AAVE gi&#7843;m 10% v&agrave;o &#273;&#7847;u phi&ecirc;n giao d&#7883;ch ch&acirc;u &Aacute; s&aacute;ng th&#7913; Hai, sau khi x&#7843;y ra &#273;&#7907;t b&aacute;n th&aacute;o 50 tri&#7879;u USD do c&#259;ng th&#7859;ng trong ho&#7841;t &#273;&#7897;ng qu&#7843;n tr&#7883; ng&agrave;y c&agrave;ng gia t&#259;ng.
&#272;&#7907;t gi&#7843;m gi&aacute; n&agrave;y di&#7877;n ra gi&#7919;a l&uacute;c c&oacute; c&aacute;o bu&#7897;c r&#7857;ng Aave Labs, c&ocirc;ng ty do nh&agrave; s&aacute;ng l&#7853;p Stani Kulechov d&#7851;n d&#7855;t, &#273;&atilde; chuy&#7875;n h&#432;&#7899;ng h&agrave;ng tri&#7879;u USD ph&iacute; swap t&#7915; kho qu&#7929; DAO m&agrave; kh&ocirc;ng qua s&#7921; ch&#7845;p thu&#7853;n c&#7911;a nh&#7919;ng ng&#432;&#7901;i n&#7855;m gi&#7919; token, l&agrave;m d&#7845;y l&ecirc;n tranh c&atilde;i v&#7873; t&iacute;nh phi t&#7853;p trung trong qu&#7843;n tr&#7883; v&agrave; vai tr&ograve; ki&#7875;m so&aacute;t c&#7911;a ng&#432;&#7901;i s&aacute;ng l&#7853;p.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-revenue-dispute-sparks-community-outcry-aave-price-drops-10">Tranh ch&#7845;p doanh thu g&acirc;y l&agrave;n s&oacute;ng ph&#7843;n &#273;&#7889;i trong c&#7897;ng &#273;&#7891;ng, gi&aacute; AAVE gi&#7843;m 10%</h2>

Gi&#7919;a nh&#7919;ng &#7891;n &agrave;o v&#7873; ho&#7841;t &#273;&#7897;ng qu&#7843;n tr&#7883; c&#7911;a DAO v&agrave; tranh c&atilde;i v&#7873; ngu&#7891;n doanh thu, <a href="https://beincrypto.com/price/aave/" target="_blank" rel="noreferrer noopener">gi&aacute; AAVE</a> &#273;&atilde; gi&#7843;m h&#417;n 10% trong 24 gi&#7901; qua, giao d&#7883;ch &#7903; m&#7913;c 159.86 USD t&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/rcFbpjGAr06XrNSyJcjx8nT8l0g=/smart/28f76b6fd4ec4cc1b86e4490c596b521" alt="AAVE Price Performance" class="wp-image-784332">Di&#7877;n bi&#7871;n gi&aacute; AAVE. Ngu&#7891;n: <a href="https://beincrypto.com/price/aave/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>

