Aave Mired in a Crisis of Confidence: Service Providers Exit En Masse, Failures in Technology, Governance, and Risk Control

marsbitPubblicato 2026-04-10Pubblicato ultima volta 2026-04-10

Introduzione

Aave, a leading DeFi lending protocol, is facing a severe internal crisis marked by the departure of key service providers, raising concerns about its governance, security, and future direction. The crisis began when Chaos Labs, the protocol's long-time risk management provider, terminated its relationship with Aave. The firm cited financial losses, the exit of other major contributors, and fundamental disagreements over the risk architecture of the upcoming Aave V4. Aave Labs declined Chaos Labs' demands for a significant fee increase and exclusive control over key functions like risk management and oracle services. This exit followed the departure of two other critical partners. BGD Labs, the primary technical contributor to Aave V3, accused Aave Labs of forcing an aggressive transition to V4 by limiting V3 development and devaluing its work. Subsequently, the Aave Chan Initiative (ACI), a major governance service provider, announced its planned exit, criticizing Aave Labs for centralizing power and controlling a large portion of voting tokens. The conflict highlights a central paradox within DAOs: the tension between founder-led vision and decentralized governance, and between long-term protocol health and short-term capital interests. Aave Labs is pushing for a more integrated and efficient "Aave Will Win" model with V4, arguing it is necessary for competing at an institutional level. However, critics warn this centralization comes at the cost of the protocol's decentr...

Author: Jae, PANews

Rather than external pressures from the bear market, Aave's internal issues have instead birthed a "black swan."

Aave, long perched atop the lending sector throne, is experiencing the most severe ecosystem shock since its inception. There was no hacker attack, no code vulnerability—only a loss of control and a clash of interests.

From the decisive departure of its technical pillar BGD Labs, to the public split with governance pioneer ACI (Aave Chan Initiative), and now the official severance of ties with risk management steward Chaos Labs, a "great retreat" of service providers is underway.

The depth of this struggle far exceeds a mere partnership dispute; it triggers the ultimate paradox of a DAO (Decentralized Autonomous Organization): the opposition between founder's will and distributed governance, the conflict between protocol long-termism and capital's short-term profit-seeking, and the balance between decentralized faith and centralized efficiency for a blue-chip protocol during its scaling phase.

Can Aave continue to win?

Chaos Labs Abandons the Risk Management Gate: What's the Hidden Reason?

On April 7th, Chaos Labs, deeply involved with Aave V2/V3 for three years and achieving "zero major bad debt," announced it was cutting ties with Aave. The exit of this top-tier risk control firm directly hit Aave's security red line.

Chaos Labs cited three reasons: long-term losses, the departure of key contributors BGD Labs and ACI, and fundamental disagreements with Aave Labs on risk management philosophy in the context of the Aave V4 launch.

The focal point of the conflict is V4's "Hub-and-Spoke" architecture: Chaos Labs pointed out that while this design improves capital efficiency, it also exponentially amplifies risk. In an environment with unclear legal liability definitions, the risk control team would need to double their workload to maintain both the massive V3 and V4 systems simultaneously.

Aave Labs expressed respect for this decision and thanked them for their years of contribution, stating that the protocol's smart contracts and network deployments remain unaffected. However, the parting of ways had underlying reasons.

Aave Labs disclosed that it had engaged in multiple rounds of negotiations with Chaos Labs regarding a renewal proposal. It supported increasing their risk management fee from the current level to $5 million but did not support directly raising it to $8 million without subsequent附加条款 (fùjiā tiáokuǎn - additional clauses). It also explicitly opposed three exclusivity clauses: appointing Chaos Labs as the sole risk manager, replacing Chainlink with the Chaos Labs oracle, and setting the unaudited Chaos Labs treasury as the default treasury for all B2B integrations.

Simply put, Chaos Labs wanted to expand its control and commercial interests. But for a DeFi protocol, over-reliance on a single supplier for risk management significantly increases systemic risk and weakens the protocol's own governance independence. For Aave, the potential risk was too great.

