Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever. 
In this wide-ranging interview, he reflects on Ethereum’s resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon. 
If you want to understand where DeFi is going, you’ll want to hear what Stani has to say.
 
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
<ul>
 <li><a href="https://www.falconx.io/focal">Focal by FalconX</a></li>
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Guest:
<ul>
 <li>
<a href="https://x.com/StaniKulechov">Stani Kulechov</a>, founder and CEO of Aave and ETHLend</li>
</ul>
Links:

<ul>
 <li>Recent episode of Unchained with EF’s co-ED Tomasz: <a href="https://unchainedcrypto.com/podcast/as-ethereum-turns-10-where-is-the-foundation-focused-next/">As Ethereum Turns 10, Where Is the Foundation Focused Next?</a>
</li>
 <li>Unchained: <a href="https://unchainedcrypto.com/aave-v4-to-come-mid-2025-with-unified-liquidity-layer-and-fuzzy-rates/">Aave Labs Unveils V4 Upgrade Proposal, Introducing a Unified Liquidity Layer and 'Fuzzy' Rates</a>
</li>
 <li>DefiLlama: <a href="https://defillama.com/protocol/aave">Aave stats</a>
</li>
 <li>Reuters: <a href="https://www.reuters.com/business/finance/jpmorgan-considers-offering-loans-backed-by-clients-cryptocurrency-holdings-ft-2025-07-22/">JPMorgan considers offering loans backed by clients' cryptocurrency holdings </a>
</li>
</ul>

Timestamps:
🎬 0:00 Intro
🎉 4:58 What Ethereum’s 10-year milestone means to Stani
🏗️ 9:09 How Aave became the top lending protocol on Ethereum
🧐 13:02 Why Stani has been critical of the Ethereum Foundation
🏦 17:16 How TradFi institutions could quietly run on Aave infrastructure
💸 25:08 What Stani thinks about the complaints over Ethereum revenues and fees
🌉 30:27 Why Aave hasn’t launched on Solana
💼 35:32 How Ethereum treasury companies are putting Aave to work
🔧 41:15 What Aave V4 is bringing to the protocol and why it matters
🌍 48:18 How Horizon could bridge DeFi and real-world assets
🤝 50:43 Why DeFi might thrive even as TradFi and fintech move onchain
🗳️ 57:57 Whether DAO governance is fundamentally flawed
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10 Years In, Here's Why Aave's Founder Isn’t Done Betting on Ethereum - Ep. 878

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