Will Aave Win?
Plus, Barclays explores blockchain settlement
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
- Crypto Payments: What Holds a Web3 Business Together | Mercuryo [SPONSORED]
Read more below! But first, please give our sponsors some love; they make this newsletter possible.
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📈 Markets in the Past 24 Hours
| TICKER | VALUE | 24H | |
|---|---|---|---|
 | Bitcoin | $65,319 | -2.44 % |
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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:
Top News Since Friday
MoonPay and M0 Launch PYUSDx Stablecoin Development Framework
MoonPay and M0 have officially launched PYUSDx, a platform designed to simplify the creation and management of application-specific stablecoins, backed by PayPal’s PYUSD.
Why it matters: PYUSD’s market cap recently crossed $4 billion, making it the fourth-largest stablecoin on Ethereum L2 Arbitrum.
Crypto Worth $580 Million Seized from Chinese Transnational Criminal Networks
The U.S. Department of Justice has announced it has seized $580 million worth of cryptocurrency linked to Chinese transnational criminal networks, part of a broader initiative to combat global scams.
Why it matters: The DOJ said the DC Scam Center and the Strike Force reached this milestone in just three months.
Barclays Evaluates Blockchain-based Settlement
Barclays is evaluating technology providers for a new platform to integrate stablecoins and tokenized deposits.
Why it matters: Barclays’ recent activities signify a shift from the banking giant’s previously cautious stance to active investment in blockchain infra.
Trending on The Defiant
- Crypto Worth $580 Million Seized from Chinese Transnational Criminal Networks
- Barclays Evaluates Blockchain-based Settlement
- MoonPay and M0 Launch PYUSDx Stablecoin Development Framework
- Decibel Perpetuals Exchange Launches on Aptos
- Ethereum Foundation Outlines ‘Strawmap’ Through 2029
- Korean CEX Listings Continue to Boost Altcoins
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