Aave ($AAVE ) is a cryptocurrency that operates on the decentralized finance (DeFi) platform, allowing users to lend and borrow cryptocurrencies through a smart contract-based system on the Ethereum network. It was formerly known as ETHLend and was launched in November 2017 before being renamed to Aave in September 2018.

General details about Aave:

Issuance price: It was launched in 2017 at a very low price.

Highest price: It reached its highest price of $670 in May 2021.

Its features:

1. Flash Loans: It allows taking out loans without collateral on condition that they are repaid within the same transaction, which is a unique feature in the field.

2. Interest rate switching: Users can switch between fixed and variable interest depending on market conditions.

3. Currency diversity: It supports more than 20 cryptocurrencies for lending and borrowing.

Is it a currency that Muslims can trade?

It is not usually considered haram according to Islamic finance principles. The main reason for this is that Aave’s platform is based on lending and borrowing with interest, which is known as Riba, which is forbidden in Islamic law. Because it contradicts the principle of economic justice that Sharia calls for.

Is it worth investing in?

It depends on your investment goals. Aave is a strong project in the field of decentralized finance due to its innovative technologies and continuous growth.However, market fluctuations must be taken into account.