"Founder of Aave: What is the Secret of the DeFi Lending Market?" (Author: Stani.eth; Edited by: Ken, Chaincatcher) Stani Kulechov believes that the core advantage of DeFi lending lies in restructuring the cost structure. Through smart contract automation, transparent pricing, and permissionless capital aggregation, on-chain lending can achieve financing costs of about 5%, significantly lower than the 7%–12% range of centralized institutions. The current bottleneck is not capital shortage but the limited availability of high-quality collateral. In the future, as crypto-native assets and real-world assets are onboarded and the lending process becomes fully software-driven, DeFi is expected to become a lower-cost financial infrastructure. Read more:

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