The Aave crypto platform is one of the leading figures in the decentralized finance (DeFi) ecosystem. From now on, Aave will be called Avara. A change of name which is part of an overall strategy aimed at consolidating the position and relevance of the company in the crypto ecosystem.
The strategic metamorphosis of the crypto firm Aave
Crypto firm Aave Companies has undergone a major transformation. She has indeed announced that she is changing her name to Avara. This name comes from the Finnish language. It signifies “spacious”. A word that says a lot about the platform’s ambition to extend its influence.
Basically, the crypto company is thus streamlining the oversight of its infrastructure product portfolio. This includes the famous liquidity protocol Aave, the decentralized social media protocol Lens and the stablecoin GHO, among others.
In reality, this change is strategic because it is calibrated to expand the firm’s Web 3.0 user base. This is what the acquisition of Los Feliz Engineering (LFE), announced in the wake of the change of name of Aave, contributes to, one imagines.
As a reminder, LFE is the team that develops the automatic custody Ethereum wallet, Family. The latter integrates that of Avara. This, under the aegis of its founder, Benji Taylor, chosen to take on the role of senior vice president of product and design of Avara. The company thus ensures a transparent transition and the continued development of the portfolio.
No further changes in sight for Avara
Avara emphasized that beyond its name change and acquisition of LFE, there will be no other strategic transformation for the crypto company. Therefore, this development does not concern the Aave brand which will be maintained under the auspices of Aave Labs.
The change also does not affect AAVE, the native crypto of Avara’s Aave protocol. The company highlighted its commitment to supporting innovation in the ever-evolving DeFi and Web 3.0 sector.
It must be said that Avara stands out in these two sectors. At least that’s what DeFiLlama’s data shows. In particular, they indicate that the Aave liquidity protocol, based on Ethereum, has an impressive total value blocked (TVL) of $9.2 billion.
This figure is distributed at more than $4 billion for Aave V2, version 2 of the protocol. In addition to $5 billion for Aave V3, version 3 of Aave. This launched on the Ethereum mainnet, cementing its position as one of the largest DeFi protocols to date.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service daily and weekly so you don’t miss anything of the Tremplin.io essentials!
