AAVE has recently experienced quite a stir, and the events are indeed worth following.

First, let's talk about the most direct impact — the second-largest whale chose to liquidate. This big holder dumped 230,000 AAVE all at once, equivalent to over 38 million USD. The average purchase price was 223 USD, and the selling price was 165 USD, resulting in a direct loss of 13.45 million. In the short term, AAVE fell by about 12% in response, indicating a very sensitive market reaction.

But what is more worth pondering is the underlying trigger. Aave's front-end swap feature quietly switched from ParaSwap to Cow Swap, which seems like a technical adjustment but actually hides a mystery. The real issue lies in the flow of fees—originally, this extra fee should have gone into the Aave DAO's treasury to supplement the ecosystem fund. And now? This money is flowing directly to the team address of Aave Labs.

This step has sparked concerns within the community. Does the subtle change in the fee distribution mechanism indicate that certain decision-making powers are being shifted behind the scenes? The liquidation of large holders may not be a coincidence, but rather a vote on the transparency of ecological governance.