Aave Labs appears to be channeling approximately $200k weekly from CoW Swap fee revenues while also capturing undisclosed Horizon RWA income streams that flow through the DAO treasury. The token currently trades at roughly 21x earnings based on surface metrics, yet when you factor in Labs' actual revenue capture mechanisms, the effective P/E ratio balloons to somewhere between 63-81x. At $2.85 billion in market cap, the valuation essentially prices in DAO governance control that functionally doesn't materialize for token holders. Meanwhile, stakeholders like Stani have been accumulating position through $10m+ acquisitions. The disconnect between token utility and revenue capture models warrants closer examination of how these mechanisms actually distribute value across the ecosystem.