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$GRVT $GRVT Aave’s Ethereum Core market lists a 4.5% borrowing rate for $GHO, aligning the stablecoin’s borrowing cost with the savings rate TokenLogic reported on Oct. 2. The next test is whether the change brings $USDC or $USDT into the reserves available to savers who choose to convert withdrawn $GHO into $USDC or $USDT. Aave describes its savings token (sGHO) as redeemable instantly into $GHO, so a holder who wants $USDC needs a separate conversion. A higher borrowing rate can change the incentive to repay, but the route used to acquire that repayment $GHO determines whether stablecoins enter the reserves. The DAO service provider reported a depleted $USDC $GHO Stability Module (GSM) on Oct. 2, and said the rate increase should help replenish reserves if borrowers obtain repayment $GHO through the modules. The effect on reserves depends on borrowers bringing stablecoins into those modules, and the new rate alone does not demonstrate improved $USDC conversion liquidity. Aavescan’s Core $GHO data dated Oct. 5 displays a 4.5% borrow $APR. Its daily snapshots show 4.25% at midnight UTC on Oct. 3 and 4.5% at midnight on Oct. 4 and Oct. 5, locating the change between daily readings. TokenLogic’s Oct. 2 notice proposed moving Core from 4.25% to 4.5%. It said borrowers could previously pay 4.25% to acquire $GHO on Core and earn 4.5% in sGHO, leaving the DAO to fund the 25-basis-point difference. At an unchanged savings rate, the new Core rate eliminates that stated gap. That alignment is specific to Core and the 4.5% savings rate reported on Oct. 2. TokenLogic proposed a 3% base rate, up from 2.75%, and a 4.25% $APR at optimal utilization, up from 4%. Aavescan’s Prime page displayed 4.17% on Oct. 5 at 86.35% utilization, versus 4.22% in its midnight snapshot. Repayment replenishes reserves only through the right route TokenLogic describes two ways a borrower needing $GHO can acquire it: buy on the secondary market, or exchange $USDC or $USDT through a GSM. Buying $GHO can support its market price, while bringing stablecoins into a GSM adds the inventory that another $GHO holder can later redeem against. That makes a fall in outstanding debt an incomplete measure of conversion liquidity, since repayment can occur without $USDC reaching a module. Improved conversion liquidity requires stablecoins entering the reserve, beyond any change in $GHO debt. Core’s midnight snapshots recorded 116 million $GHO borrowed on Oct. 2 and 115.8 million on Oct. 5. Aave’s native sGHO documentation says users deposit $GHO, receive vault shares, and redeem those shares for $GHO without a cooldown. It also says deposited funds are not rehypothecated. Aave also documents a pause state and user-specific withdrawal limits. Those conditions affect live vault availability, separately from the inventory and liquidity needed to exchange the resulting $GHO. $GHO exits require market conversion, while repayment routes depend on reserve inventory and pool liquidity. The RemoteGSM architecture, described by TokenLogic in March, makes the inventory distinction explicit. Governance-approved facilitators supply preminted $GHO to a GhoReserve, and GSMs draw and restore it under assigned limits. Room to distribute $GHO is separate from the stablecoin inventory available for redemption. A higher limit can permit incoming swaps, but users still have to deliver the $USDC or $USDT. Aave Labs’ institutional proposal reported 19.2 million $USDT on Ethereum and 40.7 million on Plasma as of Sept. 24, totaling 59.9 million $USDT. It excluded $USDC instances because their redeemable balances were negligible. TokenLogic’s Oct. 2 update reported approximately 22.5 million $USDT in a $USDT GSM without labeling the network scope. Comparing that figure with the earlier Ethereum-plus-Plasma total would not establish an aggregate decline. Neither statement supplies matched Oct. 5 balances. Plasma provides a potential route to $USDT inventory beyond Ethereum through Chainlink CCIP. Its usefulness depends on the time needed to bridge $GHO and turn the module’s assets into usable stablecoins. Kairos Research’s September analysis, using Sept. 8 readings, reported 40.6 million in nominal Plasma GSM redemption inventory against 38.6 million in underlying lending-pool cash. Kairos also estimated at least 9.7 hours of rate-limit time to move 40 million $GHO to Plasma under the bridge settings it measured. That assumed a full initial bucket and no competing traffic, and excluded message delivery and subsequent conversion steps. Fees require the same care. TokenLogic’s September parameter notice proposed 15-basis-point $USDC redemption fees on Ethereum, Monad and Arbitrum, a 10-basis-point Ethereum $USDT fee and zero mint fees. Its implementation language does not establish current executed fees. A usable exit depends on the current quote, inventory, and underlying liquidity together.

