Grayscale Research Says AAVE Is Undervalued

Aave is a major decentralized finance, or DeFi, lending protocol that earns revenue from lending services, treasury yields and the GHO stablecoin. Grayscale Research valued it using discounted cash flow analysis and fintech companies’ price-to-earnings ratios, highlighting how crypto tokens with real yields can also be assessed using traditional financial frameworks.

Grayscale Research said on June 18, 2026, that Aave’s revenue had grown more than 6.6-fold over the previous three years, with an operating margin of about 50%. It estimated the protocol’s 2026 revenue at $60 million. AAVE was trading at about $75 at the time, compared with an estimated present value of $80–$100. Its one-year fair value could reach $175 if greater regulatory clarity drives adoption of real-world assets, or RWAs.