Aave now has a regulated path from bank accounts to DeFi lending – The hard part is keeping users there

- Aave’s Push Labs just secured FCA and MiCAR licenses, effectively building a regulated tollbooth from your bank account to DeFi. Stani Kulechov thinks this zero-fee fiat ramp will funnel retail capital into GHO and lending markets. The catch? The DAO previously audited Labs for burning cash on side quests with a 24:1 spend-to-revenue ratio on Horizon. The new "Aave Will Win" framework forces 100% of product revenue to the treasury, so if Push becomes just another expensive on-ramp that users abandon for Coinbase or Revolut, the governance backlash will be swift. Regulators are happy, but the real test is whether normies actually want to lend their savings to strangers in smart contracts instead of keeping it in a high-yield savings account.