A governance vote to bring the protocol’s brand and intellectual property under DAO control was decisively rejected, with over 55% voting against and just 3.5% in favor. A large percentage abstained, and it wasn’t outright opposition. AAVE’s price slid by nearly 14% this week, indicating waning confidence in the ecosystem. There’s growing uncertainty about what’s next for one of DeFi’s biggest names.
In the days leading up to the vote, there was anger over how the process unfolded. Some community members pushed back against moving the proposal to a snapshot vote while discussions were still active. Attention turned to Kulechov, who reportedly acquired $10 million worth of AAVE ahead of the vote; while not improper on its own, it raises tough questions about influence and power concentration within token-based governance. After a big drop earlier this month, the altcoin slipped below $150 before bouncing slightly.
At the time of writing, it was still trading under key moving averages, a sign that usually means sellers might be in control. The RSI was low and money flow negative, indicating cautious buying, though selling pressure appeared to ease. If buyers return, the token could move back toward the 165-170 range as the market waits for a clearer direction. The market mood remains unsettled as governance debates continue, with Vitalik Buterin challenging Europe’s “no space” vision for digital assets, signaling broader discussions on regulation and governance that could shape DeFi’s path ahead.
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