Grayscale: Aave protocol revenue has increased over 6.6 times in the past three years, current AAVE valuation is conservative

According to ChainCatcher, Grayscale Research's latest report shows that as the leading protocol in the DeFi lending sector, the reasonable valuation range of the current AAVE token is $80–$100.

The report points out that Aave's protocol revenue grew by more than 6.6 times from 2023 to 2025, with the current operating profit margin at about 50%, and there is still room for further improvement as it scales. The Aave DAO treasury once reached as high as $360 million, providing sufficient capital for the protocol's development.

Grayscale believes that at its current price of around $75, AAVE only implies an annualized earnings growth of about 9% over the next 10 years, which is relatively conservative. If Aave achieves 25% annualized earnings growth, the corresponding price could reach $227; if it reaches 35%, the price could go up to $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.