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

marsbitОпубліковано о 2026-04-10Востаннє оновлено о 2026-04-10

Анотація

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.

Пов'язані питання

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.

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Casper Launches AI Toolkit for Autonomous Agents and Builders

The Casper Association has launched the Casper AI Toolkit, described as the most extensive AI offering on any Layer 1 blockchain. This toolkit enables AI agents to function as both autonomous economic actors and independent builders. As economic actors, agents can conduct micropayments in seconds via the x402 protocol, allowing them to pay for API calls and services directly without human intervention or traditional billing systems. They can also interact with the Casper network using the Model Context Protocol (MCP) for tasks like querying balances and executing DeFi transactions through natural language. As builders, AI agents can use the Odra Framework and CSPR.build Agent Skills to autonomously design, test, and deploy smart contracts from concept to mainnet, without human assistance. This creates a closed-loop "machine economy" where AI agents can both build services and pay to use services built by other agents. The release is the first major project from the Casper Manifest, a multi-year technological plan. The Casper Association is supporting adoption with a $150,000 "Agentic Buildathon" for developers, featuring sponsored transaction fees. Future development includes account abstraction to give agents their own on-chain identities and spending rights.

TheNewsCrypto9 хв тому

Casper Launches AI Toolkit for Autonomous Agents and Builders

TheNewsCrypto9 хв тому

SpaceX, OpenAI, Anthropic: The Three AI Giants Racing for IPO, Which One Is Worth Betting On?

SpaceX, OpenAI, and Anthropic are poised for historic IPOs within weeks, potentially raising a combined $180 billion—a sum exceeding the entire internet bubble's fundraising. The hosts of the Limitless Podcast argue this isn't just individual company financing but an unprecedented capital concentration for AI infrastructure, driven by an insatiable need for compute, data centers, power, and chips. SpaceX's IPO is notable for reportedly changing market index rules to allow faster inclusion, potentially funneling trillions in passive retirement funds into its stock, despite its unproven space-based data center business model. In contrast, Anthropic demonstrates explosive growth, with ARR reportedly hitting $45 billion and approaching profitability, fueled by strong enterprise adoption of products like Claude Code. Google's separate $80 billion raise highlights the immense capital pressure, even for giants. The discussion acknowledges bubble risks but leans optimistic. The hosts contend the massive spending is building essential physical infrastructure for the next technological era. A key bottleneck isn't capital but the real-world limits of chip manufacturing and construction speed. As long as demand for AI compute outstrips supply, this investment cycle represents a foundational build-out rather than a purely financial bubble. All three companies are seen as foundational bets on the future, with Anthropic often cited as the most immediately compelling due to its proven revenue trajectory.

marsbit1 год тому

SpaceX, OpenAI, Anthropic: The Three AI Giants Racing for IPO, Which One Is Worth Betting On?

marsbit1 год тому

From 'Old Guys' to 'New Favorites': How AI Is Revaluing Old Infrastructure from Dell to Nokia?

From "Vintage Tech" to "New AI Darlings": How AI Revalues Old Infrastructure One year ago, tech giants like Dell, Nokia, Cisco, and Western Data were seen as slow-growth, low-valuation stories, far from the AI spotlight dominated by players like Nvidia. Now, these legacy tech stocks are gaining market attention, sparking debate on whether this is genuine industry revaluation or a temporary narrative. As AI moves from model parameters to real-world data centers, the market is recognizing companies with proven delivery and infrastructure capabilities. This shift marks a change in the AI investment thesis: from pure model and GPU focus to the complex systems engineering required for deployment. Companies like Dell, HPE, and Corning are being revalued not for being "sexy" AI innovators, but for their decades of accumulated expertise in supply chains, enterprise delivery, and infrastructure—assets that have become critical in the AI buildout phase. The revaluation is unfolding across three key infrastructure lines: 1. **Servers & System Integration:** Dell and HPE are emerging as crucial system integrators or "general contractors" for AI data centers, translating GPU orders into complete, deployable server racks integrated with power, cooling, and networking. 2. **Networking & Connectivity:** AI's scale demands robust high-speed connections. Corning (fiber optics), Nokia (AI-RAN, 6G), and Cisco (data center switches) are gaining importance for enabling efficient data transfer within and between AI clusters. 3. **Storage:** Beyond high-speed memory (HBM/DRAM), the AI data explosion is driving demand for high-capacity hard drives (HDDs) from companies like Western Digital and Seagate to handle training data, logs, and cold storage cost-effectively. For this revaluation to be substantive and not just a narrative, three criteria are key: 1) Concrete AI-related order and revenue growth (e.g., Dell's AI server sales), 2) Upward revisions to company financial guidance, and 3) Sustainable improvements in profit quality, not just top-line revenue spikes. In essence, AI's transition to a real construction phase is re-pricing "old assets" against "new demand." The opportunity, however, is selective. Only those legacy firms that are demonstrably integrated into the capital expenditure chains of data center and enterprise AI deployment are likely to experience a true "logic re-rating" rather than just a temporary valuation bounce.

marsbit1 год тому

From 'Old Guys' to 'New Favorites': How AI Is Revaluing Old Infrastructure from Dell to Nokia?

marsbit1 год тому

The Merger of Codex and ChatGPT Marks the Beginning of a Major Reshuffle in Programming Tools

