Aave [old]

Curve DAO Token

ether.fi

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Aave, Curve and Ether.fi tokens rose between 14% and 22% in the 24 hours to midday Tuesday, while Bitcoin traded flat.</li>
 <li>The gains followed Aave's founder floating a token burn and ether.fi saying its card business had replaced lost restaking income.</li>
 <li>Futures traders added positions too, lifting open interest in all three tokens by more than 25% in a day.</li>
</ul>
Aave (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/aave/">AAVE</a>), Curve (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/curve-dao-token/">CRV</a>) and ether.fi (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ether-fi-ethfi/">ETHFI</a>) tokens rose between 14% and 22% in the 24 hours to 11:51 a.m. ET Tuesday, as Bitcoin (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>) traded flat. Hyperliquid (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/hyperliquid/">HYPE</a>), the <a target="_blank" rel="noopener noreferrer nofollow" href="https://cryptorank.io/news/feed/7c8ff-sec-clears-regulatory-hurdle-as-crypto-token-buybacks-hit-record-638-million">biggest</a> spender on token buybacks this year, slipped 2%.
The rally followed fresh revenue headlines on Monday. Aave's founder floated a <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/token">token</a> burn, and ether.fi said its card business had replaced income lost from restaking. Futures traders added positions in all three, and lending tokens led the DeFi sector.<tweet-embed url="https://x.com/0xcarlosg/status/2103525385828757697?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2103525385828757697%7Ctwgr%5Efa0f33d746dadb0077030e0f7d35a1ba5ae293ae%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fblockworks-research.beehiiv.com%2Fp%2Frevenue-doesn-t-matter"></tweet-embed>
Blockworks Research has flagged the same turn across the market.
"Momentum and outperformance have shifted toward quality assets with high-quality tokenomics and revenue-generating businesses," Blockworks Research analyst Shaunda Devens <a target="_blank" rel="noopener noreferrer nofollow" href="https://blockworks-research.beehiiv.com/p/revenue-doesn-t-matter">wrote</a> on Monday.
<h2 id="header-1">Why Did Aave Price Lead? Its Founder Floated a Burn</h2>
"We're considering also burn for Aavenomics 3.0," founder Stani Kulechov <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/StaniKulechov/status/2104634306350170398">wrote</a> on X on Monday afternoon.
The token made most of its gain overnight, after Asian outlets <a target="_blank" rel="noopener noreferrer nofollow" href="https://panews.io/articles/01a0ea7b-fbca-77e8-8fd6-c8ac25f25ee5">carried</a> the comment. AAVE climbed from about $149 to $167 between midnight and 5 a.m. ET, CoinMarketCap data shows.<tweet-embed url="https://x.com/mzeller/status/2104715733477548216"></tweet-embed>
Aave's buybacks have been <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/Token_Logic/status/2048761794001617286">paused</a> since April 19, when the DAO redirected money to cover losses from the Kelp DAO exploit, according to treasury manager TokenLogic. Marc Zeller, whose Aave Chan Initiative left the DAO this year, <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/mzeller/status/2104715733477548216">wrote</a> that Aave now spends more than it earns and carries ETH debt.
<h2 id="header-2">Why Did Curve and Ether.fi Rise? Both Point to Revenue</h2>
Curve moved first, rising about 8% on Monday afternoon. The <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/protocol">protocol</a> sends half of all trading fees to holders who lock their CRV, its documentation <a target="_blank" rel="noopener noreferrer nofollow" href="https://resources.curve.finance/vecrv/overview/">states</a>. Curve's fees also rose to about $112,000 on Monday from $14,000 on Sunday, DefiLlama data <a target="_blank" rel="noopener noreferrer nofollow" href="https://defillama.com/protocol/curve-finance">shows</a>.
Ether.fi is making a similar case. The company <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.coindesk.com/business/2026/09/28/the-restaking-gold-rush-is-over-and-top-protocols-are-barely-making-a-profit">said</a> on Monday it will cut its last tie to EigenLayer restaking this quarter and lean on its card and banking business.
"Neobank revenue has fully replaced the revenue lost from restaking and lower ETH price," CEO Mike Silagadze told CoinDesk.
<h2 id="header-3">Was It Broad DeFi Buying? Lending Tokens Led the Sector</h2>
CoinMarketCap's Lending and Borrowing sector rose 14% on average over 24 hours, against about 3% for DeFi as a whole, CoinMarketCap data <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/cryptocurrency-category/">shows</a>.
The gains were uneven. Hyperliquid fell and Uniswap (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/uniswap/">UNI</a>) barely moved, though both buy back their own tokens.
The buying also ran through the <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/futures">futures</a> market. <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/open-interest">Open</a> interest in all three tokens rose between 26% and 31% over 24 hours, CoinGlass data <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.coinglass.com/open-interest/AAVE">shows</a>. Funding rates stayed close to neutral.
<h2 id="header-4">What Would Break It: Rotation Signals Glassnode Ties to Tops</h2>
The rotation is reaching well beyond DeFi. <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/altcoin">Altcoin</a> spot volume now runs close to four times Bitcoin's, the highest since September 2025, Glassnode <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/glassnode/status/2104592605388669281">found</a> on Monday. The firm said such demand for risk has often lined up with local Bitcoin tops.
Altcoin deposits to exchanges are also running at levels last seen in October 2025, the previous market top, CryptoQuant <a target="_blank" rel="noopener noreferrer nofollow" href="https://cryptoquant.com/insights/quicktake/6ab9ef6c951bae0a02e36723-Altcoin-euphoria-meets-Its-first-warning-signs">reported</a>.
Aave's burn is still under consideration. A proposal on its governance forum would be the first concrete step behind the rally.
"This shift points to a form of euphoria taking hold across altcoins," CryptoQuant analyst Darkfost wrote on Monday.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/ethereum-outruns-bitcoin-best-q3-etf-inflows">Ethereum Price Outruns Bitcoin in Q3 as ETH ETF Buyers Return</a>

Aave, Curve and Ether.fi Jump as Traders Rotate Into DeFi Revenue Tokens

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