艾夫（Aave）今天满5岁：艾夫（Aave）在2025年会有多强？

艾夫（Aave）与我们在一起已经五年了。 AAVE是一种分散的非监护流动性协议，用户可以作为供应商或借款人参与其中。

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）与我们在一起已经五年了。 AAVE是一种分散的非监护流动性协议，用户可以作为供应商或借款人参与其中。赌注。交换。 AAVE及其AAVE令牌是Defi生态系统不可或缺的。今天，我们帮助读者强调艾滋病。 2025年的AAVE会有多强？

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.

许多人认为Makerdao（现在是天空）在塑造当今的Defi生态系统方面发挥了基础作用。 2017年，当时的Makerdao的安迪·米勒尼乌斯（Andy Milenius）透露了我们所知道的dai stablecoin。这就是许多市场参与者认为是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.

在米勒尼乌斯（Milenius）在坎昆（Cancun）著名演讲之前，斯塔尼·库勒乔夫（Stani Kulechov）创造了Ethlend。 Ethlend后来演变成Aave，而AAVE实验室领导了其发展。

Is AAVE a Governance Token?

AAVE是治理令牌吗？

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.

我们的读者可能会熟悉几个“治理令牌”。去年，我们分享了一个有关蠕虫$ W代币的故事，这是一个治理令牌。 AAVE也是一个治理令牌。成为治理令牌对机构投资者很重要。它与公用事业令牌不完全相同。他们俩都有特征。但是有了治理令牌，持有人必须投票。而使用实用程序令牌，这只是另一种选择，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，国际定居银行发表了有关Defi法规的见解。在文档中，作者解释了“使用稳定菌作为Defi和传统金融之间的抵押品或桥梁的增加是向传统金融市场传播风险的潜在渠道。”他们专门指出，在Defi Lending服务中利用驱动驱动的准周期性。 AAVE也涉及的东西。

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，国际定居银行银行的几位主要代表出版了“为什么要贷款？ AAVE V2的证据。”正如其免责声明所述，该文件可能不会反映中央银行的观点。但是，它可以深入了解中央银行如何查看AAVE和更广泛的Defi生态系统等协议。作者总结说：“大规模投资者（在DEFI协议中）比散户投资者更重要的是借贷借贷，例如影响协议决策并获得更重要的治理权利。”

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.

这将排除AAVE令牌对大型和机构投资者的吸引力。为了强调这一点，2024年10月，Grayscale推出了Grayscale Aave Trust，这是一项为投资者提供AAVE的基金。 “该信托的股票旨在跟踪AAVE市场价格。”现在，大型投资者有一个重要的机会来获得AAVE的风险，这相似，这与购买MicroStrategy股票如何间接接触比特币。

What is the GHO Token?

什么是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.

一个更本地的stablecoin？这就是Kulechov认为GHO令牌的原因。这是一个稳定的。它与Dai，Tether，USDC，USDE或USD（新的Sky Dollar）等人都有很多竞争。根据Defillama的说法，GHO在市值中排名前20位。写作时$ 1.8亿美元。

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令牌于2023年7月首次推出。它得到了AAVE支持的资产的支持。将其固定在$ 1。 GHO产生的收入来自AAVE协议上收取的货币借款人的利息。这意味着雇用风险经理和安全专家来支持AAVE的更多资金。这也可能意味着默认情况下，AAVE令牌的价值上升。这是因为从借款人那里偿还的利息的100％将被重定向到Aavedao，并为DAO财政部做出了贡献。 GHO令牌变得越受欢迎，它将带给Aave代币的价值越大。所有这些同时解决了中央银行的关注点。

Staking with AAVE

用aave刻录

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.

关于共同构成的Staking在零售投资者中已广受欢迎。如今，估计AAVE代币将返回约4.63％的APR。如果您直接进入AAVE，则略低于提供的4.82％。 GHO令牌还有其他方式可用于产生收入。 AAVE可以用作借用GHO的抵押品，从而获得更高的奖励，以利用其他稳定的稳定。如果您知道自己在做什么，这可能是一个非常有利可图的过程。

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.

正是这样的项目加剧了AAVE多年来所产生的声誉和尊重。作为分散的货币市场协议，AAVE使用户能够借用并借出其链数数字资产。银行家与缺乏信用评分，KYC或AAVE带来的个人风格保持不符。但是，随着最大的资产管理人员的热情。中央银行家继续讨论空间。人们有很多希望，即Aave及其代币AAVE可以在数字资产和Defi的未来中发挥主导作用。