Source: https://cointelegraph.com/news/aave-buyback-proposal-passes-among-holders?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Aave, one of the leading decentralized finance (DeFi) protocols, recently announced a significant governance proposal that has been approved by over 99% of its tokenholders. The proposal involves initiating a buyback program for its governance token, AAVE, as part of a broader tokenomics overhaul.

According to the approved proposal, Aave is set to purchase $4 million worth of AAVE tokens for one month of buybacks. This decision marks the initial phase of a larger plan to buy back $1 million worth of AAVE tokens on a weekly basis for a period of six months. The ultimate aim of these buybacks is to enhance AAVE acquisition from the open market and allocate it to the Ecosystem Reserve, as stated in the proposal