Furthermore, in March of this year, the Aave CAPO oracle managed by Chaos Labs suffered an on-chain configuration error, leading to the undervaluation of wstETH by approximately 2.85% and mistakenly triggering the forced liquidation of healthy positions worth about $27 million.

Aave Labs emphasized it will continue to adhere to a two-tier risk management model and introduce a third-tier technical risk management mechanism led by Aave Labs. During the transition, LlamaRisk will take over more risk coverage duties from Chaos Labs, with Aave Labs supporting its team expansion and budget, and providing engineering and analytical resources to ensure a smooth handover.

Regarding Aave V4, its architecture introduces isolated risk markets, new liquidation logic, and governance-controlled parameter mechanisms through Spokes, allowing the DAO to manage risks across different markets and assets more granularly. In the short term, Aave Labs will work closely with LlamaRisk to ensure a smooth risk management transition and unaffected protocol operation.

Technology and Governance Also Falter, Internal Risks at Aave Intensify

Beyond the security front, Aave's technology and governance have also faltered in the past two months.

On April 1st, Aave V3 technical service provider BGD Labs announced the termination of all technical contributions—this was no April Fool's joke. As the main development team for V3, BGD accused Aave Labs of "artificially limiting" V3 feature development and "malignantly devaluing" its worth to强行推行 (qiángxíng tuīxíng - forcibly push) the immature V4, even using parameters to force user migration.

BGD stated that V3 contributed 98% of Aave's code and nearly all its TVL, generating over $100 million in annual revenue, and was the "jewel" in the protocol's crown. Aave Labs closed V4 development to external teams, excluding them. BGD Labs had neither a voice nor fair compensation and could only protest this "radical transition" and irresponsibility towards user asset security by leaving.

The governance service provider ACI, led by Marc Zeller, also plans to exit in July, directly triggered by BGD Labs' departure. Marc Zeller blasted Aave Labs for initiating a "slow-motion coup": on-chain data shows it controls 23% of the AAVE token supply, with its whale voting power overwhelming community proposals.

ACI's exit signals Aave's governance moving from "checks and balances" towards "centralization," with third-party service providers reduced to mere ornaments.

Although Aave was once a model of distributed collaboration in the DeFi market—Aave Labs setting the course, third-party service providers handling development, governance, and risk control, with multiple parties complementing each other to support its leading lending position—cracks are now increasingly appearing in this golden system that operated for years.

Growing Pains or Fatal Illness? Aave Faces a Test of Capital and Trust

Amidst this complex melee, the interests of the involved parties paint starkly different pictures.

From the perspective of Aave Labs and founder Stani Kulechov, they hope to transform the protocol from a loose multi-party collaborative body into a more cohesive and efficient closed-loop ecosystem through V4 and the "Aave Will Win" framework.

The business logic behind this transformation is: DeFi has entered a scaling phase where loose collaboration alone can hardly meet institutional demands and global financial competition.

By concentrating resources on developing high-margin products and unifying brand ownership, Aave can improve execution efficiency, reduce fragmented decision-making, and enhance the value capture ability of the AAVE token.

Of course, this is also a problem mature DeFi protocols will face during scaling, and Aave's internal turmoil, as the lending leader, is magnified, becoming a mirror for the entire DeFi governance model.

However, this efficiency gain through "strongman rule" is seen as coming at the cost of the DAO's decentralized credibility.

Service providers essentially rely on professional skills to obtain funding from the DAO. When Aave Labs tries to marginalize them, or the compensation provided is insufficient to offset the growing legal and operational risks, they will inevitably choose to leave. This also reveals that under the current DAO service provider model, even top-tier teams face unsustainable business models.

For Aave, will the service provider exodus be short-term growing pains or a long-term fatal illness?

From an optimistic view, the wave of service provider departures might be a bout of "growing pains" during Aave's transformation.

  1. Streamlined Decision-Making: With multiple external stakeholders gone, Aave Labs can advance V4 more unimpeded, shortening product launch cycles in the face of fierce market competition;
  2. Frontend Revenue Recirculation: If the "Aave Will Win" proposal ultimately achieves 100% frontend revenue returning to the DAO, the AAVE token will transform from a mere "governance token" into a genuine "revenue certificate";
  3. Unified Technical Paradigm: V4's "Hub-and-Spoke" architecture solves the multi-chain fragmentation issue of V3. By unifying liquidity hubs, Aave is poised to gain a foothold in the RWA and institutional credit markets.

