Aave Renames to Avara: DeFi Shift Ahead
The company formerly known as Aave Companies has embarked on a fresh chapter, rebranding itself as Avara, drawing inspiration from the Finnish term meaning 'spacious.'
This new identity will oversee a lineup of existing ventures, including Aave, Lens (a decentralized social media protocol), and GHO (a stablecoin), among others.
Notably, the rebrand won’t affect the Aave brand itself, which will persist under Aave Labs with no changes to its native token (AAVE). Aave has made significant waves in the Ethereum space, boasting an estimated total value locked (TVL) of $9.2 billion.
This sum is divided between Aave V2, with over $4 billion, and the more recent Aave V3, which debuted on Ethereum mainnet last January and has accrued a TVL surpassing $5 billion, as per DeFiLlama’s data. This firmly establishes Aave as one of the foremost DeFi protocols in existence.
Simultaneous with its rebrand, Avara has made headlines with the acquisition of Los Felix Engineering (LFE), the driving force behind the self-custody Ethereum wallet known as Family. The move integrates the entire LFE team into Avara, with Benji Taylor, the company’s founder, assuming the role of senior vice president of product and design.
Taylor expressed optimism about the wallet’s continued growth and enhancement under the Avara banner, assuring users of its sustained distinctiveness in brand and features.
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Furthermore, the acquisition encompasses ConnectKit, Family’s widely used developer library facilitating seamless wallet-to-dapp connectivity. Developers reliant on this tool can expect uninterrupted service within the new acquisition framework.
Despite the substantial changes, specific details regarding the acquisition remain undisclosed.
Avara emphasizes that, apart from these recent developments, no strategic alterations are planned, reaffirming its steadfast commitment to the decentralized finance and Web3 sectors.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
