#DeFi借贷市场 Seeing Wintermute oppose the Aave proposal for controlling brand assets, my mind flashes back to the key moments in the DeFi lending market over the past decade.

Remember the Compound governance storm in 2020? Back then, everyone was celebrating the bright future of decentralization, but it didn't take long to realize that when the interests of token holders and the core team diverge, governance becomes an invisible war. The dilemma Aave faces now is essentially the same as what Compound and MakerDAO encountered back then—how to strike a balance between protecting early builders' rights and meeting community expectations.

Gaevoy is right; the proposal indeed lacks detail. But a deeper issue is that a gap in expectations has already formed between Aave Labs and token holders. I observed this trend during the 2022 bear market—when the revenue model of a DeFi protocol is unclear, tokens tend to become purely governance tokens rather than genuine value carriers. Comparing this to Lido's approach, although controversial, at least their tokenomics logic is more closed-loop.

History shows us that protocols that withstand cycle tests are often not the most technologically advanced, but those that excel in governance transparency and value distribution. Aave reaching this point indicates that the internal debate over "how much is the token worth" has never been properly resolved. This is not only an Aave issue but a challenge that the entire DeFi lending sector needs to face.