艾夫（Aave）今天滿5歲：艾夫（Aave）在2025年會有多強？

艾夫（Aave）與我們在一起已經五年了。 AAVE是一種分散的非監護流動性協議，用戶可以作為供應商或借款人參與其中。

Aave has been with us for over five years now. Aave is a decentralized non-custodial liquidity protocol where users can participate as suppliers or borrowers. Staking. Swapping. Aave and its AAVE token are integral to the DeFi ecosystem. Today we help highlight AAVE to our readers. How strong will AAVE be in 2025?

艾夫（Aave）與我們在一起已經五年了。 AAVE是一種分散的非監護流動性協議，用戶可以作為供應商或借款人參與其中。賭注。交換。 AAVE及其AAVE令牌是Defi生態系統不可或缺的。今天，我們幫助讀者強調艾滋病。 2025年的AAVE會有多強？

Many consider MakerDAO—now Sky—to have played a foundational role in shaping today’s DeFi ecosystem. In 2017 Andy Milenius, then of MakerDAO, revealed what we know as the Dai Stablecoin. This is what many market participants consider to be DeFi’s inception.

許多人認為Makerdao（現在是天空）在塑造當今的Defi生態系統方面發揮了基礎作用。 2017年，當時的Makerdao的安迪·米勒尼烏斯（Andy Milenius）透露了我們所知道的dai stablecoin。這就是許多市場參與者認為是Defi的成立。

Not long before Milenius’ famous speech in Cancun, Stani Kulechov created ETHLend. ETHLend later evolved into Aave, with Aave Labs leading its development.

在米勒尼烏斯（Milenius）在坎昆（Cancun）著名演講之前，斯塔尼·庫勒喬夫（Stani Kulechov）創造了Ethlend。 Ethlend後來演變成Aave，而AAVE實驗室領導了其發展。

Is AAVE a Governance Token?

AAVE是治理令牌嗎？

There are several ‘governance tokens’ our readers may be familiar with. Last year we shared a story about the Wormhole $W token, a governance token. AAVE is also a governance token. Being a governance token is important to institutional investors. It is not quite the same as a utility token. They both share characteristics. But with a governance token, holders must vote. Whereas with utility tokens, this is just another option but not essential.

我們的讀者可能會熟悉幾個“治理令牌”。去年，我們分享了一個有關蠕蟲$ W代幣的故事，這是一個治理令牌。 AAVE也是一個治理令牌。成為治理令牌對機構投資者很重要。它與公用事業令牌不完全相同。他們倆都有特徵。但是有了治理令牌，持有人必須投票。而使用實用程序令牌，這只是另一種選擇，但不是必需的。

In May 2023 the Bank for International Settlements published insights regarding DeFi regulation. In the document the authors explained how “the increase in the use of stablecoins as collateral or bridge between DeFi and traditional finance is a potential channel of risk transmission to the traditional financial markets.” They specifically pointed to leverage-driven procyclicality in DeFi lending services. Something that Aave is also involved with.

2023年5月，國際定居銀行發表了有關Defi法規的見解。在文檔中，作者解釋了“使用穩定菌作為Defi和傳統金融之間的抵押品或橋樑的增加是向傳統金融市場傳播風險的潛在渠道。”他們專門指出，在Defi Lending服務中利用驅動驅動的準週期性。 AAVE也涉及的東西。

In July 2024 several leading representatives from the Bank for International Settlements published “Why DeFi lending? Evidence from Aave V2.” The document may not reflect the views of central bankers, as their disclaimer states. However, it gives an insight into how central bankers view protocols like Aave and the wider DeFi ecosystem. The authors summarize that “large-scale investors (in DeFi protocols) engage relatively more than retail investors in DeFi borrowing for governance motives, such as influencing protocol decisions and accruing more significant governance rights.”

2024年7月，國際定居銀行銀行的幾位主要代表出版了“為什麼要貸款？ AAVE V2的證據。”正如其免責聲明所述，該文件可能不會反映中央銀行的觀點。但是，它可以深入了解中央銀行如何查看AAVE和更廣泛的Defi生態系統等協議。作者總結說：“大規模投資者（在DEFI協議中）比散戶投資者更重要的是藉貸借貸，例如影響協議決策並獲得更重要的治理權利。”

This would preclude that the AAVE token is attractive to large and institutional investors. To highlight this point, in October 2024 Grayscale launched the Grayscale Aave Trust, a fund offering investors exposure to the AAVE. “Shares of the Trust are designed to track the AAVE market price.” Large investors now have a major opportunity to gain exposure to AAVE—similar to how buying MicroStrategy shares provides indirect exposure to bitcoin.

