# Fireside Chat with Stani on Future of DeFi I Stani Kulechov & Kartik Talwar

- Speakers: [Stani Kulechov](https://streameth.org/speakers/stani-kulechov), [Kartik Talwar](https://streameth.org/speakers/kartik-talwar)
- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-05-09
- Duration: 21:17
- Topics: Aave, Aave V4, Stani Kulechov, Kartik Talwar, Pragma, DeFi, lending, liquidity, hub and spoke, modular architecture, spokes, credit, collateral, RWA, tokenization, stablecoins, yield, Ethereum, Bitcoin, institutional finance, BlackRock, permissionless, mobile app, fintech, account abstraction, risk premiums, capital allocation, smart contracts, blockchain, Web3, agents, wallets, gas abstraction, L2, EVM, transparency, custody, open finance
- Watch: https://streameth.org/watch/yt-CX-DcIXsZUA
- YouTube: https://www.youtube.com/watch?v=CX-DcIXsZUA

## Description

In this fireside chat, Kartik Talwar interviews Stani Kulechov, founder and CEO of Aave, about the vision behind Aave V4 and the future of DeFi as infrastructure for global credit. Stani explains that V4 introduces a modular hub-and-spoke architecture where liquidity is stored in central hubs that allocate credit lines to customizable spokes — enabling anyone to build new lending models (native Bitcoin collateral, debt trading, fixed lending) while tapping into Aave's existing liquidity pool rather than bootstrapping from scratch.

Stani outlines three waves of new collateral entering DeFi: tokenized real-world assets, yield-bearing stablecoins, and data-backed credit facilities for consumers, businesses, and institutions. He discusses the Aave App's fintech-like mobile experience that fully abstracts away wallets, gas, and networks, and reflects on why Ethereum remains the strongest chain for DeFi due to tooling, security community, and liquidity network effects. Looking ahead, he frames the institutional transition as a decade-long journey of replacing financial backend infrastructure dating back to the 1970s, with DeFi serving as the efficient capital allocation layer for all future credit.

00:00 Introduction
00:10 Welcome and Aave V4 Context
00:40 Why V4 Took Two Years to Build
02:10 DeFi as a Backbone for All Future Credit
03:43 V4 Architecture: Hub-and-Spoke Model
04:48 Custom Spokes: Bitcoin Collateral, Debt Trading, Fixed Lending
05:59 Unified Liquidity Access for New DeFi Projects
07:31 New Collateral Types: RWAs, Yield Stablecoins, and Data
08:32 Risk Premiums and Collateral-Based Pricing
09:45 Institutional Requirements and Permissionless Infrastructure
11:11 BlackRock on Ethereum: A Turning Point
12:04 Aave App: Fintech-Like Mobile DeFi Experience
13:35 Building DeFi for Everyone
14:19 Staying Motivated Through Market Cycles
15:35 Why Now Is the Best Time to Build
16:57 Why DeFi Stays on Ethereum
18:36 Five-Year Prediction: A Decade-Long Institutional Transition
20:41 Closing

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _  

🇫🇷 *Pragma Cannes 2026*
Pragma Cannes 2026 was held on April 2nd at the JW Marriott Hotel in Cannes, France and was an in-person summit for builders and leaders in the web3 ecosystem. Watch the full Pragma Cannes 2026 YouTube Playlist here: https://www.youtube.com/playlist?list=PLXzKMXK2aHh5OnsJ95gz7HoI1tLUj3kZr

ETHGlobal's Pragma series takes place in cities around the world, and is designed to be a different kind of event. Pragma is a one-stage conference with founders-only on stage, bringing together a small group of curated attendees and speakers to discuss the future of web3 and reflect on the past. 

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _  

✅ Follow Stani Kulechov
X: https://x.com/StaniKulechov

✅ Follow Aave
X: https://x.com/Aave

✅ Follow Kartik Talwar
X: https://x.com/TheRealKartik

✅ Follow ETHGlobal
X: https://x.com/ETHGlobal​
Warpcast: https://warpcast.com/ethglobal
Website: https://ethglobal.com
YouTube: https://www.youtube.com/@UCfF9ZO8Ug4xk_AJd4aeT5HA 

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _  

Are you interested in Ethereum development and entrepreneurship?
👉 Sign up for the next ETHGlobal event: https://ethglobal.com/events
🎁 Get exclusive access and perks with ETHGlobal Plus! https://ethglobal.com/plus
📣 Want us to throw an event in your city? Tell us where! https://ethglobal.com/city