Aave, one of DeFi’s biggest loan and financial services supplier, reported on Monday that it has received $25 million from investors Bitcoin Money, Normal Crypto, and Blockchain.com Ventures.
Mainstream Adoption
Stani Kulechov, CEO of the Project, said that the investments will be used to benefit Aave adoption in Asian markets and to bring DeFI to institutional investors.
Aave is the third biggest DeFi protocol, with $1.15 billion locked in assets, according to data supplier DeFi Pulse. The overall valuation of all DeFi ventures has risen in recent weeks and is now $10.79 billion, after exponential summer growth.
Features of Aave
The Aave loan protocol provides the customer with a number of cryptocurrencies that they can use to loan and borrow from both fixed and volatile rates.
Aave provides noteworthy distinguishing features, such as uncollateralized loans, “rate switching,” flash loans and single collateral forms in addition to the usual characteristics seen on protocols such as Compound.
Aave uses a local token – LEND – and offers reduced payments for holders. LEND would also be selected as a leading security for unpaid debts, and as governance in the immediate future.
Rebranding and Development
Aave was initially released as ETHLend in 2017. In November 2017, the ETHLend ICO raised $600,000 in ETH with a distribution of 1 billion tokens.
In September 2018, ETHLend was rebranded as Aave with the intention of adding a broader selection of platform functionalities.
In 2020, Aave saw considerable development, primarily through Aave Watch – a tool for monitoring key steps such as borrowing and charging. Users will now see how many LEND tokens have been used with free-market burning protocol charges using Aave Fire.
