去中心化借貸協議 Aave 宣布累積貸款規模突破 1 兆美元，成為 DeFi 產業首個達成此里程碑的協議。Aave Labs 執行長 Stani Kulechov 週三在 X 平台表示，這是 Aave 朝向成為「全球規模最大、效率最高的流動性網路」目標的關鍵節點，並明確將銀行與金融科技公司列為下一階段整合的核心目標。
里程碑背後：Aave 的規模優勢與費用領先地位
（來源：Aave）
Aave 在 DeFi 借貸市場的領先建立在持續擴大的規模護城河之上，目前遙遙領先於 Morpho、JustLend、SparkLend、Maple、Kamino Lend 及 Compound Finance 等總鎖定價值均超過 10 億美元的同業競爭者。
Kulechov 在聲明中指出：「十年前， DeFi 和 Aave 還不存在，它們只是概念。如今，Aave 已成為鏈上借貸的支柱，為開放、全球化且勢不可擋的新型金融體系提供動力。」
Aave 當前核心業務數據
累積貸款規模：突破 1 兆美元，為 DeFi 產業歷史首次
總鎖定價值（TVL）：逾 272 億美元
過去 30 天手續費收入：8,330 萬美元，約為第二名 Morpho 的 4 倍
用戶功能：提供加密資產質押借款與存款利息兩大核心服務
成立背景：2017 年 11 月以 ETHLend 創立，2018 年 9 月更名為 Aave
機構佈局與未來願景：銀行、金融科技與 RWA 整合
Aave 的下一階段成長策略集中在傳統金融機構的深度整合。2025 年 8 月，Aave Labs 推出 Aave Horizon，這是一個部署於以太坊的機構借貸市場，允許傳統金融公司和機構投資者以現實世界資產（RWA）作為抵押借入穩定幣。VanEck、WisdomTree 及 Securitize 為首批接入者。
Kulechov 的戰略願景是讓 Aave 成為「建設者、銀行和金融科技公司默認接入的平台，從根本上改善全球金融領域的流動性和成本結構。」他於 2 月 15 日進一步表示，DeFi 借貸可透過將太陽能板、儲能電池、勞動機器人等「富餘資產」代幣化受益，預計此類資產至 2050 年的總價值將達 50 兆美元。
此里程碑的達成同步伴隨著協議內部的治理爭議。 AAVE 代幣持有者正被要求批准一項向 Aave Labs 撥付 4,250 萬美元穩定幣及 75,000 枚 AAVE 的方案；作為交換，Aave Labs 將在 DAO 資助的運營框架下，把所有品牌產品收入轉入 Aave DAO 金庫。此方案在社群中引發分歧，核心爭議為 Aave Labs 與 DAO 之間資金和決策權的邊界劃定。
常見問題
Aave 的 1 兆美元貸款里程碑代表什麼意義？
Aave 成為 DeFi 產業首個累積貸款規模突破 1 兆美元的協議，標誌著去中心化借貸從概念驗證走向具有規模效應的全球金融基礎設施。這一數字驗證了鏈上借貸在流動性、效率與可及性方面的競爭優勢。
Aave Horizon 如何服務機構投資者？
Aave Horizon 是 Aave Labs 推出的機構借貸市場，允許傳統金融公司和機構投資者以現實世界資產（RWA）作為抵押借入穩定幣，設計上符合機構的法律確定性與合規需求，VanEck、WisdomTree 及 Securitize 為首批接入機構。
Aave DAO 與 Aave Labs 的治理爭議核心是什麼？
當前爭議聚焦於一項向 Aave Labs 撥付 4,250 萬美元穩定幣及 75,000 枚 AAVE 的方案。支持者認為此安排使 Aave Labs 的利益與 DAO 長期發展一致；反對者則擔憂收入控制過度集中於 Labs，削弱 DAO 的去中心化自治屬性。
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