Stani Kulechov Wiki (Aave, Background, Net Worth, More)

Stani Kulechov.
Courtesy of Stani Kulechov’s Instagram profile.


Who Is Stani Kulechov?

Stani Kulechov is a Finnish programmer, entrepreneur, and the founder of the Aave protocol (formerly ETHLend). Kulechov is primarily active in the cryptocurrency, blockchain, and fintech (financial technology) industries.


Stani Kulechov Bio And Background

According to his LinkedIn profile, Stani Kulechov graduated from the University of Helsinki in 2018 with a master’s degree in Law. While studying at the University of Helsinki, Kulechov worked in the legal field as a Trainee in Castrén & Snellman (January 2017 – May 2017), a Trainee at Bird & Bird (August 2017 – November 2017), and Member of the Legal Aid Committee of the Law Students Association Pykälä ry.

Cointelegraph writes that Kulechov became interested in finance and got involved in fintech communities at the University of Helsinki. Ethereum and the concept of smart contracts inspired him to create a decentralized financial ecosystem and to make “financial products more efficient.”


Stani Kulechov’s Aave Protocol

The homepage of the Aave website.
Courtesy of


Kulechov launched ETHLend in 2017. ETHLend was a peer-to-peer digital asset lending and borrowing platform, as well as one of the first decentralized platforms, according to Cointelegraph.

In 2018, ETHLend was renamed Aave and expanded its focus beyond lending and Ethereum.

The Aave protocol was officially launched on the Ethereum mainnet in January 2020. In August 2020, Aave became the second DeFi (decentralized finance) protocol to reach $1 billion in total value locked. The first DeFi protocol to hit $1 billion in total value locked was Rune Christensen’s MakerDAO.

In August 2020, the United Kingdom Financial Conduct Authority (FCA) granted Aave an Electronic Money Institution (EMI) license, Cointelegraph writes. Subsequently, Aave’s former native token LEND surged 30% from $0.59 to $0.77 (an all-time high at the time).

On August 15, 2020, Aave announced V2 of its protocol. Kulechov announced the launch of Aave V2 on mainnet on December 3, 2020. Aave V2 brought yield & collateral swap, one-step repayment with collateral, and reduced transaction fees, among many other things.

During the course of 2021, AAVE expanded to a number of different blockchains including Avalanche, Polygon, and others.


How does Aave work?

Aave allows liquidity holders to deposit their liquidity to the platform and earn rewards, and it also allows users to borrow financial resources.

The platform is described as follows on its official website:

Aave is a decentralized non-custodial liquidity market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) fashion.

. . .

In order to use the service, you simply deposit your preferred asset and amount. After depositing, you will earn passive income based on the market borrowing demand. Additionally, depositing assets allows you to borrow by using your deposited assets as a collateral. Any interest you earn by depositing funds helps offset the interest rate you accumulate by borrowing.

The deposited funds are allocated in a smart contact with an open source code. Aave claims that the code of its smart contracts is formally verified and audited by third-party auditors.

Users may withdraw their funds from the pool on demand. Alternatively, they may export a tokenized version of their lender position via aTokens. aTokens can be handled (moved and traded) in the same fashion as other crypto assets on the Ethereum blockchain.

The ecosystem of Aave has the following structure:

The Aave ecosystem.
Courtesy of


The governance token of Aave is the AAVE token. Holders of the token participate in the decision-making process pertaining to the future of the protocol.

AAVE was preceded by LEND. Aave launched migration from the old token to the new one on October 2, 2020.

Aave’s stability is ensured by the Safety Module. This is a component that enables AAVE holders to lock their tokens in a smart contract.

The Aave protocol uses locked tokens as a mitigation tool in case of a Shortfall Event, or a fund deficit, in Aave markets.

Incentives are also an important component of the Aave ecosystem. Through incentives, the protocol aims to ensure the security of the platform by encouraging AAVE token owners to lock their assets and liquidity holders to deposit funds to the platform. This is achieved via Safety Incentives (SI) and Ecosystem Incentives (EI).

Safety Incentives ensure the safety of the protocol by incentivizing AAVE holders to participate in the Safety Module. This is achieved with a set of incentives pushing behaviour to naturally create a positive feedback loop within the Aave Protocol.

. . .

AAVE holders participating in the Safety Module earn both Safety Incentives in the form of AAVE and fees from the protocol.


Liquidity Providers and Liquidators (in the form of a single user or as a DeFi end-user interface) are two key components of the sustainability of a decentralized finance protocol by enabling liquidity within the protocol. As stakeholders and maintainers of the Aave Protocol, they should be rewarded with governance power through the EI.


Stani Kulechov Net Worth

There is no confirmed information about Stani Kulechov’s net worth online.

On a related note, however, the total value locked in Aave is well into the billions of dollars, according to DeFi Pulse. At various times it has been among the largest DeFi protocols by total value locked.

To check the AAVE token price,visit the website CoinMarketCap.


Stani Kulechov Online Presence And Publicity

Stani Kulechov can be found on Twitter, Instagram, as well as on the Medium blogging platform.

Cointelegraph named Kulechov one of the top 100 notable figures in blockchain in 2021.  The likes of Gavin Wood, Jesse Powell, Anthony Pompliano, Hayden Adams, and Rune Christensen were also on the list.

Stani Kulechov has been featured on Raoul Pal’s Real Vision and the CoinGecko podcast. In early 2020, Ethereum London featured Kulechov’s announcement of Aave as well.





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