Aave founder Stani Kulechov surprised the DeFi community by announcing that ETHLend. The original peer-to-peer lending protocol that eventually evolved into Aave will return in 2026. The update sparked excitement among early crypto users who still remember the project’s 2017 roots. The major pivot that reshaped the lending landscape.
Stani Highlights Real Bitcoin Collateral
Stani Kulechov shared the update while commenting on a recent experiment involving Bitcoin collateral. He emphasized that the tests used real Bitcoin, not wrapped versions. This detail quickly caught attention because most DeFi protocols rely on synthetic or wrapped BTC for on-chain activity.
Aave 创始人在 X 发文表示，比特币抵押品是真正的比特币、非封装资产，并表示 2026 年将重新推出 ETHLend 。ETHLend 为 Aave 的前身，由于早期 P2P 模式在流动性和撮合效率上的问题，团队在 2018 年熊市期间对产品和公司结构进行重构，将 ETHLend 升级为采用资金池模式， 面向多链的 DeFi 协议…
— 吴说区块链 (@wublockchain12) November 22, 2025
His message also signaled that the Aave ecosystem is exploring ways to support non wrapped Bitcoin more directly. Although he did not reveal technical details. The comment hinted at a future where native Bitcoin could be used more seamlessly across decentralized finance.
ETHLend’s History Sets the Stage for the Relaunch
ETHLend began in 2017 as one of the first decentralized lending platforms on Ethereum. It used a peer-to-peer matching system. Where individual lenders and borrowers connected directly through smart contracts. But the model struggled during the 2018 bear market. Liquidity was thin, matching was slow and user demand shifted toward more flexible automated systems. This pushed the team to rebuild the entire product.
By late 2018, ETHLend had transformed into Aave. A protocol known for pioneering the liquidity-pool model that now dominates DeFi. Its token also transitioned from LEND to AAVE. It is creating one of the industry’s most recognized governance assets. The original LEND token still exists today only as a legacy asset with minimal value. Meanwhile, AAVE has grown into a multi-chain, multi-billion-dollar ecosystem.
A Return to P2P, With a Modern Twist
The announcement leaves the community guessing about what ETHLend 2.0 will actually look like. Stani Kulechov did not specify whether the new version will be fully independent or operate alongside Aave as a complementary product.
However, many expect a modernized P2P engine backed by today’s deeper liquidity, improved MEV protection and faster on-chain execution. The renewed interest in peer-to-peer rails. Especially for institutions that prefer predictable counterparty relationships. It could also play a role. If ETHLend returns with better efficiency and scaling tools. It may fill a gap that liquidity pool systems don’t fully serve today.
DeFi Community Reacts With Nostalgia and Curiosity
Stani Kulechov’s post drew quick reactions from long-time users who still remember the early ETHLend interface. Screenshots of the 2018 UI resurfaced, adding a mix of nostalgia and humor. Others speculated that the relaunch could bring new utility to stored LEND tokens. Though nothing has been confirmed. Currently, the promise of a 2026 relaunch adds a fresh storyline to Aave’s evolution. And with real Bitcoin experiments underway. It seems clear that the project is gearing up for another big leap in the coming cycle.
