# Fireside Chat I Kartik Talwar and Stani Kulechov I Pragma Cannes 2025

- Speakers: [Stani Kulechov](https://streameth.org/speakers/stani-kulechov), [Kartik Talwar](https://streameth.org/speakers/kartik-talwar)
- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2025-10-09
- Duration: 21:15
- Topics: DeFi, Aave, Stani Kulechov, V4, hub and spoke, liquidity, cross-chain, governance, RWAs, real world assets, Horizon, borrowing strategies, NFTs, LP tokens, collateral, permissionless innovation, risk profiles, developer community, decentralized finance, traditional finance, capital efficiency, transparency, multi-chain, regulatory clarity, yield, stablecoins, EVM, compliance
- Watch: https://streameth.org/watch/yt-YmKenDZpp1Q
- YouTube: https://www.youtube.com/watch?v=YmKenDZpp1Q

## Description

At Pragma Cannes 2025, Stani Kulechov (Aave) discusses DeFi 2.0, emphasizing a new era of on-chain innovation, regulatory optimism, and developer empowerment. He introduces Aave V4’s novel “hub and spoke” architecture, which centralizes liquidity in hubs while allowing customizable borrowing strategies (spokes), reducing liquidity fragmentation and enabling permissionless innovation.

V4 supports diverse risk profiles, cross-chain liquidity movement, and integration of traditional assets (RWAs) like money market funds via the Horizon initiative. Stani highlights opportunities for developers to build new borrowing strategies, including using NFTs and LP tokens as collateral. The model enhances governance flexibility, risk management, and cross-chain functionality, aiming to bridge DeFi and traditional finance, foster transparency, and improve capital efficiency. The session closes with a call for developer-driven innovation to push DeFi’s boundaries.

00:00 Introduction  
00:33 Defining DeFi 2.0  
01:59 Aave V4: What’s New  
03:42 Hub and Spoke Architecture Explained  
05:47 Inspiration and Evolution of the Model  
07:05 Spoke Use Cases and Risk Profiles  
09:12 Governance Changes in V4  
11:31 Cross-Chain and Multi-Chain Considerations  
15:01 DeFi’s Future and Real World Assets (RWAs)  
17:44 Developer Opportunities and Innovation  
19:18 NFTs, LP Tokens, and New Collateral Types  
20:05 V4 Launch and Developer Resources  
20:34 Closing Remarks and Call to Action

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🇫🇷 *Pragma Cannes*
Pragma Cannes 2025 was held on July 3rd at the Carlton Cannes in Cannes, France and was an in-person summit for builders and leaders in the web3 ecosystem. Watch the full Pragma Cannes YouTube Playlist here: https://www.youtube.com/playlist?list=PLXzKMXK2aHh6jZYPY5-YIBzvMtUT3ajjI

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. 

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

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X: https://x.com/Avara

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