However, these positive expectations are largely based on the assumption that "everything goes smoothly." The realistic negative impacts are more pressing.

  1. Security Downgrade: V4's complexity requires stricter risk control mechanisms. After losing Chaos Labs, Aave now relies solely on LlamaRisk as its primary risk control service provider, creating a single point of failure that greatly increases systemic risk during extreme market conditions.
  2. Experience Vacuum: The departing service providers take with them three years of historical operational data and experience. If the protocol encounters a sudden incident, newly接手 (jiēshǒu - taking over) teams like LlamaRisk might respond slowly due to lack of deep involvement;
  3. Reputation Damage: Aave Labs' intervention in voting through substantial token holdings is essentially透支 (tòuzhī -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 -透支 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If the DAO loses its checks and balances mechanism, its appeal to new developers will be greatly diminished.

These negative impacts are also raising concerns among capital. Although Aave has not experienced very serious security incidents in the past, the uncertainty of risk is rising, and the community is beginning to question its execution and risk control capabilities. Some bluntly state, "When the old crew disembarks en masse and the new crew isn't familiar with the route yet, don't put all your assets on board."

Currently, Aave stands at a critical crossroads.

Domande pertinenti

QWhat are the main reasons behind the recent departure of key service providers from Aave?

AThe main reasons include disagreements over the V4 upgrade's risk management model, concerns over centralization of power by Aave Labs, insufficient compensation for service providers, and fundamental differences in vision for the protocol's future.

QHow does the departure of Chaos Labs impact Aave's risk management framework?

AChaos Labs' departure creates a significant gap in Aave's risk management, potentially increasing systemic risk. It leaves LlamaRisk as the primary risk service provider, raising concerns about single-point vulnerabilities and the loss of three years of operational experience and data.

QWhat is the 'Hub-and-Spoke' architecture in Aave V4, and why is it controversial?

AThe 'Hub-and-Spoke' architecture is a new design in Aave V4 intended to improve capital efficiency by creating a central liquidity hub connected to various isolated risk markets (spokes). It is controversial because critics, like Chaos Labs, argue it exponentially amplifies risk and creates a much larger, more complex workload for risk managers.

QWhat accusations did BGD Labs make against Aave Labs when announcing their departure?

ABGD Labs accused Aave Labs of 'artificially limiting' V3 features, 'maliciously devaluing' its contributions, and forcing user migration to the new V4. They claimed they were excluded from V4 development and left with no say in the process and no fair compensation.

QWhat is the 'Aave Will Win' framework, and what are its potential benefits and drawbacks according to the article?

AThe 'Aave Will Win' framework is a strategic vision led by Aave Labs to transform the protocol into a more cohesive and efficient ecosystem. Potential benefits include streamlined decision-making, 100% front-end revenue returning to the DAO (making the AAVE token a yield-bearing asset), and a unified technical paradigm for scaling. The main drawback is the perceived sacrifice of the protocol's decentralized credibility and governance, leading to a 'centralized' power structure.

Letture associate

STRC Breaks Below $95: Why Does It Continue to Depeg? Is There Default Risk?

"STRC Falls Below $95: Why the Persistent Depegging and Is There Default Risk?" The article discusses the recent decline in the price of STRC, a perpetual preferred stock issued by Strategy (MSTR) designed to trade around a $100 par value. As of publication, STRC traded at $94.65, raising market concerns. STRC is described as a high-yield cash flow product, offering an 11.50% annual dividend paid monthly. Its "preferred" status grants it priority over common stock for dividends and in liquidation. Key reasons cited for the price depegging include: 1. **Bitcoin's Price Drop:** MSTR's assets are heavily tied to Bitcoin (BTC), which fell over 21% from its recent high, pressuring all Strategy-related products. 2. **Competitive Pressure:** Rival Strive Asset Management's similar product, SATA, offers daily dividends and has maintained its $100 par value with a ~13% yield. In response, Strategy has proposed changing STRC's dividend frequency from monthly to bi-weekly, pending shareholder vote. 3. **Technical Selling:** A break below $100 may have triggered algorithmic selling and stop-losses, exacerbating the decline. Regarding default risk, the analysis suggests it is currently low. Strategy founder Michael Saylor confirmed the June 2026 dividend rate remains at 11.50% with no cuts or suspensions. The company's massive reserve of 843,706 BTC provides a significant backstop for its obligations. Industry opinions are mixed. Some analysts view the BTC holdings as reliable support for dividends, while critics like Peter Schiff warn of potential dividend cuts leading to price crashes and lawsuits. Others highlight inflation risk and the company's ability to reduce dividends without a formal default. In summary, STRC's drop is attributed to BTC volatility, competition, and technical factors. While immediate default risk appears contained, the product faces challenges from market conditions and competitive dynamics.

