13% Rise on Aave's Governance Proposal for Token Buyback

Aave's tokenholders have approved a plan to buy back the AAVE governance token.

Key Points:

• The proposal was supported by over 99% of tokenholders.

• Aave will buy $4 million in AAVE tokens initially, covering one month of buybacks.

• The broader plan includes weekly purchases of $1 million AAVE tokens for six months.

• This aligns with other DeFi projects responding to tokenholder requests.

• The initiative aims to enhance AAVE acquisition and support the Ecosystem Reserve.

• AAVE's price increased by over 13% on April 9, raising its market cap to over $2. 1 billion.

The approval marks a significant step in Aave's tokenomics strategy and reflects ongoing trends in the DeFi space.