AAVE is also one of my favorite assets. Currently, it has a FDV of 2.6 billion, and last year AAVE DAO's annual revenue was 140 million, resulting in a PS ratio of 18. In comparison, HYPE has annual revenue of 900 million, a FDV of 26 billion, and a PS ratio of 28. AAVE's valuation isn't high. AAVE DAO's main costs are liquidity incentives and service fees, with an annual buyback of 50 million, essentially accounting for about half of its revenue. This translates to a PE ratio of 36, which is average for tech stocks. Even if BlackRock and JPMorgan Chase do their own lending, unlike traditional brokerage lending, on-chain lending's most important aspect is contract security, which cannot be verified in the short term. Therefore, even if traditional financial institutions gain some market share, a significant number of US stocks and bonds on-chain will still choose AAVE. The current risk for AAVE is the dispute between AAVE Labs and AAVE DAO. After AAVE Labs unilaterally modified the front-end, the extent to which front-end swap fees will still be allocated to the DAO is still under negotiation. If AAVE's decisions are still made by DAO in the long run, then the decision-making efficiency will naturally decrease.