Aavenomics is a recommendation to modify the AAVE protocol token and introduce token repurchase, which has reached the quorum number of people.

Aavenomics is a proposal to modify the AAVE protocol token and introduce token repos, which has implemented a quorum for AAVE DAO. Marc Zeller, founder of the AAVE Project Chain (ACI), announced this on X, noting that it marks a new era for the agreement.

Marc Zeller, founder of the AAVE Chain Initiative (ACI), announced on X that the Aavenomics proposal includes modifying the AAVE protocol token and introducing token repos has achieved a quorum for AAVE DAO. According to Zeller, this marks a new era for the agreement.

Aave Dao members voted overwhelmingly to support the proposal to start buying back Aave tokens for $1 million a week on Wednesday. The proposal was approved by most AAVE DAO members.

More than 427,000 votes in favor of the proposal, surpassing the threshold required by 320,000 votes, while only 2,000 votes opposed.

“The $AAVE AAVENOMICS AIP now has Quorum. Welcome to the new era of @Aave. Every week, $1 million repurchase funded by agreement profits starts on Wednesday.”

The AAVE DAO repo is an experiment that will begin within the next six months, during which time AAVE will use a portion of its profit to purchase AAVE tokens. By the end of this year, Aave Dao will repurchase 2.5% of the supply based on AAVE's current price and repurchase.

However, Zeller noted that six months are just a pilot phase of the buyback program, as it is intended to keep the buybacks going forever. AAVE DAO initially voted for only six months to keep the price low for six months, and the program may be renewed in six months.

"The buyback is forever, and this speed is just the DAO votes for the next 6 months to start slowly and start at a conservative pace."

Aave, known for its higher TVL and multi-chain presence, remains the leading DEFI protocol.

Aave falls in cryptocurrency market decline

Tokens have dropped 18% in the past 24 hours despite positive news about token repos, according to CoinMarketCap. That's enough to collapse it to $115, although it's now back to $121.

This is the opposite of what usually happens when such news breaks down. Typically, repos are a positive indicator because it means that the token will be constantly buying pressure and the circular supply will be reduced.

However, the general market struggle is mainly due to the international trade war between the United States and other countries, which has caused the entire cryptocurrency market to be the entire cryptocurrency market in the past 24 hours, with Bitcoin crashing to $74,000. Aave is not spared yet.

The plunge in ave value continues to be a tough year for the token, during which it lost 62.22% of its value. AAVE trades volumes are around $308, but market uncertainty and general struggles in the cryptocurrency market have caused the token to be reduced by more than half. It has fallen by 34% in the last 30 days alone.

Nevertheless, the AAVE community remains bullish. Zeller notes that liquidation caused by the collapse of the market today has brought about $500,000 in profits to AAVE. AAVE DAO also holds $100 million in cash, 70% of which goes to Stablecoins.

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