Tranh c&atilde;i ch&#7911; y&#7871;u li&ecirc;n quan &#273;&#7871;n vi&#7879;c Aave t&iacute;ch h&#7907;p CowSwap v&agrave;o giao di&#7879;n ch&iacute;nh, thay th&#7871; cho ParaSwap. M&#7897;t s&#7889; ng&#432;&#7901;i ch&#7881; tr&iacute;ch cho r&#7857;ng &#273;&#7897;ng th&aacute;i n&agrave;y, sau khi Aave Labs nh&#7853;n &#273;&#432;&#7907;c t&agrave;i tr&#7907; t&#7915; CowSwap, &#273;&atilde; khi&#7871;n DAO b&#7883; m&#7845;t &#273;i h&agrave;ng tri&#7879;u USD doanh thu ti&#7873;m n&#259;ng m&#7895;i n&#259;m, &#432;&#7899;c t&iacute;nh l&ecirc;n &#273;&#7871;n 10 tri&#7879;u USD.
M&#7897;t b&#7913;c th&#432; ng&#7887; t&#7915; m&#7897;t &#273;&#7841;i di&#7879;n Orbit <a href="https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a> t&iacute;ch h&#7907;p ParaSwap t&#7915;ng mang v&#7873; cho DAO kho&#7843;ng 200,000 USD m&#7895;i tu&#7847;n.
Nhi&#7873;u th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng DeFi cho r&#7857;ng vi&#7879;c chuy&#7875;n h&#432;&#7899;ng ngu&#7891;n ph&iacute; n&agrave;y &#273;&atilde; l&agrave;m sai l&#7879;ch m&ocirc; h&igrave;nh qu&#7843;n tr&#7883; phi t&#7853;p trung c&#7911;a DAO.
Stani Kulechov c&ugrave;ng Aave Labs l&#7853;p lu&#7853;n r&#7857;ng doanh thu t&#7915; c&aacute;c ho&#7841;t &#273;&#7897;ng tr&ecirc;n giao di&#7879;n ch&iacute;nh t&aacute;ch bi&#7879;t v&#7899;i doanh thu c&#7889;t l&otilde;i c&#7911;a giao th&#7913;c v&agrave; lu&ocirc;n d&#7921;a tr&ecirc;n tinh th&#7847;n t&#7921; nguy&#7879;n.
Tuy v&#7853;y, nhi&#7873;u ng&#432;&#7901;i v&#7851;n b&#259;n kho&#259;n v&#7873; vi&#7879;c CEO v&#7915;a &#273;i&#7873;u h&agrave;nh, v&#7915;a ki&#7875;m so&aacute;t t&agrave;i s&#7843;n giao th&#7913;c, lo ng&#7841;i c&oacute; th&#7875; xu&#7845;t hi&#7879;n xung &#273;&#7897;t l&#7907;i &iacute;ch.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-dao-alignment-proposal-moves-to-snapshot">&#272;&#7873; xu&#7845;t &#273;i&#7873;u ch&#7881;nh DAO chuy&#7875;n sang Snapshot</h2>

Nh&#7857;m gi&#7843;i quy&#7871;t kh&#7911;ng ho&#7843;ng, Kulechov &#273;&atilde; &#273;&#432;a ra m&#7897;t &#273;&#7873; xu&#7845;t g&acirc;y tranh c&atilde;i &#273;&#7875; x&aacute;c l&#7853;p l&#7841;i &#273;&#7883;nh h&#432;&#7899;ng DAO l&ecirc;n Snapshot &#273;&#7875; ti&#7871;n h&agrave;nh b&#7887; phi&#7871;u ch&iacute;nh th&#7913;c.
K&#7871; ho&#7841;ch n&agrave;y &#273;&#7873; xu&#7845;t chuy&#7875;n giao c&aacute;c t&agrave;i s&#7843;n th&#432;&#417;ng hi&#7879;u ch&#7911; ch&#7889;t, bao g&#7891;m t&ecirc;n mi&#7873;n v&agrave; c&aacute;c t&agrave;i kho&#7843;n m&#7841;ng x&atilde; h&#7897;i, t&#7915; Aave Labs sang cho DAO qu&#7843;n l&yacute;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;M&#7885;i ng&#432;&#7901;i &#273;&atilde; qu&aacute; m&#7879;t m&#7887;i v&#7899;i ch&#7911; &#273;&#7873; n&agrave;y, v&agrave; c&aacute;ch t&#7889;t nh&#7845;t &#273;&#7875; gi&#7843;i quy&#7871;t l&agrave; &#273;&#432;a ra bi&#7875;u quy&#7871;t. &#272;&acirc;y l&agrave; b&#7843;n ch&#7845;t c&#7911;a qu&#7843;n tr&#7883;,&rdquo; Kulechov <a href="https://x.com/StaniKulechov/status/2003004157981000095" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>, k&ecirc;u g&#7885;i nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; n&#7855;m gi&#7919; token tham gia b&#7887; phi&#7871;u.
</blockquote>

