Aave
This project was developed by Stani Kulechov. Kulechov was actually a young man studying law at the University of Helsinki. However, during this period, he became interested in Ethereum (ETH) and blockchain technologies. In 2017, he developed and launched a decentralized application (dApp) called ETHLend and issued the LEND token. In 2020, ETHLend became the Aave platform. LEND tokens were also converted to AAVE tokens.
Aave (AAVE) is a decentralized finance protocol that aims to facilitate the lending and borrowing of cryptocurrencies.
This platform, which runs on the Ethereum (ETH) blockchain network, automates cryptocurrency borrowing and lending transactions using smart contract technology. Aave users can borrow and lend dozens of cryptocurrencies, including ETH, BAT, and MANA, without intermediaries and with fixed interest rates through smart contracts
Aave has particularly stood out in over-collateralized loans. This means that users must deposit a higher value of cryptocurrency as collateral than the amount they want to borrow. This protects lenders from losing money due to loan defaults and allows the Aave protocol to liquidate the collateral if its value drops too much.
The AAVE token, formerly known as LEND, is the cryptocurrency of the Aave protocol. The AAVE token works as a governance token. Considered one of the best DeFi tokens, the AAVE token gives its holders the right to vote on decisions to be made regarding the future of the protocol
Aave has a strong position as a leading project in the DeFi space, and based on this, the future of Aave can be said to be bright.
Users will have access to more financial tools and options as the Aave team continually expands the platformâs capabilities by developing new financial products and features
