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Aave Founder Stani: DeFi Lending Protocols Should Be Valued on Interest Revenue, Not TVL

GateNews

Project Progress

2026-05-25 02:28:13

AAVE0.17%

According to Stani Kulechov, founder and CEO of Aave, DeFi lending protocols should not be valued primarily based on total value locked (TVL), as it measures net collateral rather than lending activity. Based on end-2025 data, Aave generated $700 million in borrowing interest revenue with $1.5 billion in DAO reserves, compared to SoFi's $1.8 billion in loan income and $481 million net profit from $380 billion in loans. Stani argued that traditional finance values lenders by loan book, interest income, and spreads, and DeFi should adopt similar metrics instead of focusing on TVL and protocol fees.

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