Stani Kulechov Accuses Kamino of Copying Aave in 2024

 
Ritu Lavania
Written By 
Ritu Lavania
 
Harsh Chauhan
Edited by 
Harsh Chauhan
February 12, 2025

A heated showdown erupted on Crypto Twitter after Aave co-founder Stani Kulechov accused Kamino of “copying” Aave, sparking sharp rebuttals from several crypto veterans, including Solana co-founder Anatoly Yakovenko. Despite these allegations, Kamino’s emergence as ‘2024’s fastest growing crypto lending protocol’ paints a different picture altogether.

Aave vs Kamino

Amid the ongoing competition in the decentralized finance (DeFi) lending space, Kulechov criticized Kamino for adopting Aave’s ‘old technology’ and presenting a ‘half-baked’ interface.

This accusation quickly triggered a sharp response from the Solana community, including Yakovenko, who argued that Kamino was superior.

Stani’s criticism of Kamino sparks debate

Yakovenko fired back, saying, “1/8th the TVL but 1/2.5 the revenue. I don’t see how Aave is a better product. TVL is a cost if you can’t squeeze revenue out of it.”

Kulechov countered the claims by pointing out that Kamino takes a larger cut from its s. He noted that while Aave’s USDC Reserve Factor is 10%, Kamino takes a 15% cut. Kulechov attributed this difference to the lack of competition in the Solana ecosystem, suggesting that s are paying the price for it.

Marc Zeller, an early member of the Aave development team, also voiced his criticism of certain DeFi projects when they face challenges.

However, despite his criticism of Kamino, Kulechov acknowledged in a recent podcast, “In general, the more developers on the chain, the better, it doesn’t matter where they start or end. I’d be happier if Solana had more developers building resilient, safe, and secure DeFi.”

Kamino: Fastest Growing Lending Protocol Since Q1 of 2024

In of actual growth, Token Terminal reported that Kamino, Solana’s on-chain DeFi project, has seen a 1,368% increase in net deposits since January 2024. In comparison, Morpho’s net deposits grew by 214% over the same period, while Aave’s net deposit growth rate stands at 213%.

Also Read: AAVE Price Targets $400 as Whale Activity Surges

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.