에이브 (AAVE) 토크노믹스

Aave (AAVE) is one of the most prominent DeFi protocols, with comprehensive tokenomics that drive its governance, incentivize ecosystem participation, underpin security, and ensure protocol sustainability. Below, you’ll find a detailed breakdown encompassing its issuance, allocation, utility and incentive mechanisms, as well as the token’s locking and unlocking rules.

Issuance Mechanism

• Original Token & Migration:
  Aave initially launched as ETHLend using LEND tokens. In 2020, a migration occurred (100 LEND = 1 AAVE).

• Max Supply:
  The AAVE token has a fixed maximum supply of 16 million.

• Initial Distribution:

  • 13 million AAVE allocated to LEND holders for migration (claimable at 100:1 ratio).
  • 3 million AAVE minted into the Aave Ecosystem Reserve at genesis.

• Unlock Schedule:
  Most of the tokens became available to the community and Ecosystem Reserve at launch (Sept. 24, 2020), avoiding long-term vesting cliffs commonly seen in early token launches. Earlier LEND allocations had specific unlock dates ranging from 2017 to 2020, primarily via instant “cliff” unlocks.

Unlock Table Example

Allocation Mechanism

Genesis Allocation Breakdown

• Prior LEND allocations to team, development, and marketing were distributed via scheduled unlocks up to 2020.
• The Ecosystem Reserve is controlled via on-chain governance, used to fund incentives, grants, and liquidity programs.

Usage & Incentive Mechanisms

Primary Use Cases:

• Governance:
  AAVE is the sole governance token; users must hold or stake AAVE/stkAAVE to submit/vote on proposals.

  • Minimum of 1,600 AAVE is required to submit proposals.

• Platform Incentives:

  • Safety Module Staking: Users can stake AAVE (or ABPT, GHO) in the Safety Module to backstop protocol insolvency risk. In return, they earn daily “Safety Incentive” rewards, totaling 820 AAVE/day (from the Ecosystem Reserve).
  • Liquidity Mining: Historical use of stkAAVE for incentivizing depositors/borrowers, mostly on Aave V2 (since discontinued in 2022).
  • Grants and Ecosystem Initiatives: Funding grants for ecosystem development (via Grants DAO), integration incentives, developer bounties.

• Collateral:
  AAVE can be posted as collateral on Aave markets but cannot be borrowed from the protocol.

Fee Sharing & Returns:

• Staked AAVE earns Safety Incentives and may qualify for other protocol earnings based on governance decisions.
• Rate and scope of incentives may be altered by governance.

Locking & Unlocking Mechanism

Staking (Safety Module):

• Locking:

  • Users must stake AAVE/ABPT/GHO to the Safety Module, receiving corresponding staked tokens (stkAAVE, etc.).
  • Staked tokens are subject to a “cooldown period” before they can be withdrawn.

• Unlocking / Cooldown:

  • The cooldown period is currently 20 days (as of April 2024), adjustable by governance.
  • After the cooldown period, users have a 2-day window to withdraw; otherwise, the cooldown resets.
  • During staking, users are exposed to “Shortfall Event” risk, where up to 30% of staked assets may be slashed if the protocol suffers insolvency.

Unlock Schedule for Early Allocations:

Many early allocations (for LEND team/dev/marketing) were distributed with immediate (“cliff”) unlocks—biannual tranche releases between 2017-2019. By 2020, these allocations had fully unlocked.

Network Deployments & Ecosystem Position

• AAVE is live on multiple EVM-compatible chains: Ethereum, Polygon, Avalanche, Arbitrum, Optimism, and more.
• The AAVE token contract and its staking system have been professionally audited multiple times and have successfully withstood several DeFi stress events.

Additional Notes

• The Aave DAO determines future incentive schemes, liquidity mining campaigns, or further treasury deployment.
• Aave’s transition from LEND to AAVE, and then ongoing multichain expansion, optimized for both security and flexibility.
• The protocol is widely regarded as having one of the fairest and most transparent distributions, with strong community/DAO control over its treasury.

Summary Table

Critical Insights & Implications

• Decentralized Governance: Empowerment of token holders through both on-chain and cross-chain voting, with a robust, battle-tested governance model (V3).
• Security and Incentive Alignment: The Safety Module aligns incentives to secure protocol funds—staking risk is paired with attractive incentives, fully controlled by DAO.
• Sustainable Distribution: Most major emissions are complete; inflation risk is minimized. Ongoing rewards are sourced from the Reserve and approved via governance.
• Active Ecosystem: Grants, protocol upgrades, and ecosystem incentives continue under DAO stewardship, ensuring flexibility and responsiveness.

Aave’s tokenomics balance strong security, decentralized governance, and user incentives, serving as a design reference across the DeFi landscape.