Aave DAO is voting to cut its AAVE buyback budget from $50M to $30M per year. Revenue dropped 25% from peak and the 2026 budget runs a deficit. The proposal also shifts buybacks from stablecoins to ETH-denominated assets to preserve stablecoin reserves for operations.

Sky DAO is also voting to temporarily cut SKY buybacks from 75% to 7.5% of net profits for about 3 months. The goal is to build up the protocol's capital backstop as USDS supply passed $11B. Sky Savings Rate also dropped 25bps to 3.75%. Staking rewards stay unchanged during this period.