Aave’s parent company undergoes rebranding as Avara, introduces crypto Family Wallet to its range of services
Avara, the entity behind the Aave protocol (AAVE) and Aave Labs, has undergone a rebranding, according to founder Stani Kulechov. The new name aligns with the company’s strategy to boost adoption of decentralized finance (defi) solutions. As part of the rebranding, Avara has also acquired a team of blockchain developers known as Los Feliz Engineering, who have built an Ethereum-based wallet. The financial terms of the deal have not been disclosed. Kulechov stated that these moves are in line with the company’s vision of attracting more users to web3 platforms by providing familiar tools powered by on-chain technology. Aave Companies, now known as Avara, supports a range of smart contract-based products, including Aave itself, the algorithmic stablecoin GHO, and the defi social network Lens. Kulechov expressed optimism about the progress of Lens and expects further developments in 2023. In related news, the Aave stablecoin GHO has reached its minting cap, but governance delegates are planning to propose updates to the token’s parameters. Users can currently purchase GHO on secondary markets like Uniswap. Aave DAO has also released bug fixes to address a vulnerability on its v2 platform on Ethereum. This came shortly after Curve founder Michael Egorov repaid his loan in full, bringing an end to the Curve Wars.
