• It has variable interest rates depending on the demand and supply.
• It was known as ETHLend in 2017.
• It has two types of tokens on its platform, namely: aTokens and Aave tokens.
• It has a market capitalization of nearly $5 billion.
• It has a maximum supply of 16 million Aave coins.

Aave was launched in November 2017 with the aim of changing the way the finance industry works.

It removes the centralized authorities from the picture by providing a decentralized platform for easy lending or borrowing of cryptocurrencies. Also known as the Defi protocol, it uses the technology of Ethereum for processing its transactions. With Defi and smart contracts, middlemen are totally out of the picture, and the maths is done all by the smart contracts. Its tokens (Aave) are mostly used as a tool of collateral and a piece of investment.

You earn interest when you lend and give interest when you borrow.

• It is built on a Decentralized autonomous organization (DAO).

• It has introduced a new concept of Flash loans that is a benchmark in this industry.
• It has pools for over 20 Ethereum-based assets, including Tether, DAI, and USD Coin.

Tags

FAQ's

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.