Aave V4 Deep-dive — with Stani Kulechov

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Aave V4 Deep-dive — with Stani Kulechov (Founder Aave Labs) & Hilmar Orth (Founder Gelato & Arrakis)

Gelato and Arrakis founder Hilmar Orth sits down with Stani Kulechov, founder of Aave Labs, for an in-depth look at the past, present, and future of decentralized lending.

Stani reflects on Aave’s journey from the early ETHLend peer-to-peer model to today’s hub-and-spoke architecture that powers billions in liquidity. The conversation unpacks why Aave outlasted centralized competitors like BlockFi and Celsius, how pooled lending reshaped DeFi, and what Aave V4 introduces with custom lending markets, unified liquidity, and new risk management tools.

The episode also explores the future of DeFi lending, from institutional adoption and risk premiums to how traditional assets will transform on-chain finance.

Episode Highlights

The evolution of Aave from ETHLend’s fixed-rate, peer-to-peer model to pooled liquidity
Why Aave survived while centralized lenders like BlockFi and Celsius collapsed
How V4 enables custom lending strategies while preserving unified liquidity
The role of risk premiums and institutional demand in shaping on-chain credit
How tokenized traditional assets could redefine the future of DeFi lending