so @aave is pulling in $131M in annual revenue with almost zero token incentives.

This is the rare case of truly organic DeFi growth in 2025.

I've been deep in the numbers, and what I'm seeing is remarkable. While most protocols burn tokens to attract TVL, Aave built something fundamentally different a protocol that users actually want to pay for.

The evidence is overwhelming:

🔸 $54B+ TVL (62% market share)
🔸 Revenue exceeds token incentives by 8-10x
🔸 $210M liquidations processed without adding bad debt
🔸 Treasury grew 130% YoY to $329M
🔸 Centrifuge's Horizon RWA pool already $540M+ on AAVE

What makes this special? Pure sustainability. When protocols offer unsustainable yields, that's VC money subsidizing users. When you see Aave's metrics, that's people paying because the service delivers real value.

I've tracked countless DeFi protocols that live and die by token emissions. The survivors generate organic revenue that exceeds their incentive spending.

Aave generates more revenue than Uniswap, Maker, and Lido combined with no token emissions cliff.

The bigger picture here:

🔸 DeFi is maturing beyond mercenary capital
🔸 Real businesses with sustainable cash flows are emerging
🔸 Aave evolved from protocol to financial infrastructure

For anyone questioning if DeFi can build lasting businesses without endless token printing, Aave is your answer. $131M in revenue, $329M treasury, zero major exploits across $55B+ handled.

This is what winning looks like in 2025 for a defi protocol.

Just use Aave.