I'd like to clarify some recent misunderstandings regarding the $AAVE token in my personal capacity.
Some have claimed that the recent DAO discussions mean the $AAVE token is no longer relevant. This is completely false.
The $AAVE token is used to govern the Aave protocol, which is the source of the *vast majority* of its revenue. The protocol has generated nearly $150 million in revenue over the past year through fees from lending, liquidation, and flash loans.
This revenue is controlled by $AAVE holders through governance mechanisms and used for purposes such as token buybacks.
No service provider or agent, including Aave Labs, can arbitrarily change these *protocol-level* parameters. This requires a governance vote.
This applies to both V3 and V4.