Recently, AAVE experienced a short-term price decline amid public disagreements between DAO and Labs, and market sentiment was tense for a while. But if we dig deeper, it's not as pessimistic as it seems.

Let's look at the data: the protocol's TVL remains around $36 billion, annual fee income approaches $700 million, and user activity has not declined. All these indicate that the core business is operating normally.

What's more interesting is that during the price dip in December, active addresses actually increased significantly. This usually signals that market participants are actively adjusting their positions—that is, someone is accumulating at low levels. By early January, market sentiment started to warm up, and prices gradually began to rise.

From this perspective, the governance disputes within the DAO are more of a noise issue. As long as both sides can ultimately find a way to negotiate, the foundation of AAVE as a leading DeFi protocol remains solid. For investors, there's no need to be overly influenced by short-term fluctuations; the key is to observe whether the fundamentals can continue to support growth.