Aave Labs acquires Avon team to enhance fixed-rate lending
Acquisition details
Aave Labs has acquired the Avon team and its technology to enhance its onchain lending platform by adding fixed-rate borrowing options. This move aims to broaden the types of loans Aave can offer to users.
Key features of Avon
- The acquisition includes Avon's fixed- and floating-rate lending protocols.
- Avon brings an onchain order book, which facilitates lending operations.
- Aave is currently the largest onchain lending network with over $30 billion in deposits and more than $12 billion in active loans.
Roles of the Avon team
As part of the acquisition, several key members from the Avon team will join Aave Labs. Prince Sinha and Ayush Kaul will be part of the engineering team, while Omar el-Ashaal will work in business development.
Goals of the acquisition
Aave Labs' CEO, Stani Kulechov, stated that the aim is to provide comprehensive financial products, including fixed-rate options, which are already familiar to users in traditional finance.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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