🔥 Top Recent Gainers • $BTC ‑USDT — strong short‑term rise 🚀 • $MANTA ‑USDT — solid green move 🟢 • $GHO ‑USDT — positive uptick 📈

DUBAI, UAE, Dec. 3, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, and Mantle, the high-performance distribution and liquidity layer for real-world assets, today announced a strategic partnership led by TokenLogic with Aave to advance decentralized finance (DeFi) accessibility and unlock new onchain liquidity channels for users worldwide. Under this collaboration, Aave will launch on Mantle Network, bringing the industry’s most trusted decentralized lending protocols to a scalable, low-cost, EVM-compatible Layer-2 built for institutional-grade applications and real-world assets. This integration will enable users to supply, borrow, and access tokenized assets powered by Mantle’s fast-growing DeFi, RWA, stablecoin, and restaking ecosystems. The partnership deepens the alignment between Mantle and Bybit, uniting protocol-level innovation with global exchange distribution. With Bybit acting as the Global Liquidity Bridge, the collaboration will strengthen liquidity pathways between centralized and decentralized venues with future plans to explore a variety of product offerings on the exchange including but not limited to asset listing, on-chain earn products, etc., subject to regulatory approval and market readiness. Unlocking a New Era of Onchain Capital Efficiency Aave’s deployment on Mantle establishes a powerful foundation for scalable and composable DeFi strategies, unlocking new liquidity routes that benefit both individual and institutional participants. Mantle’s Layer-2 infrastructure enhances the efficiency of Aave’s lending pools by reducing transaction costs and latency while supporting high-throughput market activity. Bybit’s global exchange infrastructure complements this expansion by offering direct connectivity between centralized liquidity, collateral management, and onchain DeFi markets, providing an integrated pathway for over 70 million users worldwide. As part of the partnership, MNT-based yield incentive programs will be introduced within Aave pools. These incentives aim to reward early participation, strengthen asset utilization, and catalyze healthy liquidity formation within the Mantle ecosystem. “This partnership represents a major step toward making decentralized finance truly scalable and globally accessible,” said Emily Bao, Key Advisor at Mantle.. “By combining Aave’s proven liquidity engine with Mantle’s high-performance Layer-2 and Bybit’s worldwide market reach, we are building a unified financial experience that bridges CEX liquidity with the next generation of on-chain markets.” “Bringing Aave to Mantle reinforces our mission to make high-performance DeFi infrastructure accessible to all,” said Emily. “Together with Bybit, we are creating a more connected liquidity environment – one where users and institutions can engage with decentralized markets confidently, efficiently, and at global scale. This collaboration sets the stage for deeper integrations and future market opportunities.” “This deployment on Mantle, together with Bybit’s global distribution, connects institutional-grade infrastructure with Aave’s deep, 24/7 liquidity,” said Stani Kulechov, Founder of Aave Labs. “By bringing Aave’s lending markets to Mantle’s high-performance network with direct access to Bybit’s exchange, this integration makes transparent, onchain finance available at global scale for institutions worldwide.” “DeployingAave on Mantle represents an important milestone in expanding our protocol across high-throughput networks to make DeFi win,” said Matthew Graham, Founder and CEO at TokenLogic. “We’re excited to see a lot more users benefit from the efficiencies and new liquidity sources unlocked through this integration with Mantle and Bybit.” Advancing the Future of Integrated On-chain Finance The partnership between Bybit, Mantle and Aave represents a decisive move towards a more unified, liquid, and accessible on-chain financial system. By combining Aave’s protocol security, Mantle’s execution performance and Bybit’s global distribution, the collaboration lays the foundation for the next phase of scalable DeFi infrastructure where capital can move seamlessly between centralized platforms and decentralized protocols. Together, the partners aim to accelerate global DeFi adoption and deliver a frictionless financial environment for retail users, builders, and institutions across the world. About Mantle Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with on-chain liquidity and access real-world assets, powering how real-world finance flows. