Stani Kulechov

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153 appearances 1 recordings 1 series first heard Jun 2026 last heard 30 Jun

Stani Kulechov’s voice in public audio — every appearance, attributed to the second.

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Talking Tokens: Crypto, Onchain Finance, Investing · Why Aave V4 Is Built Like a Central Bank for DeFi | Stani Kulechov · 30 Jun 2026 podcast

But it also allows to create a very flexible market structures.

Uh we have now

Deployed a prime market with it which is low risk and core is risk adjusted and plus that is uh risk return.

But within these markets, you can also decide how do you share liquidity uh with each market.

So you have uh hub and spokes structure where each uh spoke has a composition of assets, and then uh the hubs are giving credit lines uh to

These uh spokes uh up to certain points.

So you can think about the V4 as a sort of like a model where you have a central bank that allocates um uh uh capital and then a commercial bank that basically has a loan book.

So it's a similar sort of uh type of a r relationship.

And and that creates a uh a really novel uh risk mitigation features, but at the same time allows to uh

share some of the liquidity to avoid um these liquidity bootstrapping issues that we see ongoing basis in in DeFi with new use cases.

No, it's extremely hard to build uh DeFi protocols and really resilient infrastructure and and I think um the talent i in general is very scarce uh in in our space.

So um that's why we have so much consolidation and and also the reason why, you know, it's better to use something that is already built and battle tested and resilient and has a really sort of strong uh community.

uh that is um uh looking after uh this infrastructure.

I think the big difference between what we saw back in the days with with FTX and uh and and with DeFi is is typically uh the the traditional models and and centralized lenders are acting sort of like a black boxes where you don't have much visibility and and the trust factor is is is quite high.

There is tooling that improves that like proof proof of the result

Serves that can be applied and makes it easier to understand what is the colonization in a qualified custodian, for example, and uh and I think that world is is improved significantly over the years.

Uh but in DeFi, for example, all these code bases and protocols are um reviewed by um countless of uh of of people and users and uh industry um uh members.

actually and I think that is the the sort of a key difference is that when you have a completely auditable and public system um anyone can actually inspect uh the code um and also do different kinds of uh risk

Analysis based on that, and I think that is the key to build uh resilient uh software.

And in DeFi we're obviously learning on an ongoing basis, and um we're far more in a better place than we were last year, and in far far more better place than, for example, um over uh years ago.

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