Aave is an open-source and non-custodial protocol to earn interest on deposits and borrow assets.
- What is Aave (AAVE)?
Aave (fun fact: the name is taken from the Finnish word for “ghost”) is a decentralized, open-source, and non-custodial protocol for money market creation on Ethereum. Depositors earn interest by providing liquidity to lending pools, while borrowers can obtain loans by tapping into these pools with variable and stable interest rate options. Aave Protocol is unique in that it tokenizes deposits as aTokens, which accrue interest in real time. It also features access to Flash Loans and Credit Delegation as uncollateralized loan options.
- Who is the team behind Aave?
Aave, formerly known as “ETHLend”, was founded in 2017 by Stani Kulechov. Headquartered in Shoreditch, London, the Aave team is made up of a diverse team of innovators across the globe who are actively shaping the future of finance.
- What's the initial token distribution of AAVE?
AAVE have been 1:1 migrated from LEND token. 13m tokens can be redeemed by LEND holders. 3m tokens are allocated towards the Aave Ecosystem Reserve.