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle Network’s partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, OP-Succinct and EigenLayer. For more information about Mantle, please visit: mantle.xyz For more social updates, please follow: Mantle Official X Mantle Community Channel AboutBybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance atBybit.com. For more details about Bybit, please visitBybit Press For media inquiries, please contact: [emailprotected] For updates, please follow:Bybit’s Communities and Social Media Discord|Facebook |Instagram |LinkedIn |Reddit | Telegram | TikTok |X | Youtube About Aave Aave is the world’s largest and most trusted decentralized finance (DeFi) platform, with $55 billion in deposits and over $23 billion in active loans. Built entirely on blockchain software and governed by its community of AAVE token holders, Aave operates as a global savings and borrowing network where people can earn by depositing crypto or stablecoins, borrow instantly using crypto as collateral, save and grow assets automatically, and swap tokens directly in the platform. Everything runs on transparent smart contracts, with no banks, no paperwork, and 24/7 open access worldwide. Visit at Aave.com About TokenLogic TokenLogic is a pioneer in non-custodial asset management and on-chain growth solutions, empowering individuals and institutions to maximize the potential of decentralized finance. As an Aave Service Provider, TokenLogic delivers specialized expertise across treasury management, protocol analytics, and GHO growth initiatives, to strengthen and scale the adoption of Aave’s GHO stablecoin and the broader Aave Protocol liquidity ecosystem. Built on principles of transparency, security, and user autonomy, TokenLogic designs smart-contract–driven strategies that enable users to retain full control of their assets while accessing sophisticated yield and liquidity management. The company continues to expand its suite of products across major DeFi ecosystems, redefining how capital moves and grows on-chain.

Revenue Dispute: Delegates claim CowSwap integration redirected swap fees away from the Aave DAO. Governance Backlash: Tokenholders warn alleged revenue losses could exceed $10 million annually. Labs Defense: Aave Labs cites long-term innovation and DAO value creation to counter criticism. Tension has risen inside the Aave community over control of protocol revenue. Delegates and service providers now clash over ownership rights. A recent integration changed how swap fees flow. That shift triggered sharp reactions from tokenholders. Many now question whether DAO interests remain protected. Accusations of lost revenue dominate governance discussions. Estimates suggest losses could reach eight figures annually. For years, Aave's swap feature funneled revenue to the DAO through Paraswap's referral program. No extra user costs, just passive income for tokenholders.December 2025: Aave Labs announces a CoWSwap partnership for "an improved swap experience."But where's the money going now?…— fredcat (@fredcat5150) December 11, 2025 Who Controls Aave’s Revenue Streams Aave DAO historically paid contractors directly for development work. That funding covered interfaces, branding, and product features. Governance participants argue this payment structure grants full ownership to the DAO. Fees generated through those features should flow back to the treasury. This understanding remained widely accepted for years. The CowSwap integration altered that arrangement. Swap fees no longer reach the DAO treasury. Delegates quickly noticed the change and raised objections. Previous integrations, including ParaSwap, shared revenue with the DAO. The new setup redirected fees elsewhere. Delegates described the outcome as sidelining tokenholders. One delegate estimated annual revenue losses exceeding $10 million. That figure sparked heated debate across governance forums. Earlier this year, Aave Labs proposed a tokenization product called Horizon. The proposal included a separate token. The DAO rejected the plan after intense debate. That decision added context to current tensions. Some delegates view recent revenue changes as part of a broader pattern. Marc Zeller, founder of the Aave-Chan Initiative, voiced strong concerns. Zeller described the revenue shift as privatization. Aave Labs Responds to Growing Criticism Aave Labs pushed back against accusations. Founder Stani Kulechov emphasized long-term contributions. According to Kulechov, Aave Labs has built core protocol innovations for over eight years. Those efforts include Aave V4 development and the GHO stablecoin. Revenue from these primitives continues flowing to the DAO. The DAO also manages a token buyback program. That mechanism aims to return value to tokenholders. Supporters argue this proves alignment between Labs and the DAO. They stress that innovation requires flexibility and resources. From this view, service providers deserve room to operate. On-chain data adds another layer. Blockworks Research reported over $15 billion in net deposit inflows during Q3 2025. Network usage remains strong despite governance friction. Market reaction also stayed muted. AAVE traded near $200 for the past week. The debate now centers on trust and structure. Delegates seek clarity on revenue rights. Service providers seek autonomy for continued innovation. Both sides claim alignment with long-term protocol health. Governance discussions will likely intensify. Aave stands at a crossroads. Decisions made now could shape future DAO dynamics. Clear frameworks may help prevent similar disputes. Without resolution, tensions could deepen. Tags: Aave (AAVE) Altcoin Crypto market