OpenAI is shifting its strategic focus from ChatGPT to Codex, merging them along with the browser tool Atlas into a unified desktop super-app. This move signals an internal belief that Codex, originally a programming tool, represents the next evolution of AI more than conversational models like ChatGPT. Over the past year, Codex's weekly active users have surged past 5 million. The key distinction is that while ChatGPT answers questions, Codex executes tasks. Enterprises increasingly value this ability to get work done over simply receiving advice. Consequently, Codex is attracting professionals beyond developers, including analysts, bankers, marketers, and product managers. OpenAI's reorganization and increased investment in Codex stem from recognizing that the future of AI competition lies in execution capabilities, not just conversation. The company is launching role-specific plugins (e.g., for data analysis, sales, design) to transform Codex into a broad knowledge work platform that automates and redefines white-collar workflows. Beyond being a tool, Codex reflects OpenAI's ambition to redefine software. New features like "Sites"—which generates interactive websites from documents—and collaborative "Annotations" aim to create a paradigm where the AI understands the goal and handles the tools and steps, functioning more like a digital colleague than traditional software. The ultimate goal is a unified experience where the user cares only about the completed task.

marsbit1 год тому

The Merger of Codex and ChatGPT Marks the Beginning of a Major Reshuffle in Programming Tools

marsbit1 год тому

Interpreting Investment Opportunities in the Age of Great Navigation, Invesco Great Wall Fund Releases '2026 Report on Chinese Enterprises Going Global'

Invesco Great Wall Fund has released its "2026 China Corporate Globalization Report," titled "The 'Great Navigation Era' of Chinese Enterprises." The report analyzes the new trends and investment opportunities as Chinese companies expand globally, moving from simple product exports to comprehensive overseas operations involving services, branding, and local production. Driven by factors like trade friction, the pursuit of higher profit margins abroad, and policy support, globalization is becoming essential for Chinese companies. The report outlines an evolution: from early product export ("Globalization 1.0") to the current "Globalization 2.0," characterized by overseas capacity, capital goods investment, consumer brand expansion, and service exports. Chinese firms' competitive advantages are highlighted, including a vast engineer talent pool, low-cost and robust infrastructure, and complete industrial clusters. Specific sectors with significant出海 potential are identified: * **Capital Goods** (e.g., engineering machinery, power equipment): Benefiting from global demand, especially in Belt & Road markets and the AI-driven power grid upgrade cycle. * **Consumer Brands**: Transitioning from cost to brand advantage, leveraging供应链 efficiency. * **Technology & Innovation**: Including AI applications, optical modules within global tech supply chains, and new energy vehicles focusing on local production. * **Pharmaceuticals**: Chinese biotech firms are becoming preferred partners for global pharma, with potential for breakthrough drugs in areas like oncology and weight loss. The report concludes that corporate globalization represents a sustained, core theme for China's capital markets, though companies must navigate challenges like geopolitics and localization.

marsbit2 год тому

Interpreting Investment Opportunities in the Age of Great Navigation, Invesco Great Wall Fund Releases '2026 Report on Chinese Enterprises Going Global'

marsbit2 год тому

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Як купити AAVE

Ласкаво просимо до HTX.com! Ми зробили покупку Aave Protocol (AAVE) простою та зручною. Дотримуйтесь нашої покрокової інструкції, щоб розпочати свою криптовалютну подорож.Крок 1: Створіть обліковий запис на HTXВикористовуйте свою електронну пошту або номер телефону, щоб зареєструвати обліковий запис на HTX безплатно. Пройдіть безпроблемну реєстрацію й отримайте доступ до всіх функцій.ЗареєструватисьКрок 2: Перейдіть до розділу Купити крипту і виберіть спосіб оплатиКредитна/дебетова картка: використовуйте вашу картку Visa або Mastercard, щоб миттєво купити Aave Protocol (AAVE).Баланс: використовуйте кошти з балансу вашого рахунку HTX для безперешкодної торгівлі.Треті особи: ми додали популярні способи оплати, такі як Google Pay та Apple Pay, щоб підвищити зручність.P2P: Торгуйте безпосередньо з іншими користувачами на HTX.Позабіржова торгівля (OTC): ми пропонуємо індивідуальні послуги та конкурентні обмінні курси для трейдерів.Крок 3: Зберігайте свої Aave Protocol (AAVE)Після придбання Aave Protocol (AAVE) збережіть його у своєму обліковому записі на HTX. Крім того, ви можете відправити його в інше місце за допомогою блокчейн-переказу або використовувати його для торгівлі іншими криптовалютами.Крок 4: Торгівля Aave Protocol (AAVE)Легко торгуйте Aave Protocol (AAVE) на спотовому ринку HTX. Просто увійдіть до свого облікового запису, виберіть торгову пару, укладайте угоди та спостерігайте за ними в режимі реального часу. Ми пропонуємо зручний досвід як для початківців, так і для досвідчених трейдерів.

308 переглядів усьогоОпубліковано 2024.12.11Оновлено 2026.06.02

Як купити AAVE

Обговорення

Ласкаво просимо до спільноти HTX. Тут ви можете бути в курсі останніх подій розвитку платформи та отримати доступ до професійної ринкової інформації. Нижче представлені думки користувачів щодо ціни AAVE (AAVE).

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