#RWA代币化 Ten years ago, looking at Aave was like a dedicated believer waving a torch in the wilderness of DeFi. At that time, the entire space was less than $1 billion; who would have thought that today, this protocol's scale is more than 50 times larger than back then? Over the years, I have seen too many projects bloom and fade away; those teams that once shouted the loudest have long disappeared, and only a few have made it to where they are now.

Looking at Stani's latest 2026 plan, the first thought that came to my mind was: this is true respect for history. The V4 Hub&Spoke architecture, Horizon's RWA layout, the mobile adoption strategy—each step is not just a figment of imagination but carefully designed based on past failures and successes.

I still remember how many people questioned the ceiling of on-chain lending back then, believing that DeFi would always be a niche for geeks. Now, Aave can rival the top 50 banks in the US, which is not just about numbers—it's a signal of a paradigm shift. From its launch to reaching $550 million in scale, the speed vividly demonstrates how deep the traditional financial sector's hunger for the on-chain RWA market is.

What I find most intriguing is that phrase "We are just getting started." Having experienced the frenzy of 2017, the winter of 2018, and the crash of 2022, when I hear this phrase, I know the person saying it is no longer just painting a picture—they are stating a reality. Truly foundational infrastructure does not need narrative-driven hype.