marsbit2 min fa

STRC Breaks Below $95: Why Does It Continue to Depeg? Is There Default Risk?

marsbit2 min fa

AI Trading Cools, South Korean Stocks Plunge 1.8%, Spot Gold Rises 1%, Bitcoin Dives

A sell-off in AI-related stocks, triggered by Broadcom's disappointing earnings forecast, sent shockwaves through global markets. South Korea's KOSPI led Asia's decline, plunging 1.8% as the risks from concentrated chip stock gains and surging leveraged investments came to the fore. The tech-heavy Nasdaq 100 futures fell 0.5% following Broadcom's 14% after-hours plunge, which signaled a slower-than-expected transition to AI clients. This pullback extended Wall Street's weakness, halting the S&P 500's nine-day rally amid hawkish Fed signals and renewed Middle East tensions. South Korean authorities convened an emergency meeting, pledging "immediate measures" against market volatility and warning of record-high stock margin debt. The adjustment rippled across assets: Bitcoin fell to around $64,000, its lowest since February, while safe-haven gold rose 1% on bargain hunting. Oil prices dipped on Middle East ceasefire news. Market analysts noted the sell-off was driven by profit-taking after massive gains, particularly in chip stocks like Samsung and SK Hynix, which now dominate the KOSPI. Wall Street banks are divided on Korea's outlook, with Goldman Sachs raising its target while Citigroup and others warn of overvaluation and a potential bubble. Bridgewater's Ray Dalio noted that great technological shifts often create bubbles. Meanwhile, Fed officials' hints at potential future rate hikes added to the cautious mood ahead of key U.S. jobs data.

华尔街日报28 min fa

AI Trading Cools, South Korean Stocks Plunge 1.8%, Spot Gold Rises 1%, Bitcoin Dives

华尔街日报28 min fa

Seeking Alpha's Hot Article: Why Might the U.S. Stock Market Crash in June?

In a recent Seeking Alpha article, financial professor and analyst Damir Tokic argues that the US stock market may be poised for a significant crash in June 2026. The core thesis centers on a "mega-bubble" in equities, particularly within the technology sector, which has driven the S&P 500 to near-record valuations, with a Shiller P/E ratio exceeding 40—a level comparable to the 2000 dot-com bubble. Tokic identifies two primary catalysts for a potential collapse. First, he points to unsustainable market exuberance fueled by what he terms the "Trump Stimulus"—massive AI capital expenditure by tech giants, which he believes is politically driven and cannot last. Second, and more urgently, he highlights the escalating Iran war as a critical threat. The ongoing closure of the Strait of Hormuz has created a severe global energy supply crunch. Strategic petroleum reserves are projected to hit critically low operational levels by June, potentially causing oil prices to spike above $200 per barrel and triggering a severe, supply-driven inflationary shock. This scenario, Tokic warns, would force the Federal Reserve's hand. Despite currently maintaining a dovish bias, the Fed would likely be compelled to officially pivot to a hawkish stance at its June FOMC meeting to combat soaring inflation and bond yields. He contends that such a shift—or even a failure to act, which would destroy Fed credibility—could be the trigger that punctures the market bubble. The resulting downturn, he concludes, could rival the bear markets of 2000 and 2008, advising investors to prepare for a major correction.

