WuBlockchain
At a TOKEN2049 Singapore roundtable on October 14, 2025, Aave founder Stani Kulechov, Ethena founder Guy Young and Hyperliquid co-founder Jeff Yan named their biggest competitors. Kulechov pointed to banks, Young named Circle, while Yan answered “nobody.”
The founders also differed on what DeFi builders most often get wrong. Their answers covered premature infrastructure focus, an overly narrow view of DeFi’s existing user base and insufficient emphasis on composability. The discussion also touched on tokenized stocks, liquidity mining and intents.
Frequently asked questions
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Who did the Aave founder identify as the protocol’s biggest competitor?
Aave founder Stani Kulechov identified banks as the biggest competitor during the TOKEN2049 Singapore roundtable.
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Which competitor did Ethena founder Guy Young name?
Ethena founder Guy Young named Circle when asked about the project’s biggest competitor.
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Why did the Hyperliquid co-founder answer “nobody”?
Hyperliquid co-founder Jeff Yan answered “nobody” when asked to identify the project’s biggest competitor.
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What mistakes did the founders say DeFi builders often make?
They cited focusing on infrastructure too early, viewing DeFi’s existing user base too narrowly and failing to put enough emphasis on composability.
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Which additional DeFi topics did the roundtable cover?
The discussion also covered tokenized stocks, liquidity mining and intents.
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