AAVE, Ethena and Hyperliquid founders discuss competition at TOKEN2049

Aave: Aave is a decentralized lending protocol that enables users to supply and borrow digital assets across multiple blockchains with features like variable and stable interest rates. The protocol has recently advanced its V4 rollout, emphasizing enhanced security through audits and AI tools while expanding collateral options to include tokenized equities on networks such as Base. Its founder Stani Kulechov participated in the 2025 TOKEN2049 roundtable where he identified traditional banks as Aave's primary competitors. Ethena: Ethena operates a synthetic dollar protocol built around USDe, which maintains stability through delta-neutral hedging strategies involving derivatives. The project has focused on institutional integrations and mechanisms to direct protocol revenue toward token buybacks. Founder Guy Young joined the 2025 roundtable and named Circle as Ethena's biggest competitor. Jeff Yan: Jeff Yan is a co-founder of Hyperliquid, a decentralized perpetuals trading platform. He contributes insights on platform differentiation and technical approaches in DeFi. Yan participated in the 2025 roundtable, offering perspectives on competition and product features like intents. Guy Young: Guy Young is the founder of Ethena, the protocol behind the synthetic dollar USDe. He participates in DeFi events exploring stablecoin competition and protocol strategy. Young spoke at the 2025 TOKEN2049 roundtable about rivals and areas where DeFi projects fall short. Hyperliquid: Hyperliquid is a decentralized perpetual futures exchange featuring an on-chain order book designed for high-speed and composable trading. It has expanded its product suite while implementing token repurchase programs funded by trading fees. Co-founder Jeff Yan attended the 2025 TOKEN2049 event and stated that Hyperliquid views no direct competitors in its category. Stani Kulechov: Stani Kulechov founded Aave, one of the largest decentralized lending protocols in DeFi. He frequently engages in discussions about industry competition and protocol development priorities. Kulechov contributed to the 2025 roundtable by addressing DeFi founders' common missteps and competitive dynamics. Platform Views: DeFi founders exhibit differing opinions on the role of features such as liquidity mining and tokenized equities within their ecosystems. DeFi Competition: DeFi projects frequently position traditional banks and established stablecoin issuers as primary competitive threats. Tokenized Assets: Tokenized stocks are seeing growing integration with DeFi platforms as viable collateral for lending activities.