Aave 创始人 Stani：DeFi 借贷协议估值不应以 TVL 为主要指标
ChainCatcher 消息，Aave 创始人兼 CEO Stani Kulechov 发推表示，DeFi 借贷协议估值不应主要参考 TVL，因其衡量净抵押品而非借贷活动。以 2025 年底数据对比，Aave 供应规模约 520 亿美元，活跃贷款约 220 亿美元，借款利息流超 7 亿美元，DAO 留存约 1.5 亿美元；SoFi 存款约 375 亿美元，贷款账簿约 380 亿美元，贷款收入约 18 亿美元，净利润约 4.81 亿美元。
Stani 称，在传统金融中，存款是负债或资本成本，贷款是生息资产，贷方通常按贷款账簿、利息收入、利差和资产增长评估；但 DeFi 市场主要关注 TVL 和 DAO 留存费用。他认为，Aave 在传统财务会计框架下更接近超 7 亿美元的借贷业务，而非 1.5 亿美元收入协议；TVL 不是借贷协议的收入基础，贷款账簿和利息流才是核心。
Disclaimer: OKX Orbit content is provided for informational purposes only. Learn more
Replies
Related Flash News
Odaily•2h agoAave: The last batch of rsETH has been transferred into LayerZero's lockbox, and all markets are operating normally
ChainCatcher•4h agoBabylon proposes integrating native Bitcoin collateral on Aave V4, eliminating the need for cross-chain bridges and custody
Blockbeats•2d agoAave Founder: We will continue to implement the revenue-oriented strategy over the next 12 months
币界网•3d agoWu said: AAVE, MetaMask, and Mastercard have partnered
ChainCatcher•6d agoAave V4 has been launched smoothly in phases, introducing a two-tier market isolation architecture
ChainCatcher•7d agoKelp: rsETH recovery makes key progress, with multiple DeFi protocols collectively liquidating attacker positions
ChainCatcher•7d agoStandard Chartered Bank: It is expected that the scale of on-chain tokenized assets will reach $4 trillion by the end of 2028, and DeFi protocols will be the biggest beneficiaries
币界网•7d agoAAVE恢复WETH借贷，Kelp DAO恢复进展
Odaily•10d agoThe Multicoin Capital address transferred 286,000 AAVE to Coinbase Prime, worth $26.68 million
TechFlow•10d agoMulticoin Capital transferred 150,000 AAVE to cause the price to drop by 7%, and then Galaxy Digital bought back 98,000 at a low price