Tuy v&#7853;y, ni&#7873;m tin c&#7911;a th&#7883; tr&#432;&#7901;ng v&#7899;i &#273;&#7873; xu&#7845;t n&agrave;y l&#7841;i kh&ocirc;ng cao. Theo Polymarket, kh&#7843; n&#259;ng &#273;&#7873; xu&#7845;t &#273;&#432;&#7907;c th&ocirc;ng qua ch&#7881; c&ograve;n 25%, gi&#7843;m 26 &#273;i&#7875;m so v&#7899;i &#273;&#7847;u tu&#7847;n.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/fKe5yQHdfY5hY1aCZcK2P0hCCnw=/smart/a8c0f96540214ee38f769d0393e29242" alt="Odds of Aave token alignment proposal passing" class="wp-image-784335">T&#7927; l&#7879; c&#432;&#7907;c &#273;&#7873; xu&#7845;t x&aacute;c l&#7853;p l&#7841;i h&#432;&#7899;ng &#273;i token c&#7911;a Aave &#273;&#432;&#7907;c th&ocirc;ng qua. Ngu&#7891;n: <a href="https://polymarket.com/event/will-the-aave-token-alignment-proposal-pass?tid=1766395334667">Poly</a><a href="https://polymarket.com/event/will-the-aave-token-alignment-proposal-pass?tid=1766395334667" target="_blank" rel="noreferrer noopener nofollow">m</a><a href="https://polymarket.com/event/will-the-aave-token-alignment-proposal-pass?tid=1766395334667">arket</a>

M&#7897;t s&#7889; th&agrave;nh vi&ecirc;n nh&#432; Tulip King b&agrave;y t&#7887; n&#7871;u kh&ocirc;ng th&ocirc;ng qua bi&#7875;u quy&#7871;t n&agrave;y, gi&aacute; AAVE c&oacute; th&#7875; c&ograve;n ti&#7871;p t&#7909;c gi&#7843;m s&acirc;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-market-and-governance-implications">T&aacute;c &#273;&#7897;ng &#273;&#7871;n th&#7883; tr&#432;&#7901;ng v&agrave; qu&#7843;n tr&#7883;</h2>

S&#7921; vi&#7879;c l&#7847;n n&agrave;y c&#361;ng cho th&#7845;y nh&#7919;ng th&aacute;ch th&#7913;c l&#7899;n v&#7899;i c&aacute;c DAO hi&#7879;n nay: L&agrave;m sao c&acirc;n b&#7857;ng l&#7907;i &iacute;ch gi&#7919;a c&aacute;c nh&agrave; ph&aacute;t tri&#7875;n, &#273;&#417;n v&#7883; cung c&#7845;p d&#7883;ch v&#7909; v&agrave; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;, &#273;&#7891;ng th&#7901;i v&#7851;n duy tr&igrave; &#273;&#432;&#7907;c b&#7843;n ch&#7845;t phi t&#7853;p trung th&#7921;c s&#7921;.
M&#7897;t s&#7889; ng&#432;&#7901;i ch&#7881; ra c&aacute;c m&ocirc; h&igrave;nh thay th&#7871;, nh&#432; Hyperliquid, n&#417;i g&#7847;n nh&#432; to&agrave;n b&#7897; doanh thu d&ugrave;ng mua l&#7841;i token v&agrave; &#273;&#7897;i ng&#361; ph&aacute;t tri&#7875;n &#273;&#432;&#7907;c tr&#7843; c&ocirc;ng b&#7857;ng token c&#7911;a d&#7921; &aacute;n. &#272;&oacute; l&agrave; nh&#7919;ng v&iacute; d&#7909; m&agrave; Aave c&oacute; th&#7875; h&#7885;c h&#7887;i.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&oacute; l&#7869; h&#7885; n&ecirc;n nghi&ecirc;n c&#7913;u m&ocirc; h&igrave;nh Hyperliquid, n&#417;i 99% doanh thu d&ugrave;ng &#273;&#7875; mua l&#7841;i HYPE. &#272;&#7897;i ng&#361; n&#7855;m gi&#7919; v&agrave; &#273;&#432;&#7907;c tr&#7843; l&#432;&#417;ng b&#7857;ng HYPE. Ai c&#361;ng c&oacute; l&#7907;i. T&#7841;i sao Aave Labs kh&ocirc;ng th&#7875; l&agrave;m nh&#432; v&#7853;y? Mi&#7871;ng b&aacute;nh &#273;&atilde; &#273;&#7911; l&#7899;n r&#7891;i, hay b&#7843;n ch&#7845;t c&#7911;a DAO v&#7889;n d&#297; c&oacute; v&#7845;n &#273;&#7873;?&rdquo; &ndash; nh&agrave; ph&acirc;n t&iacute;ch Duo Nine <a href="https://x.com/duonine/status/1999823132417577228" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t v&#7845;n &#273;&#7873;</a>.
</blockquote>

