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Stani Kulechov, founder of the decentralized lending platform Aave, said decentralized finance (DeFi) could benefit from tokenizing “abundance assets” worth up to $50 trillion by 2050, potentially creating a new class of onchain collateral.
Speaking in a post on X on Sunday, Kulechov pointed to real-world asset (RWA) tokenization as a growing trend, while arguing that the largest impact will come from tokenizing assets that are more abundant—such as renewable energy—rather than scarce financial instruments.
Data from RWA.xyz shows that nearly $25 billion worth of real-world assets has been tokenized onchain. However, Kulechov said these tokenized assets are mostly concentrated in categories such as US Treasury bonds, stocks, commodities, private credit, and real estate.
Kulechov said scarce assets are expected to continue growing, but he argued that tokenization’s biggest effect could be achieved by tokenizing abundance assets. He cited solar as a key example, saying solar could account for $15 trillion to $30 trillion of the $50 trillion “abundance asset” market by 2050.
He described a potential financing model for solar projects: solar debt financiers could tokenize a $100 million solar project while borrowing $70 million to redeploy into new projects. He said onchain depositors would then have access to “enormously scalable, low-risk yield” that is diversified.
Kulechov also argued that tokenized assets could improve capital efficiency. In his example, an investor could buy tokenized solar, hold for three years, sell at a profit, and redeploy into new development. He said tokenized assets enable continuous trading, allowing the same dollar to finance multiple projects over time, unlike traditional infrastructure capital that can remain tied up for decades.
Kulechov said the same approach could extend beyond solar to batteries for energy storage, robotics for labor, vertical farming and lab-grown food for nutrition, semiconductors for computation, and 3D printing for materials.
Kulechov said abundance-backed products could offer higher returns than scarce assets, which he characterized as moving toward “low, thin margins and diminished profitability.” He added that abundance-backed products could provide better risk characteristics and stronger alignment with underlying values, arguing they would “win in the market because they are superior products.”
Aave is the largest DeFi protocol by total value locked, with $27 billion in borrowing and lending, according to DeFiLlama data. The most lent and borrowed assets on the platform include the Tether-issued USDt (USDT) stablecoin, Ether (ETH), and wrapped Ether (wETH).
Separately, Aave’s native token, Aave (AAVE), has continued to face pressure amid the broader crypto market slump. CoinGecko data shows AAVE fell another 1.6% over the last 24 hours.
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