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Aave founder Stani Kulechov is facing criticism from parts of the crypto community after purchasing around $10 million worth of AAVE tokens ahead of a contentious governance vote.
Critics have questioned whether the timing and size of the purchase were intended to increase his influence over a proposal that has divided token holders.
The controversy has intensified scrutiny of voting power distribution within one of decentralised finance’s largest lending protocols.
Decentralised finance strategist Robert Mullins raised concerns in a post on X about the motive behind the transaction.
This is a clear example of tokens not being equipped to adequately disincentivize governance attacks.
Robert Mullins said.
Mullins also suggested the purchase appeared designed to boost voting power ahead of a proposal that he claimed ran counter to token holder interests.
The debate has reignited broader questions about whether token-based governance can fairly represent smaller holders.
Some community members argue that large insider balances undermine the principles of decentralisation.
The immediate dispute centres on a proposal concerning control of Aave’s brand assets.
These assets include domain names, social media accounts and intellectual property linked to the protocol.
The proposal seeks to place the assets under a DAO-controlled legal structure.
Supporters say this would return ownership and oversight directly to token holders.
Critics objected after the proposal was pushed to a Snapshot vote while discussions were still ongoing.
Several community members said the escalation was premature and curtailed meaningful debate.
Former Aave Labs chief technology officer Ernesto Boado said the vote was advanced without his consent.
He argued the process undermined trust and bypassed efforts to reach broader community alignment.
The procedural dispute sharpened attention on Kulechov’s token purchase.
Some holders questioned whether concentrated voting power allows a small group to dictate outcomes.
Data from the Snapshot vote highlighted the extent of voting concentration within Aave governance.
Figures shared by USD.ai contributor Samuel McCulloch showed a small number of wallets account for roughly half of total voting weight.