From Trusts to ETFs, is AAVE on a "Mainstream Highway" to Rapid Adoption?

When GrayScale Investment plans to push AAVE trusts into spot ETF form, it is essentially following a proven path: first using trusts to handle compliant funds, then opening a broader institutional gateway with ETFs. This is not just a simple product upgrade, but a change in asset identity.
Trust products are more like "semi-closed containers," suitable for specific investors; once spot ETFs are implemented, liquidity, transparency, and participation thresholds could all be restructured. Traditional funds are more familiar with ETF structures and find it easier to incorporate such tools into their asset allocation frameworks.
For AAVE, this represents a narrative upgrade. It shifts from being a "DeFi token" to an "asset that can be priced by mainstream finance." Once pricing power is partially transferred to traditional markets, the volatility logic may also change—reducing emotion-driven swings and increasing allocation-driven stability.
But don’t overlook reality: ETFs are not price engines, but capital channels. They can bring incremental possibilities but do not guarantee sustained buying. The true determinants of long-term value remain protocol revenue, usage demand, and ecosystem activity.
In other words, ETFs are amplifiers, not creators.
Interaction: Do you think ETFs will more significantly change liquidity or valuation systems?#灰度拟将AAVE信托转为现货ETF