AAVE · buyback exceeds Safety Module emissions.
Fixed 16M cap (totalSupply verified on-chain), no inflation, no vesting. Last 90 days: ~0.02M AAVE emitted from the Ecosystem Reserve to Safety Module stakers while the Aavenomics 2.0 buyback ($50M/yr permanent) removed ~0.14M AAVE from the market. Net 0.78% of supply OFF market. Next 90 days look the same — the buyback is the structural buy lever.
Fixed 16M hard cap. No mint function on the contract — verified via `totalSupply()` = 16,000,000.0 exactly.
Original LEND → AAVE migration completed Jul 2020 (1.3B LEND → 13M AAVE at 100:1). No team or investor vesting schedule remains.
Safety Module emissions out of the Ecosystem Reserve at 220 AAVE/day × 90D ≈ 19,800 AAVE / 90D. Stakers can claim and sell. §0.45.3.4 enumeration: Ecosystem Reserve balance ~597K AAVE (drawn down from original 3M). Releases at DAO discretion under governance. (An ARFC to reduce to 150/day is open but not yet ratified.)
No bankruptcy estate. Safety Module 20-day cooldown is operational, not a long-term lock.
Aavenomics 2.0: $50M/yr permanent buyback funded by protocol revenue. Weekly cadence $250K–$1.75M (~$1M average) executed by the Aave Finance Committee. 13 weeks × ~$1M / ~$90 avg price ≈ 144K AAVE per 90D ≈ 0.14M.
No EIP-1559 base-fee burn on AAVE. Protocol revenue funds the buyback above instead.
The Aavenomics 2.0 buyback IS the DAO-led buy mechanism — no separate Foundation accumulation programme. Anti-GHO is non-transferable (redeemable for GHO debt repayment) — explicitly NOT a buyback, excluded here.
Safety Module is a 20-day cooldown + 2-day claim window — operational liquidity lock only, not the long-term-lock threshold. The 2.09M AAVE in the SM is a standing fact, not a 90D flow.
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