Grayscale Sees Aave's Fair Value at $80 to $100, Predicts Potential Upside

Grayscale Research has released a valuation report on Aave (AAVE), estimating its current fair value at $80 to $100. The firm uses revenue, earnings, and cash-flow metrics to value the protocol, rather than relying solely on market cycles or narrative momentum.

Aave is considered a financial asset, not a commodity, as it generates recurring revenue from lending, borrowing, and other onchain financial activity. This distinction is becoming more important as crypto markets mature, with DeFi protocols producing nearly $25 billion in cumulative fees since 2023.

Grayscale estimates Aave's 2026 revenue at about $60 million and values AAVE using discounted cash flow analysis and earnings multiples against comparable traditional financial companies. The report notes that a stronger growth case could lift fair value to around $175 over one year, while more aggressive earnings-growth assumptions would imply higher figures.