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灰度:AAVE 当前价格被低估,公允价值一年内或上涨至约 175 美元

2026-06-18 10:12:20

ChainCatcher 消息,灰度研究发布报告称,其认为 AAVE 代币的公允价值在一年内可能升至约 175 美元,目前 75 美元的价格被低估。

报告指出,DeFi 协议自 2023 年以来累计产生近 250 亿美元费用,已成为产生真实收入的资产类别。灰度将加密资产划分为从纯商品到现金流驱动资产的频谱,AAVE、UNI 和 SKY 更接近现金流资产。报告指出,Aave 近三年协议收入增长超 6.6 倍,运营利润率约 50%。报告预计 Aave 2026 年将赚取约 6,000 万美元收入,按金融科技公司 20-25 倍市盈率计算,当前公允价值市值 12-15 亿美元,对应代币价格 80-100 美元。若监管清晰加速代币化资产采用,AAVE 一年内公允价值可能升至 175 美元。

灰度还指出,DeFi 价值累积通常通过销毁、回购、返利和质押实现,协议收入本身不足以决定代币价值。

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