Aave Chan Initiative Founder Says ACI Has Shut Down After More Than Three Years

Aave Chan Initiative (ACI), a governance delegate and service provider for Aave DAO, has officially ceased operations today, according to ACI founder Marc Zeller. According to ChainCatcher, Zeller said the shutdown ends a community-led governance platform that had been operating for more than three years. Zeller said ACI was formed during a downturn for decentralized finance, when Aave’s total value locked had fallen to one-quarter of its cycle peak and the protocol was losing about $35 million per year. He said that during ACI’s tenure, it helped Aave improve its operating performance to annual revenue of $150 million, while AAVE’s price rose ninefold and the DAO’s governance and service-provider network matured. Zeller added that ACI’s closure is not the end of his work and that new project plans will be announced soon.