The Rollup Stani Kulechov on Why Aave V4 Is The Most Resilient DeFi In The World
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Mar 30, 2026 
Stani Kulechov, founder of Aave and longtime DeFi builder focused on lending, on-chain credit, stablecoins, and tokenized RWAs. He unpacks Aave V4’s hub-and-spoke design, risk tiers, and liquidity flows. He discusses institutional RWAs, GHO’s role in credit, the Whop integration bringing millions of fintech users, and Chainlink SVR for MEV protection.
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Hub And Spoke Liquidity Segregates Risk
- Aave V4 isolates risk through a hub-and-spoke liquidity model that concentrates capital while segregating risk into spokes.
- Hubs provide credit lines to connected spokes and new tooling like risk premiums and dynamic configs let risk managers price and isolate exposures.
Three Hubs Match Risk Profiles
- Aave splits liquidity into three hubs—Prime, Core, and Plus—each matching different risk-return profiles and connected to specific spokes.
- Governance allocates how much hub capital backs each spoke, enabling bootstrapping from Plus to Core as use cases mature.
Bootstrap New Markets In Tail Spokes First
- Bootstrapping new DeFi innovations should start in tail-end Plus spokes and migrate to deeper Core hubs once proven.
- This approach lets projects access concentrated liquidity without immediately exposing core pools to unproven risk.