At TOKEN2049 Singapore, three DeFi protocol founders revealed radically different views of their main competitors. Stani Kulechov (Aave) named banks as the primary adversary, positioning his protocol as a challenger to traditional finance through real-world assets; Aave targets crypto-native lending surpassing traditional borrowing by 2027 and has seen liquidity peaks of approximately $76B. Guy Young (Ethena) identified Circle as the rival, with USDe reaching a supply of roughly $15B. Jeff Yan (Hyperliquid) stated having no competitors at all, with the HYPE token trading around $80-81 for a market cap of approximately $18B.
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