Grayscale: Aave's protocol revenue has grown over 6.6 times in the past three years, and AAVE's current valuation is relatively conservative
By: rootdata|2026/06/17 20:45:01
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Grayscale Research's latest report shows that Aave, as the leading protocol in the DeFi lending space, currently has a reasonable valuation range for the AAVE token of $80 to $100.
The report points out that Aave's protocol revenue is expected to grow more than 6.6 times from 2023 to 2025, with an operating profit margin of about 50%, and there is still room for further improvement as the scale expands. The Aave DAO treasury has reached a maximum of $360 million, providing ample capital for the protocol's development.
Grayscale believes that the current price of AAVE at around $75 implies an annualized growth rate of about 9% over the next 10 years, which is a relatively conservative expectation. If Aave can achieve an annualized growth rate of 25%, the corresponding price could reach $227; if it reaches 35%, it could reach $444.
However, the report also emphasizes that Aave's future performance will still depend on the competitive landscape of DeFi lending, regulatory clarity, and the advancement of stablecoin and RWA tokenization businesses.
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