Stani Kulechov, the creator behind the decentralized finance protocol Aave, has acquired a five-story Victorian mansion in London for approximately £22 million (around $30 million). This transaction is noted as one of the most significant residential sales in the city over the past year, as reported by Bloomberg.

Kulechov’s London Acquisition

The estate is situated in the affluent Notting Hill area and was purchased in November for roughly £2 million less than its original asking price, just ahead of the UK’s autumn budget announcement. The deal was particularly notable given the current cooling trend in the luxury housing sector, which has been impacted by increased stamp duties and policy shifts enacted by the Labour government.

Sales of homes priced over £5 million have seen a considerable decline towards the end of last year, as shown by data from property research firm LonRes. It remains unclear if any cryptocurrencies were utilized in this purchase.

Kulechov established Aave in 2017 originally as ETHLend before it rebranded to its current name. In 2023, Aave briefly took on the Avara name to incorporate a range of Web3 projects. Today, Aave stands as one of the major platforms for DeFi lending, with Kulechov also involved in various crypto initiatives like the GHO stablecoin.

“I see the UK as a potential epicenter for crypto innovation,” Kulechov has previously stated.

Brand Renovation
Kulechov’s property purchase aligns with Aave Labs narrowing its focus to core lending operations. Recently, the company announced the dissolution of the Avara brand, previously encompassing numerous Web3 initiatives, including the Family crypto wallet and Lens, a decentralized social platform. Moving forward, all products will be branded as Aave Labs, including the Aave mobile app and Aave Pro, with the aim of simplifying the brand and refocusing resources on the Aave protocol.

This decision also addresses ongoing governance challenges within the DeFi ecosystem. Aave DAO, overseen by AAVE token holders, manages smart contracts and on-chain revenue, whereas Aave Labs retains control over off-chain assets.

Tensions arose last year after changes were made to the official site that diverted fees away from the DAO treasury, leading to a failed community proposal aimed at acquiring Aave Labs’ intellectual property, though discussions about revenue sharing and branding continue.