Grayscale Investments has reportedly submitted an S-1 application to the Securities and Exchange Commission for an AAVE spot exchange-traded fund, according to regulatory filings.

The filing comes as AAVE, a decentralized finance protocol, has drawn attention following a governance vote on decentralizing its operational structure. The proposal received support from the AAVE community, according to reports.

Grayscale, the largest digital asset manager, has not released additional details regarding the timing or structure of the proposed ETF.

The company manages billions of dollars in cryptocurrency assets and has previously filed applications for various digital asset investment products, including spot Bitcoin and Ethereum ETFs that received SEC approval in recent years.

AAVE is a lending protocol that allows users to borrow and lend cryptocurrencies without intermediaries. The token serves as the governance mechanism for the protocol’s decentralized autonomous organization.