• Aave’s parent company has rebranded as Avara.
• AAVE maintains an upward trajectory, as alt’s price has grown by almost 45% in the last month.

Formerly known as Aave Companies, the entity behind leading decentralized lending protocol Aave [AAVE] has rebranded as Avara.

Today, we proudly introduce ourselves as Avara.https://t.co/ykEGQmXkBu

— Avara^ (@avara) November 16, 2023

According to the blog post announcing the name change, Stani Kulechov, founder and CEO of Avara, also confirmed the acquisition of Los Feliz Engineering, the software development company behind the Ethereum crypto wallet Family and developer library ConnectKit.

As noted in the press release, these actions represent concerted efforts by Avara toward achieving its mission statement of establishing “an open, decentralized internet that’s equitable, inspires participation, and fosters innovation.”

State of Aave

The last month has seen a rally in the total value locked on Aave.

According to DefiLlama’s data, the lending protocol’s TVL has grown by 21.15% in the last month. This has caused it to displace competitor MakerDAO [MKR] as the second-largest decentralized finance protocol in terms of TVL.

At press time, Aave’s TVL was $9 billion, while MakerDAO ranked below it at $8.17 billion.

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Author: Abiodun Oladokun

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