&#272;&#7875; &#273;&#7873; xu&#7845;t &#273;&#432;&#7907;c th&ocirc;ng qua tr&ecirc;n Snapshot, ph&#7843;i c&oacute; &iacute;t nh&#7845;t 320,000 phi&#7871;u YAE v&agrave; ch&ecirc;nh l&#7879;ch &iacute;t nh&#7845;t 80,000 phi&#7871;u so v&#7899;i c&aacute;c t&ugrave;y ch&#7885;n kh&aacute;c. Th&#7901;i gian b&#7887; phi&#7871;u di&#7877;n ra trong v&ograve;ng ba ng&agrave;y, gi&uacute;p nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&oacute; &#273;&#7911; th&#7901;i gian c&acirc;n nh&#7855;c b&#432;&#7899;c &#273;i ti&#7871;p theo cho giao th&#7913;c.
Trong l&uacute;c n&agrave;y, vi&#7879;c AAVE b&#7883; b&aacute;n th&aacute;o m&#7841;nh cho th&#7845;y th&#7883; tr&#432;&#7901;ng v&#7851;n lo ng&#7841;i v&#7873; minh b&#7841;ch qu&#7843;n tr&#7883; v&agrave; li&#7879;u nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&oacute; th&#7875; tin t&#432;&#7903;ng doanh thu c&#7911;a giao th&#7913;c mang l&#7841;i l&#7907;i &iacute;ch cho DAO hay ch&#7881; ph&#7909;c v&#7909; l&#7907;i &iacute;ch ri&ecirc;ng.
K&#7871;t qu&#7843; c&#7911;a cu&#7897;c bi&#7875;u quy&#7871;t l&#7847;n n&agrave;y s&#7869; l&agrave; ti&#7873;n l&#7879; &#273;&aacute;ng ch&uacute; &yacute; kh&ocirc;ng ch&#7881; v&#7899;i ri&ecirc;ng Aave m&agrave; c&ograve;n t&aacute;c &#273;&#7897;ng &#273;&#7871;n c&#7843; h&#7879; sinh th&aacute;i DeFi r&#7897;ng l&#7899;n h&#417;n.

Giá AAVE giảm 10% khi tranh chấp quản trị DAO khiến nhà đầu tư nhỏ lẻ bán tháo

AAVE gi&#7843;m 10% v&agrave;o &#273;&#7847;u phi&ecirc;n giao d&#7883;ch ch&acirc;u &Aacute; s&aacute;ng th&#7913; Hai, sau khi x&#7843;y ra &#273;&#7907;t b&aacute;n th&aacute;o 50 tri&#7879;u USD do c&#259;ng th&#7859;ng trong ho&#7841;t &#273;&#7897;ng qu&#7843;n tr&#7883; ng&agrave;y c&agrave;ng gia t&#259;ng.
&#272;&#7907;t gi&#7843;m gi&aacute; n&agrave;y di&#7877;n ra gi&#7919;a l&uacute;c c&oacute; c&aacute;o bu&#7897;c r&#7857;ng Aave Labs, c&ocirc;ng ty do nh&agrave; s&aacute;ng l&#7853;p Stani Kulechov d&#7851;n d&#7855;t, &#273;&atilde; chuy&#7875;n h&#432;&#7899;ng h&agrave;ng tri&#7879;u USD ph&iacute; swap t&#7915; kho qu&#7929; DAO m&agrave; kh&ocirc;ng qua s&#7921; ch&#7845;p thu&#7853;n c&#7911;a nh&#7919;ng ng&#432;&#7901;i n&#7855;m gi&#7919; token, l&agrave;m d&#7845;y l&ecirc;n tranh c&atilde;i v&#7873; t&iacute;nh phi t&#7853;p trung trong qu&#7843;n tr&#7883; v&agrave; vai tr&ograve; ki&#7875;m so&aacute;t c&#7911;a ng&#432;&#7901;i s&aacute;ng l&#7853;p.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-revenue-dispute-sparks-community-outcry-aave-price-drops-10">Tranh ch&#7845;p doanh thu g&acirc;y l&agrave;n s&oacute;ng ph&#7843;n &#273;&#7889;i trong c&#7897;ng &#273;&#7891;ng, gi&aacute; AAVE gi&#7843;m 10%</h2>

