AAVE'S "ULTIMATE BANK" THESIS

Summary from the TLDR Crypto newsletter

Aave spent 2026 assembling the pieces of a full-stack bank. These include V4's hub-and-spoke architecture (live since March, non-rebasing ERC-4626 accounting for institutional legibility), consumer product acquisitions (Family wallet and Stable Finance) folded into the Aave App (up to 9% deposit yield), Stable Vaults as white-label B2B yield infrastructure, Horizon's institutional RWA lending book (~$570M, targeting $1B+), and GHO stablecoin issuance (~$600M circulating). Aavenomics 3.0's non-discretionary token buyback (funded by DAO net revenue, ~$134M annualized) is converting all of this into direct AAVE supply reduction, meaning the token is mispriced.