In a pivotal move to strengthen its presence in the web3 realm, Aave Companies has undergone a significant transformation, rebranding itself as Avara. Founder Stani Kulechov asserts that this marks the definitive name change, signaling a focused shift in identity.
Avara’s Diverse Portfolio: Powering DeFi Innovation
Under the Avara umbrella, the company oversees a robust portfolio, including the renowned Aave Protocol, Aave Labs, stablecoin GHO, and the decentralized social network protocol Lens. With a substantial $8.66 billion in liquidity across various networks, Aave’s impact on decentralized finance (DeFi) remains significant.
— Avara^ (@avara) November 16, 2023
The Aave Protocol, now under the Aave Labs brand within Avara, boasts an impressive total value locked (TVL) of $9.2 billion on Ethereum. Spanning Aave V2 and the newer Aave V3, the protocol highlights Aave’s adaptability in the dynamic blockchain space.
Strategic Acquisition: Family Wallet Joins Avara
Avara demonstrates its commitment to expansion with the strategic acquisition of Los Feliz Engineering (LFE), the development team behind the Ethereum-based crypto wallet, Family. This move serves a dual purpose – expanding Avara’s influence in the web3 space and offering users a user-friendly gateway to decentralized applications.
The Family crypto wallet, currently in beta, plays a pivotal role in Avara’s mission to enable users to seamlessly enter the web3 ecosystem. Benji Taylor, the founder of LFE, assumes the role of senior vice president of product and design within Avara, ensuring the continuity and enhancement of the Family wallet’s unique features.
Building Momentum: Avara’s Previous Acquisitions
This strategic acquisition follows Avara’s previous move in December 2022, where it acquired Sonar, a metaverse mobile application. These steps underscore Avara’s commitment to a broader vision beyond the realm of DeFi, building momentum in the evolving landscape of web3.