Gi&#7919;a nh&#7919;ng &#7891;n &agrave;o v&#7873; ho&#7841;t &#273;&#7897;ng qu&#7843;n tr&#7883; c&#7911;a DAO v&agrave; tranh c&atilde;i v&#7873; ngu&#7891;n doanh thu, <a href="https://beincrypto.com/price/aave/" target="_blank" rel="noreferrer noopener">gi&aacute; AAVE</a> &#273;&atilde; gi&#7843;m h&#417;n 10% trong 24 gi&#7901; qua, giao d&#7883;ch &#7903; m&#7913;c 159.86 USD t&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/rcFbpjGAr06XrNSyJcjx8nT8l0g=/smart/28f76b6fd4ec4cc1b86e4490c596b521" alt="AAVE Price Performance" class="wp-image-784332">Di&#7877;n bi&#7871;n gi&aacute; AAVE. Ngu&#7891;n: <a href="https://beincrypto.com/price/aave/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>

Tranh c&atilde;i ch&#7911; y&#7871;u li&ecirc;n quan &#273;&#7871;n vi&#7879;c Aave t&iacute;ch h&#7907;p CowSwap v&agrave;o giao di&#7879;n ch&iacute;nh, thay th&#7871; cho ParaSwap. M&#7897;t s&#7889; ng&#432;&#7901;i ch&#7881; tr&iacute;ch cho r&#7857;ng &#273;&#7897;ng th&aacute;i n&agrave;y, sau khi Aave Labs nh&#7853;n &#273;&#432;&#7907;c t&agrave;i tr&#7907; t&#7915; CowSwap, &#273;&atilde; khi&#7871;n DAO b&#7883; m&#7845;t &#273;i h&agrave;ng tri&#7879;u USD doanh thu ti&#7873;m n&#259;ng m&#7895;i n&#259;m, &#432;&#7899;c t&iacute;nh l&ecirc;n &#273;&#7871;n 10 tri&#7879;u USD.
M&#7897;t b&#7913;c th&#432; ng&#7887; t&#7915; m&#7897;t &#273;&#7841;i di&#7879;n Orbit <a href="https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a> t&iacute;ch h&#7907;p ParaSwap t&#7915;ng mang v&#7873; cho DAO kho&#7843;ng 200,000 USD m&#7895;i tu&#7847;n.
Nhi&#7873;u th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng DeFi cho r&#7857;ng vi&#7879;c chuy&#7875;n h&#432;&#7899;ng ngu&#7891;n ph&iacute; n&agrave;y &#273;&atilde; l&agrave;m sai l&#7879;ch m&ocirc; h&igrave;nh qu&#7843;n tr&#7883; phi t&#7853;p trung c&#7911;a DAO.
Stani Kulechov c&ugrave;ng Aave Labs l&#7853;p lu&#7853;n r&#7857;ng doanh thu t&#7915; c&aacute;c ho&#7841;t &#273;&#7897;ng tr&ecirc;n giao di&#7879;n ch&iacute;nh t&aacute;ch bi&#7879;t v&#7899;i doanh thu c&#7889;t l&otilde;i c&#7911;a giao th&#7913;c v&agrave; lu&ocirc;n d&#7921;a tr&ecirc;n tinh th&#7847;n t&#7921; nguy&#7879;n.
Tuy v&#7853;y, nhi&#7873;u ng&#432;&#7901;i v&#7851;n b&#259;n kho&#259;n v&#7873; vi&#7879;c CEO v&#7915;a &#273;i&#7873;u h&agrave;nh, v&#7915;a ki&#7875;m so&aacute;t t&agrave;i s&#7843;n giao th&#7913;c, lo ng&#7841;i c&oacute; th&#7875; xu&#7845;t hi&#7879;n xung &#273;&#7897;t l&#7907;i &iacute;ch.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-dao-alignment-proposal-moves-to-snapshot">&#272;&#7873; xu&#7845;t &#273;i&#7873;u ch&#7881;nh DAO chuy&#7875;n sang Snapshot</h2>

