Aave Makes More Money Than 5 DeFi Giants Combined… So Why Is AAVE Price Asleep?

The Aave (AAVE) price is trading near $126.29 after a quiet stretch. The project shut down its Avara brand and consumer wallet to narrow its focus on DeFi lending.  A long-running SEC investigation also ended without penalties, clearing a major cloud.

On top of that, Aave rolled out a 2026 plan centered on V4, institutional lending, and a new consumer app. Despite all of this, price has barely reacted. That disconnect is what stands out.

However, recent data shared by Tanaka puts things into perspective. Aave is generating roughly $100 million a year in net protocol revenue. This is not theoretical income. These are earnings left after paying suppliers.

Gross fees already run above $1 billion a year. That level of activity only happens with real demand and consistent usage.

Over the past twelve months, Aave produced about $123.5 million in revenue and captured roughly 43% of the entire lending market. The next largest competitor sits far behind. Everyone else is fighting for small pieces of the pie.

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• Market Share Shows Who Actually Leads DeFi Lending
• Why the AAVE Price Has Not Followed Yet
• The Gap to Watch For AAVE

Market Share Shows Who Actually Leads DeFi Lending

Aave now earns more than the next five or six lending protocols combined. That matters because lending remains one of the few DeFi sectors that produces steady income across market cycles.

This dominance did not appear overnight. It came from liquidity depth, risk management, and long-term trust from users. Even during slower periods, capital keeps flowing through Aave. That level of consistency is rare in crypto.

Why the AAVE Price Has Not Followed Yet

Despite the numbers, AAVE still trades like a legacy DeFi token. Many market participants continue to value it based on old narratives from 2021 instead of current fundamentals.

Part of that comes from habit. DeFi fell out of favor as attention moved to newer themes. Another factor was regulatory uncertainty, which only recently cleared after the SEC closed its four-year investigation. With that overhang gone, the valuation gap stands out more clearly.

Furthermore, shutting down the Avara brand and family wallet was a signal. Aave is tightening its scope and putting resources back into what works. Lending remains the core engine.

The 2026 roadmap reinforces that direction. V4 aims to improve capital efficiency. Institutional real-world asset lending expands the user base. A consumer app brings access back to the front end. These moves target usage, not hype.

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The Gap to Watch For AAVE

At $126, AAVE reflects caution, not collapse. The protocol prints revenue at a scale few DeFi projects ever reach. Market share confirms leadership. Regulatory pressure has eased.

The open question is timing. Price often lags fundamentals until attention shifts. When it does, repricing tends to happen quickly.

For now, the Aave price sits in an unusual position. It runs one of the most profitable businesses in DeFi, yet trades as if little has changed.