marsbit51 min fa

Seeking Alpha's Hot Article: Why Might the U.S. Stock Market Crash in June?

marsbit51 min fa

AI PC Battle: Bet on the Toll Booth, Not the Camp

**Title:** The AI PC Battle: Don't Bet on Sides, Bet on the Tollbooth **Summary:** The AI PC competition is moving beyond simple "x86 vs. Arm" narratives. The core investment thesis should focus on identifying which players can sustain margins, cash flow, and pricing power throughout the upgrade cycle, rather than backing a particular architecture. The opportunity is analyzed in three layers: 1. **The Advanced Foundry Tollbooth:** TSMC is positioned to collect "tolls" regardless of which chip designer wins, due to its dominant ~70% share in advanced semiconductor manufacturing, which is essential for high-end AI PC chips. 2. **Compute & Platform Spillover:** AMD represents an offensive in the x86 CPU+GPU space, while NVIDIA leverages its GPU and CUDA software stack dominance. Both benefit from the demand for increased local AI compute. 3. **Architecture Diffusion & Turnaround Plays:** ARM and Intel offer potential for significant upside (elasticity), but investments here require stricter discipline due to higher execution risks and competitive challenges. The industry is transitioning from concept to shipment validation. While short-term forecasts for AI PC adoption have been revised down slightly due to tariffs and procurement delays, the long-term trend towards AI becoming a standard PC feature remains intact. The key driver for upgrade cycles will be whether compelling enterprise applications (e.g., privacy-sensitive computing, low-latency inference) emerge beyond consumer-focused features like meeting summarization. Investment strategy should prioritize companies with platform-level advantages and recurring revenue streams. TSMC offers high certainty as the foundational tollbooth. AMD presents a strong offensive play within the established ecosystem. ARM and Intel are higher-risk, higher-potential-reward turnaround bets. The report cautions against chasing short-term hype and emphasizes a disciplined, long-term approach focused on buying ecosystem strength and cash-flow certainty after market enthusiasm subsides. **Key Risks:** Underwhelming AI PC applications slowing upgrade cycles; slow improvement in Windows on Arm compatibility; macro/tariff impacts on PC demand; potential advanced node supply-demand mismatches affecting TSMC; high overall AI sector valuations making stocks vulnerable to a risk-off shift in markets.

marsbit1 h fa

AI PC Battle: Bet on the Toll Booth, Not the Camp

marsbit1 h fa

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Come comprare AAVE

Benvenuto in HTX.com! Abbiamo reso l'acquisto di Aave Protocol (AAVE) semplice e conveniente. Segui la nostra guida passo passo per intraprendere il tuo viaggio nel mondo delle criptovalute.Step 1: Crea il tuo Account HTXUsa la tua email o numero di telefono per registrarti il tuo account gratuito su HTX. Vivi un'esperienza facile e sblocca tutte le funzionalità,Crea il mio accountStep 2: Vai in Acquista crypto e seleziona il tuo metodo di pagamentoCarta di credito/debito: utilizza la tua Visa o Mastercard per acquistare immediatamente Aave ProtocolAAVE.Bilancio: Usa i fondi dal bilancio del tuo account HTX per fare trading senza problemi.Terze parti: abbiamo aggiunto metodi di pagamento molto utilizzati come Google Pay e Apple Pay per maggiore comodità.P2P: Fai trading direttamente con altri utenti HTX.Over-the-Counter (OTC): Offriamo servizi su misura e tassi di cambio competitivi per i trader.Step 3: Conserva Aave Protocol (AAVE)Dopo aver acquistato Aave Protocol (AAVE), conserva nel tuo account HTX. In alternativa, puoi inviare tramite trasferimento blockchain o scambiare per altre criptovalute.Step 4: Scambia Aave Protocol (AAVE)Scambia facilmente Aave Protocol (AAVE) nel mercato spot di HTX. Accedi al tuo account, seleziona la tua coppia di trading, esegui le tue operazioni e monitora in tempo reale. Offriamo un'esperienza user-friendly sia per chi ha appena iniziato che per i trader più esperti.

329 Totale visualizzazioniPubblicato il 2024.12.11Aggiornato il 2026.06.02

Come comprare AAVE

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