Nh&#7857;m gi&#7843;i quy&#7871;t kh&#7911;ng ho&#7843;ng, Kulechov &#273;&atilde; &#273;&#432;a ra m&#7897;t &#273;&#7873; xu&#7845;t g&acirc;y tranh c&atilde;i &#273;&#7875; x&aacute;c l&#7853;p l&#7841;i &#273;&#7883;nh h&#432;&#7899;ng DAO l&ecirc;n Snapshot &#273;&#7875; ti&#7871;n h&agrave;nh b&#7887; phi&#7871;u ch&iacute;nh th&#7913;c.
K&#7871; ho&#7841;ch n&agrave;y &#273;&#7873; xu&#7845;t chuy&#7875;n giao c&aacute;c t&agrave;i s&#7843;n th&#432;&#417;ng hi&#7879;u ch&#7911; ch&#7889;t, bao g&#7891;m t&ecirc;n mi&#7873;n v&agrave; c&aacute;c t&agrave;i kho&#7843;n m&#7841;ng x&atilde; h&#7897;i, t&#7915; Aave Labs sang cho DAO qu&#7843;n l&yacute;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;M&#7885;i ng&#432;&#7901;i &#273;&atilde; qu&aacute; m&#7879;t m&#7887;i v&#7899;i ch&#7911; &#273;&#7873; n&agrave;y, v&agrave; c&aacute;ch t&#7889;t nh&#7845;t &#273;&#7875; gi&#7843;i quy&#7871;t l&agrave; &#273;&#432;a ra bi&#7875;u quy&#7871;t. &#272;&acirc;y l&agrave; b&#7843;n ch&#7845;t c&#7911;a qu&#7843;n tr&#7883;,&rdquo; Kulechov <a href="https://x.com/StaniKulechov/status/2003004157981000095" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>, k&ecirc;u g&#7885;i nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; n&#7855;m gi&#7919; token tham gia b&#7887; phi&#7871;u.
</blockquote>

Tuy v&#7853;y, ni&#7873;m tin c&#7911;a th&#7883; tr&#432;&#7901;ng v&#7899;i &#273;&#7873; xu&#7845;t n&agrave;y l&#7841;i kh&ocirc;ng cao. Theo Polymarket, kh&#7843; n&#259;ng &#273;&#7873; xu&#7845;t &#273;&#432;&#7907;c th&ocirc;ng qua ch&#7881; c&ograve;n 25%, gi&#7843;m 26 &#273;i&#7875;m so v&#7899;i &#273;&#7847;u tu&#7847;n.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/fKe5yQHdfY5hY1aCZcK2P0hCCnw=/smart/a8c0f96540214ee38f769d0393e29242" alt="Odds of Aave token alignment proposal passing" class="wp-image-784335">T&#7927; l&#7879; c&#432;&#7907;c &#273;&#7873; xu&#7845;t x&aacute;c l&#7853;p l&#7841;i h&#432;&#7899;ng &#273;i token c&#7911;a Aave &#273;&#432;&#7907;c th&ocirc;ng qua. Ngu&#7891;n: <a href="https://polymarket.com/event/will-the-aave-token-alignment-proposal-pass?tid=1766395334667">Poly</a><a href="https://polymarket.com/event/will-the-aave-token-alignment-proposal-pass?tid=1766395334667" target="_blank" rel="noreferrer noopener nofollow">m</a><a href="https://polymarket.com/event/will-the-aave-token-alignment-proposal-pass?tid=1766395334667">arket</a>

M&#7897;t s&#7889; th&agrave;nh vi&ecirc;n nh&#432; Tulip King b&agrave;y t&#7887; n&#7871;u kh&ocirc;ng th&ocirc;ng qua bi&#7875;u quy&#7871;t n&agrave;y, gi&aacute; AAVE c&oacute; th&#7875; c&ograve;n ti&#7871;p t&#7909;c gi&#7843;m s&acirc;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-market-and-governance-implications">T&aacute;c &#273;&#7897;ng &#273;&#7871;n th&#7883; tr&#432;&#7901;ng v&agrave; qu&#7843;n tr&#7883;</h2>

