Grayscale Report Shows Aave Protocol Revenue Up 6.6x Since 2023, Fair Value Estimated at $80-$100

AAVE-3.38%
According to Grayscale Research, Aave protocol's revenue grew more than 6.6 times between 2023 and 2025, with current operating margins around 50%. The report estimates AAVE's fair value range at $80-$100, with the token currently trading near $75. At this price level, Grayscale notes that implied annual revenue growth expectations are conservative at roughly 9% over the next decade. If Aave achieves 25% annual revenue growth, the price could reach $227; at 35% growth, it could reach $444. The analysis is based on Aave's position as a leading DeFi lending protocol and its growing treasury, though future performance will depend on DeFi competition, regulatory clarity, and progress in stablecoin and RWA tokenization.
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