這將排除AAVE令牌對大型和機構投資者的吸引力。為了強調這一點，2024年10月，Grayscale推出了Grayscale Aave Trust，這是一項為投資者提供AAVE的基金。 “該信託的股票旨在跟踪AAVE市場價格。”現在，大型投資者有一個重要的機會來獲得AAVE的風險，這相似，這與購買MicroStrategy股票如何間接接觸比特幣。

What is the GHO Token?

什麼是GHO令牌？

A more native stablecoin? That is what Kulechov believes that the GHO token is. It is a stablecoin. It has plenty of competition with the likes of Dai, Tether, USDC, USDe or USDS (the new Sky Dollar). According to DefiLlama GHO is in the Top 20 stablecoins by market cap. $180 million at time of writing.

一個更本地的stablecoin？這就是Kulechov認為GHO令牌的原因。這是一個穩定的。它與Dai，Tether，USDC，USDE或USD（新的Sky Dollar）等人都有很多競爭。根據Defillama的說法，GHO在市值中排名前20位。寫作時$ 1.8億美元。

The GHO token was first launched in July 2023. It is backed by assets supported on Aave. It is pegged to $1. The income generated by GHO comes from interest charged to borrowers of the currency on the Aave protocol. It means more funds to hire risk managers and security experts to support AAVE. It could also mean a rise in the value of the AAVE token by default. This is because 100% of repaid interest from borrowers will be redirected to the AaveDAO, contributing to the DAO treasury. The more popular the GHO token becomes, the more value it will bring to the AAVE token presumably. All this while addressing the concerns of central banks.

GHO令牌於2023年7月首次推出。它得到了AAVE支持的資產的支持。將其固定在$ 1。 GHO產生的收入來自AAVE協議上收取的貨幣借款人的利息。這意味著僱用風險經理和安全專家來支持AAVE的更多資金。這也可能意味著默認情況下，AAVE令牌的價值上升。這是因為從借款人那裡償還的利息的100％將被重定向到Aavedao，並為DAO財政部做出了貢獻。 GHO令牌變得越受歡迎，它將帶給Aave代幣的價值越大。所有這些同時解決了中央銀行的關注點。

Staking with AAVE

用aave刻錄

On Coinbase staking has become popular with retail investors. Today the AAVE token is estimated to return approximately 4.63% APR. Slightly lower than the 4.82% offered if you go direct to Aave. GHO Tokens have other ways they can be used to generate income. AAVE can be used as collateral to borrow GHO with which to get higher rewards leveraging other stablecoins. This can be a very lucrative process if you know what you are doing.

關於共同構成的Staking在零售投資者中已廣受歡迎。如今，估計AAVE代幣將返回約4.63％的APR。如果您直接進入AAVE，則略低於提供的4.82％。 GHO令牌還有其他方式可用於產生收入。 AAVE可以用作借用GHO的抵押品，從而獲得更高的獎勵，以利用其他穩定的穩定。如果您知道自己在做什麼，這可能是一個非常有利可圖的過程。

It’s this and projects like this that have added to the reputation and respect that Aave has accrued over the years. As a decentralized money market protocol, Aave enables users to borrow and lend their on-chain digital assets. Bankers remain at odds with the lack of credit scoring, KYC or a personal touch that comes with Aave. However, as the largest asset managers warm to the space. And the central bankers keep discussing the space. There is a lot of hope that Aave and its’ token AAVE could play a dominant role in the future of both Digital Assets and DeFi.

正是這樣的項目加劇了AAVE多年來所產生的聲譽和尊重。作為分散的貨幣市場協議，AAVE使用戶能夠借用並藉出其鏈數數字資產。銀行家與缺乏信用評分，KYC或AAVE帶來的個人風格保持不符。但是，隨著最大的資產管理人員的熱情。中央銀行家繼續討論空間。人們有很多希望，即Aave及其代幣AAVE可以在數字資產和Defi的未來中發揮主導作用。