S&#7921; vi&#7879;c l&#7847;n n&agrave;y c&#361;ng cho th&#7845;y nh&#7919;ng th&aacute;ch th&#7913;c l&#7899;n v&#7899;i c&aacute;c DAO hi&#7879;n nay: L&agrave;m sao c&acirc;n b&#7857;ng l&#7907;i &iacute;ch gi&#7919;a c&aacute;c nh&agrave; ph&aacute;t tri&#7875;n, &#273;&#417;n v&#7883; cung c&#7845;p d&#7883;ch v&#7909; v&agrave; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;, &#273;&#7891;ng th&#7901;i v&#7851;n duy tr&igrave; &#273;&#432;&#7907;c b&#7843;n ch&#7845;t phi t&#7853;p trung th&#7921;c s&#7921;.
M&#7897;t s&#7889; ng&#432;&#7901;i ch&#7881; ra c&aacute;c m&ocirc; h&igrave;nh thay th&#7871;, nh&#432; Hyperliquid, n&#417;i g&#7847;n nh&#432; to&agrave;n b&#7897; doanh thu d&ugrave;ng mua l&#7841;i token v&agrave; &#273;&#7897;i ng&#361; ph&aacute;t tri&#7875;n &#273;&#432;&#7907;c tr&#7843; c&ocirc;ng b&#7857;ng token c&#7911;a d&#7921; &aacute;n. &#272;&oacute; l&agrave; nh&#7919;ng v&iacute; d&#7909; m&agrave; Aave c&oacute; th&#7875; h&#7885;c h&#7887;i.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&oacute; l&#7869; h&#7885; n&ecirc;n nghi&ecirc;n c&#7913;u m&ocirc; h&igrave;nh Hyperliquid, n&#417;i 99% doanh thu d&ugrave;ng &#273;&#7875; mua l&#7841;i HYPE. &#272;&#7897;i ng&#361; n&#7855;m gi&#7919; v&agrave; &#273;&#432;&#7907;c tr&#7843; l&#432;&#417;ng b&#7857;ng HYPE. Ai c&#361;ng c&oacute; l&#7907;i. T&#7841;i sao Aave Labs kh&ocirc;ng th&#7875; l&agrave;m nh&#432; v&#7853;y? Mi&#7871;ng b&aacute;nh &#273;&atilde; &#273;&#7911; l&#7899;n r&#7891;i, hay b&#7843;n ch&#7845;t c&#7911;a DAO v&#7889;n d&#297; c&oacute; v&#7845;n &#273;&#7873;?&rdquo; &ndash; nh&agrave; ph&acirc;n t&iacute;ch Duo Nine <a href="https://x.com/duonine/status/1999823132417577228" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t v&#7845;n &#273;&#7873;</a>.
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&#272;&#7875; &#273;&#7873; xu&#7845;t &#273;&#432;&#7907;c th&ocirc;ng qua tr&ecirc;n Snapshot, ph&#7843;i c&oacute; &iacute;t nh&#7845;t 320,000 phi&#7871;u YAE v&agrave; ch&ecirc;nh l&#7879;ch &iacute;t nh&#7845;t 80,000 phi&#7871;u so v&#7899;i c&aacute;c t&ugrave;y ch&#7885;n kh&aacute;c. Th&#7901;i gian b&#7887; phi&#7871;u di&#7877;n ra trong v&ograve;ng ba ng&agrave;y, gi&uacute;p nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&oacute; &#273;&#7911; th&#7901;i gian c&acirc;n nh&#7855;c b&#432;&#7899;c &#273;i ti&#7871;p theo cho giao th&#7913;c.
Trong l&uacute;c n&agrave;y, vi&#7879;c AAVE b&#7883; b&aacute;n th&aacute;o m&#7841;nh cho th&#7845;y th&#7883; tr&#432;&#7901;ng v&#7851;n lo ng&#7841;i v&#7873; minh b&#7841;ch qu&#7843;n tr&#7883; v&agrave; li&#7879;u nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&oacute; th&#7875; tin t&#432;&#7903;ng doanh thu c&#7911;a giao th&#7913;c mang l&#7841;i l&#7907;i &iacute;ch cho DAO hay ch&#7881; ph&#7909;c v&#7909; l&#7907;i &iacute;ch ri&ecirc;ng.
K&#7871;t qu&#7843; c&#7911;a cu&#7897;c bi&#7875;u quy&#7871;t l&#7847;n n&agrave;y s&#7869; l&agrave; ti&#7873;n l&#7879; &#273;&aacute;ng ch&uacute; &yacute; kh&ocirc;ng ch&#7881; v&#7899;i ri&ecirc;ng Aave m&agrave; c&ograve;n t&aacute;c &#273;&#7897;ng &#273;&#7871;n c&#7843; h&#7879; sinh th&aacute;i DeFi r&#7897;ng l&#7899;n h&#417;n.