since the rsETH bridging vulnerability incident in April this year, Aave's token repurchase program has been suspended.

There is only one line of reply, lacking specific data support.

On September 29, when Kulechov publicly responded to discussions on how AAVE captures value, he pointed out that destroying AAVE has become one of the options in the Aavenomics 3.0 plan. The reason why this statement is important is that since April 2025, Aave has bought back more than 1% of AAVE supply, but every repurchase token still remains in the DAO's treasury, and governance agencies can still use these resources again.

Kulechov's comment is just a short line of reply without any numbers behind it. Currently, no governance proposal stipulates how much AAVE will be destroyed, what share of revenue will pay for the cost of destruction, or when implementation will begin. Some early reports regarded the destruction as approved, but in fact it had not yet entered the voting stage.

The broader design stems from the June idea

早在 6 月 25 日，Kulechov 曾表示 Aave 正在构建一个“自动化、非自由裁量权”的回购机制，该机制由协议收入资助。代币销毁将是基于此之上的第二步措施。

已回购 20.5 万枚 AAVE，无一被销毁

在当前的“买入并分配”模式下，购买行动始于 2025 年 4 月 9 日。截至 2026 年 2 月，DAO 已花费约 4200 万美元购买了超过 20.5 万枚 AAVE，平均价格约为每枚 205 美元，约占 1600 万总供应量的 1.28%。

这些代币被转入 Aave 生态系统储备金，用于支付质押激励、赠款和服务提供商费用。虽然它们离开了市场流通，但未来的投票可能会决定将其重新投入流通。

为何销毁对 1600 万枚代币供应量影响显著

销毁是将代币发送至无人控制的地址，且不可逆转。由于 AAVE 的供应量上限较小，其影响易于衡量。举例来说，每年销毁 10 万枚 AAVE 将每年移除约 0.625% 的供应量；若每年销毁 20 万枚，则移除比例为 1.25%。现有计划在前十个月内已购买超过 20.5 万枚 AAVE，说明 Aave 在此规模上已产生相应收入。

“自动化”一词同样值得关注。目前的回购规模取决于预算和 DAO 投票，这正是该项目今年被削减并最终叫停的原因。相比之下，智能合约可以在覆盖运营成本和储备目标后自动执行购买，从而将 AAVE 需求直接与借贷费用挂钩。不过，Aave 尚未公布具体的架构设计。

资金正在就位

根据“Aave Will Win”框架，所有 Aave 品牌产品（包括所有 V4 协议收入）的 100% 收入归 DAO 所有。Kulechov 表示，流入 DAO 的年收益约为 1.34 亿美元。Aave 的财务仪表板显示，2026 年至今的收入为 8048 万美元，净收入为 2533 万美元，而 2025 年的总收入为 1.5247 亿美元。

涉及的 AAVE 供应量比例

• 已回购 AAVE 加上 LEND 迁移代币：约占 3.3%
• 自 2025 年 4 月以来回购：占 1.28%
• 假设每年销毁 20 万枚 AAVE：占 1.25%
• 假设每年销毁 10 万枚 AAVE：占 0.625%

注：销毁数据仅为示例，并非来自任何 Aave 提案的参数。

回购因 rsETH 漏洞事件冻结

今年对该计划构成了严峻考验。3 月份，TokenLogic 提议将年度预算从约 5000 万美元削减至 3000 万美元，原因是借贷费收入从其峰值下降了约 25%，这将导致每日购买量从约 487 枚 AAVE 降至 292 枚。

On April 18, attackers used the Kelp LayerZero rsETH bridging vulnerability to lend approximately $191 million in WETH from Aave without collateralizing rsETH as collateral. Aave's own contract was not breached. In order to maintain the flexibility of the treasury, the DAO still suspended its repurchase program from April 19 and did not set a restart date.

Comparison of market prices with competitors

On September 29, with the overall rebound of the DeFi sector and good news four days after Coinbase tokenized shares were launched on the Aave V4 on the Base chain, AAVE prices rose 11% to 16%, entering the US$166 -170 range. At this price level, the value of the 205,000 repurchase tokens is approximately US$34 million, which is less than their cost of US$42 million.

Uniswap and Hyperliquid already run the model Aave is weighing. According to the Financial Times, the amount of money used for token repurchases by crypto projects in 2026 will be approximately US$638 million, up from approximately US$545 million in 2025. Since December 2025, Uniswap has been using agreement fees to destroy UNI; while Hyperliquid's aid fund has channeled 99% of the fees to HYPE, and as of August 23, approximately 46.7 million tokens have been removed, according to filings with the SEC. The Financial Times also pointed out that the results were mixed, with some token prices still falling despite large amounts of buybacks.

525,000 AAVE to be resolved in the proposal

Aavenomics 3.0 的提案需要明确是销毁所有购买的代币、固定比例，还是仅在收入超过特定阈值后才进行购买。在收入低于 2025 年峰值的情况下，阈值设计可能导致在较弱的季度中销毁机制闲置。此外，提案还必须重启 DAO 为保留现金而叫停的购买行动，而每一美元用于购买 AAVE，就意味着可用于储备或风险覆盖的资金减少一美元。

现有的库存是更大的问题。除了 20.5 万枚回购代币外，还有约 32 万枚 AAVE 与旧的 LEND-to-AAVE 迁移合约绑定，旨在将其转入储备金的提案已将销毁列为可能的用途。两者合计约占供应量的 3.3%，即使按原 5000 万美元的预算计算，这也超过了一整年的购买量。

下一个具体的信号将来自 Aave 的治理论坛。如此规模的变更通常需要经过温度检查（Temperature Check）、ARFC 以及 Snapshot 投票，最后才会在链上执行 AIP（Aave Improvement Proposal），这一过程通常需要数周时间，因此任何销毁的规模将在第一枚代币被销毁之前就已公开。