Grayscale Projects AAVE Fair Value Rising to $175 on Tokenized Asset Adoption

Grayscale Research suggests that Aave (AAVE) may be trading below its estimated value, with revenue projected at roughly $60 million for 2026.Based on a 20x–25x earnings multiple commonly used in fintech valuation, the firm places its fair value in the range of $80 to $100.

In addition, the report notes that this valuation could rise to around $175 within the next year if clearer regulations help accelerate the adoption of tokenized assets in DeFi lending markets. It also categorizes Aave (AAVE), Uniswap (UNI), and Sky (SKY) as cash-flow-oriented crypto assets, distinguishing them from commodity-style assets such as Bitcoin.

As of this writing, Aave is trading at $73.46, up 16.2% over the past week.

Source: Grayscale Research