Grayscale Research projects Aave's 2026 revenue at approximately $60 million, establishing a current fair value range for AAVE between $80 and $100. The firm suggests AAVE could reach roughly $175 within a year if clearer regulations accelerate tokenized assets into decentralized finance lending markets. Grayscale categorized AAVE alongside UNI and SKY as crypto assets supported by cash flow characteristics, distinguishing them from commodity-like digital assets. The analysis applied traditional fintech earnings multiples (20x to 25x) to Aave, noting it as an established protocol with transparent financial information despite recent operational challenges including key contributor departures and deposit outflows.