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Aave, the famous Decentralized Finance (DeFi) lending protocol, which made a strategic move to expand its presence in the Web3 space, has now rebranded itself as Avara. This rebranding initiative signifies Aave’s effort to connect with a wider user base in the vibrant Web3 ecosystem.
Avara: An Important Move for Web3.0 Inclusivity
The transition to Avara reflects a thoughtful choice inspired by the Finnish word “Avara,” which encompasses meanings such as “comprehensive,” “open,” “spacious,” and “inclusive.” Stani Kulechov, the founder and CEO of Avara, emphasized the importance of these descriptors, which align with the company’s vision of being more than just a platform. The name also aims to enable users to “see more than what you see.”
Kulechov stated that Avara’s expanding offering package, including the liquidity protocol Aave, GHO Stablecoin, Lens Protocol, and Sonar, necessitated a name that appeals to a broader audience in the Web3 framework. Despite the rebranding, the liquidity protocol will continue under the Aave Labs brand. Additionally, it will focus on pushing the technological boundaries of DeFi.
Avara Acquires Los Feliz Engineering
In parallel with the rebranding efforts, Avara made a significant acquisition by bringing Los Feliz Engineering, a Los Angeles-based Web3 venture, under its umbrella. This acquisition includes the entire Los Feliz Engineering team, known for their contributions to the Ethereum crypto wallet Family and the developer library ConnectKit.
Benji Taylor, the founder of Family, will assume the role of Senior Vice President of Product and Design at Avara. The acquisition also sets an important goal of enhancing Lens Protocol’s capabilities, particularly leveraging the extensive experience in developing the messaging application, Honk.
Current Status of AAVE Price
Stani Kulechov, the founder of Avara, highlighted that the recent move is a significant step towards their ultimate missions. He also emphasized the profound nature of these changes by emphasizing the open, decentralized internet that promotes equality, participation, and innovation.
The rebranding aims to embrace a Web3-centric approach. Following this development, AAVE is currently trading at $92.45, experiencing a daily decrease of 4.39%.
