ChainCatcher reports that Aave founder and CEO Stani Kulechov tweeted that DeFi lending protocol valuations should not primarily rely on TVL (Total Value Added) because it measures net collateral rather than lending activity. Comparing data from the end of 2025, Aave's supply was approximately $52 billion, active loans were approximately $22 billion, borrowing interest flows exceeded $700 million, and DAO retention was approximately $150 million; SoFi deposits were approximately $37.5 billion, loan ledgers were approximately $38 billion, loan revenue was approximately $1.8 billion, and net profit was approximately $481 million.
Stani argues that in traditional finance, deposits are liabilities or costs of capital, while loans are interest-bearing assets, typically assessed by lenders based on loan books, interest income, interest spreads, and asset growth. However, the DeFi market primarily focuses on TVL (Total Value Limit) and DAO retention fees. He believes Aave, within a traditional financial accounting framework, is closer to a lending business exceeding $700 million than a $150 million revenue protocol; TVL is not the revenue basis for a lending protocol, but rather the loan book and interest flow are the core elements.
