On Thursday, July 25, Marc Zeller, the founder of one of the top independent organizations providing services for Aave DAO, published a temperature check for a new Aave governance proposal that would lead to a “fee switch.” 

Among the various components, the proposal's “buy & distribute” program, which would use the protocol’s fee revenue to acquire or “buy back” AAVE on the secondary market, garnered significant attention. Following the release of this “temp check,” AAVE's market capitalization rose by 10% within two hours and has since increased by a further 5%, adding $188 million to its market cap.

It's worth noting the sharp increase in AAVE’s market cap coincided with a similarly sharp increase in the price of bitcoin and the overall market during this …