Aave Companies Transforms into Avara, Acquiring Self-Custody Wallet Family
The prominent blockchain infrastructure entity known for pioneering the open-sourced liquidity protocol, Aave, has undergone a transformative rebranding. Formerly recognized as Aave Companies, the entity now emerges as Avara, a name inspired by the Finnish term meaning ‘spacious.’
The rebrand marks a strategic shift in overseeing its diverse portfolio brands, including the widely recognized liquidity protocol, Aave, alongside the decentralized social media protocol Lens and stablecoin GHO, among others. Notably, while the Aave brand retains its identity within Aave Labs, the protocol’s native token, AAVE, remains unaffected by this transition.
Today, we proudly introduce ourselves as Avara.https://t.co/ykEGQmXkBu
— Avara^ (@avara) November 16, 2023
Aave’s dominance within the decentralized finance (DeFi) sphere has been underscored by its staggering estimated total value locked (TVL) on Ethereum, reaching an impressive $9.2 billion. The TVL is divided between Aave V2, boasting over $4 billion, and the relatively recent Aave V3, launched on the Ethereum mainnet in January, with a TVL surpassing $5 billion according to DeFiLlama data. This solidifies Aave’s position as one of the most substantial DeFi protocols in existence.
A pivotal aspect of this transformative phase is Avara’s acquisition of Los Feliz Engineering (LFE), the visionary team responsible for the development of the self-custody Ethereum wallet, Family. This strategic acquisition brings the entire LFE team under the Avara umbrella, with Benji Taylor, the founder of LFE, ascending to the role of senior vice president of product and design within Avara.
In a blog post announcing the acquisition, Taylor articulated, “Our wallet will continue to grow and improve under Avara, while maintaining its unique brand and features.” The acquisition encompasses Family’s renowned ConnectKit, a widely embraced developer library facilitating seamless wallet-to-dapp connectivity. Importantly, developers utilizing ConnectKit can seamlessly continue leveraging its services without disruption under Avara’s stewardship.
This acquisition not only signifies Avara’s commitment to expanding its ecosystem but also heralds a promising chapter for the advancement of DeFi solutions. The integration of LFE’s expertise and innovative tools aligns with Avara’s vision to bolster its offerings while preserving the distinctive traits that have garnered widespread acclaim.
As Avara takes strides in consolidating its diverse portfolio under a unified vision, the rebranding paves the way for further innovations and collaborations within the ever-evolving landscape of decentralized finance. With Aave’s steadfast position and Avara’s strategic acquisitions, the future holds immense promise for pioneering developments within the DeFi ecosystem.
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