Olivia Capozzalo & Camila Russo
March 02, 2026

Happy Monday, Defiers!

Today’s big story:

Aave Labs’ “Aave Will Win” proposal controversially passes temp check vote

In other news:

MoonPay, M0 launch PYUSDx
DOJ announces $580M seizure from crypto scammers
Barclays considers blockchain settlement
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Today’s Big Story

Aave’s “Will Win” Framework Passes — Narrowly

Aave’s most consequential governance proposal of the year just cleared its first hurdle.

The “Aave Will Win” framework passed its Snapshot Temp Check with 52.58% voting in favor, 42% against, and ~5% abstaining, advancing to the ARFC stage before any binding on-chain AIP vote.

The proposal asks the DAO to endorse a shift toward a fully token-centric model built around three pillars:

Directing 100% of product revenue generated by Aave products to the DAO and AAVE token.
Formalizing a foundation structure to hold Aave IP and brand assets.
Funding Aave Labs to build and deliver Aave V4 and ecosystem expansion under a defined budget.

That funding component has drawn the most scrutiny. The framework outlines a budget of approximately $51 million to support development and operations tied to V4 and broader product execution.

Founder Stani Kulechov framed the vote as a strategic milestone:

“Temp Check for the Aave Will Win proposal has passed,” he wrote, adding that it “brings Aave Labs closer to a fully token-centric model, directing 100% of product revenue to the $AAVE token.”

In a follow-up post, he reiterated that the ARFC stage would incorporate community feedback before final structuring.

The margin, however, reflects division.

After the vote, Marc Zeller, founder of the Aave Chan Initiative, published a detailed forum analysis arguing that if one excludes votes from several large addresses linked to Aave Labs, the broader delegate base leaned against the proposal.

Zeller’s criticism focused on three points:

The need to unbundle the framework into separate approvals rather than voting on a bundled package.
Greater clarity on how the ~$51M budget would be deployed, phased, and reported on.
Clearer definitions around what “100% of revenue” includes, and how independence from Labs would be preserved in practice.

Importantly, Zeller emphasized support for the direction of the framework, while calling for stronger fiscal guardrails and governance separation.

The proposal now moves to ARFC, where those concerns can be addressed before any on-chain commitment.

This is a test of whether Aave’s decentralized coalition can align capital, control, and execution without splintering.

With love,

Cami, founder of The Defiant

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🎬WATCH

Did L2 Fragment Ethereum? — With Yuval Rooz, CEO of Digital Asset, Co-Founder of Canton

In this episode of The Defiant Podcast, Cami sits down with Yuval Rooz, CEO of Digital Asset and co-founder of Canton, who says permissioned blockchains and not zk are the key to onchain privacy. He also believes L2s have overall hurt Ethereum as they have made it more centralized.

Watch the full interview: