The continued decline of AAVE has led to a massive liquidation of major long positions on Hyperliquid, and the founder's "self-funded market rescue" has already resulted in a paper loss of $2 million.

According to Mars Finance, on December 23, HyperInsight monitored that in the past 15 hours, affected by the continuous decline of AAVE yesterday and this morning, the major long whale(0x074) on Hyperliquid was liquidated and its position was wiped out, with a short-term liquidation scale of approximately $1.19 million. This long position was previously opened on November 16 at an average price of $189. According to on-chain analyst Yu Jin, Aave founder Stani Kulechov again purchased AAVE tokens this morning. Stani withdrew 1699 ETH (approximately $5.17 million) from Kraken this morning and purchased 32658 AAVE at an average price of approximately $158. It is worth noting that this is Stani's second time buying on dips recently. He began buying as early as December 16, after the governance conflict between the Aave development team and the community DAO escalated. According to statistics, since the start of this governance controversy, Stani has used 5,000 ETH (approximately $14.84 million) to buy 84,033 AAVE in batches, with an average cost of approximately $176.6. He currently holds 84,033 AAVE, worth $12.6 million, representing a paper loss of approximately $2 million. Earlier yesterday, news broke that the Aave community would begin voting on the ARFC proposal to "transfer brand asset control to token holders" on Snapshot at 10:40 AM tomorrow, with voting continuing until December 26th. Prior to this announcement, the second-largest AAVE holder, a whale address, sold 230,000 AAVE (approximately $38 million), causing the AAVE price to drop by over 12% in a short period.