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An open-source protocol enabling users to borrow crypto assets and earn on deposits.



What is Aave?

What is Aave?

Aave is a non-custodial DeFi protocol that provides customers with a range of financial services in a decentralized environment.

Aave is the Finnish word for "ghost," and this choice of the name is supposed to underscore the protocol's idea of a clear and open ecosystem in the DeFi segment.

Founded in 2017 by early crypto adopter Stani Kulechov, Aave was originally rolled out as ETHLend (LEND) as a response to a lack of lending apps based on the Ethereum network.

At a time when the DeFi segment was still in formative stages, ETHLend offered users a chance to lend and borrow ETH-based tokens, as well as earn on rate fluctuations in the crypto sphere.

In 2018, ETHLend was rebranded as Aave.

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November 2017

ETHLend collected $16 mln in an ICO. The funding was used to create a decentralized peer-to-peer lending platform.

September 2018

A new parent firm, Aave, was announced as a replacement of ETHLend.

October 2019

Aave V1 public testnet was launched.

January 2020

Aave V1 was launched. ETHLend ceased operations.

October 2020

The AAVE crypto token was issued with a migration from the old token, LEND to AAVE at a rate of 1:100.

December 2020

AAVE V2 was launched, containing several new features, while Aave V1 continued to operate.

July 2021

The name of Aave’s planned institutional DeFi product, Aave Pro, was changed to Aave Arc. The reason was to portray its function as a doorway for institutions to enter the decentralized finance segment.

Aave investors Ventures

Integrated protocols