Aave [AAVE] It’s a hard time.
Proposals to control the intellectual property and brand rights of the Protocol have failed to win support. AAVE price fell by 14% last week.
It seems that there is very little trust in the ecosystem. One wonders about the future of one DeFi’s most prominent names.
The vote that defined the lines
Recent governance votes to place the brand of protocol and its intellectual property under DAO’s control were decisively defeated. Just 3.5% of voters voted in favor and over 55% against. However, a large number of people abstained. However, there wasn’t a lot of opposition.
Source: snapshot.org
The core of the organization is its people. the proposal The goal was to take control over Aave’s Token holders will now be able to take control of domains, social handles and naming right away from Aave Labs or BGD Labs. The idea was that it would be a first step in achieving deeper decentralization.
For many people, timing, structure and implications are of concern.
AMBCrypto previously reported Stani Kulechov is the founder and CEO of Aave. He publicly opposed this proposal. Stani Kulechov had said that voting yes or no was not the best way to solve such a complicated issue. Aave Labs was accused by the community of meddling in DAO governance.
Rejection didn’t happen in isolation
There was anger in the days before the vote over the way the process had unfolded. Some members of community were against moving the vote to a “snapshot” while discussion was still ongoing.
Kulechov was next in the spotlight, as he reportedly purchased AAVE worth $10 million ahead of voting. Although not illegal in and of itself, this raises serious questions regarding the power structure within systems based on tokens.
A market that is uncertain?
The altcoin fell below $150 earlier in the month before rebounding slightly. At the time of writing, it was still trading under key moving averages (MAs) – A sign that usually means sellers might be in control.
TradingView
The RSI was low and money flow was negative – Indicative of buyers being cautious. In fact, it seemed that the pressure to sell was easing. AAVE may try to return towards $165-170 if buyers come back.
At this time, the market awaits a direction that is clear.
Last Thoughts
- Aave brand takeover failed with more than 55% voting against.
- This week, the native token (AAVE) also dropped by 14 percent.
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Source: ambcrypto.com
