Aave Companies is adopting a new name to empower its burgeoning ecosystem of Web3 products and brands.
Avara is the new name for the blockchain infrastructure company that develops the open-source decentralized lending and liquidity protocol Aave.
The name Avara is based on a Finnish word meaning “vast” or “spacious” and reflects the company’s vision of building a broader and more diverse ecosystem of decentralized solutions.
In a release Recently, Aave explained that under the Avara umbrella, it will introduce itself to the growing Web3 ecosystem that Aave Companies has been building and which includes its best-known products, such as the decentralized protocol Aave, the stablecoin GHO, and the social Web3 protocol, Lens.
Stani Kulechov, founder and CEO of Aave, highlighted that Avara will serve as a benchmark for the next-generation Web3 features and services that the protocol will develop and that can be seamlessly integrated into any application to further expand the capabilities of the decentralized Internet.
Aave, Avara, Los Feliz Engineering and Family
Aave’s rebranding to Avara comes amid the acquisition of the team behind the development of Family, a leading Web3 product brand that shares Aave’s vision of building a more open, decentralized, and equitable Internet.
Avara is bringing on board the team behind Family, Los Feliz Engineering, also known as LFE, to reaffirm its commitment to advancing decentralized finance and making Web3 more accessible to everyone.
LFE team leader Benji Taylor joins Avara as the company’s new SVP of Product and Design and Web3 brand.
It should be noted that the name change only impacts the company's brand and that there will be no change to the Aave protocol's native token, AAVE, which will continue to operate under the Ava Labs umbrella.
Aave, a leading protocol in the DeFi space
The Aave protocol has become one of the main protocols developed in the Ethereum decentralized ecosystem, being one of the leaders in DeFi, with an estimated total value locked (TVL) of $5.700 billion dollarss, according to data from the DeFiLlama platform.
Currently, Aave is the fourth largest protocol in the DeFi space, in terms of TVL.
Source: DeFi Llama
Aave’s TVL is split between the Aave V2 iteration, which has over $2.300 billion in value locked in its smart contracts, and the Aave V3 iteration, which launched on the Ethereum mainnet in January and has a TVL of over $3.380 billion at the time of writing.
Recently, Aave V3 set a new high in the number of assets borrowed per day, according to the platform.
Meanwhile, the AAVE token, native to the decentralized liquidity and lending protocol, is listed among the top 50 cryptocurrencies in the market by capitalization, with a total market value of $1.300 billion.
The unit price of AAVE is currently trading very close to $90, which represents a growth of more than 30% in the last month and 60% in the last year.
Keep growing: Aave to be deployed on Polygon's zkEVM following community approval
