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The Aave DAO approved a proposal to use 4 million USD to buy back AAVE.
According to Wu, Aave governance proposals have approved a proposal by the Aave DAO to allocate 4 million aEthUSDT from the Aave Collector contract to the Aave Finance Committee (AFC) for the launch of the first phase of the AAVE buyback plan. This plan is part of Aavenomics, aimed at repurchasing AAVE from the open market and allocating it to the ecological reserve, expected to last for one month. The complete plan aims for a weekly buyback of 1 million USD worth of AAVE over 6 months. This authorization is a preliminary step, and the buyback can be adjusted or revoked at any time through new voting.