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What Is Aave?

Aave is a decentralized platform and non-custodial protocol powering the creation of money markets on a smart contract. Active users earn interest on deposits and can create their own decentralized money markets.

Aave-LEND was formerly known as ETHLend token when it was first launched in September 2018. ETHLend token was able to raise USD$16.2 million that year and later became Aave-LEND in 2020. This migration was strategic to move from decentralized P2P lending to a pool-based strategy.

The aim of Aave-LEND is to fill in the gap in the existing structure of centralized Fintech industry giants like Skrill, PayPal and Coinbase.

Depositors can earn interest by providing liquidity via depositing of cryptocurrencies into the lending pool. Borrowers can obtain loans by accessing the liquidity pool either under-collateralized or over- collateralized way. In Aave-LEND, they don’t match borrower to lender, rather the individual obtains loan by tapping into the pool.

Key features of Aave Lend

  • The user pay with collateral: Aave users can repay their loans with collateral but hey, it has to be done on a separate transaction.
  • Debt tokenization and native credit delegation: Users’ debt will be in tokens. This native credit delegation will be enabled within the Aave Protocol.
  • Fixed rate deposit: Every deposit has a fixed interest rates which are not bound by market variations.
  • Improved Stable Borrow Rate: This is locked down to a specified time period.
  • Private markets: All tokenized assets are traded in open private markets through governance allowed by Aave.
  • Improved aTokens: aTokens are minted when money is borrowed and get burnt when the debt is redeemed. aTokens is pegged to 1:1 to the value of which ever asset deposited in the pool.
  • Gas Optimizations: This leads to a reduction in transaction costs to all the transactions that take place in Aave. For some assets, the gas cost is reduced as much as 50%.
  • Security: The Aave’s security architecture has been upgraded to take care of all the security concerns in other cryptocurrencies.
  • Native trading functionalities: Aave introduces this package to enable an asset to be changed to another asset, if the latter is cheaper in borrowing. For example, a borrower of USDC can decide to go for DAI if he/she considers it cheaper.
  • Governance: Aave token holders can delegate their voting right and a user can remove delegation in a single transaction if he/she wishes.

Team of Aave Lend

Aave Lend assembled experienced core individuals to its respective positions to drive the visions of the organization. The team is led by Stani Kulechov who is the Chief Executive Officer (CEO). Mr. Stani Kulechov is a serial entrepreneur and was a key member of many organizations in the past.         Mr. Stani Kulechov retained and migrated his position from ETHLend.

Other members include:

Jordan Lazaro Gustave   – he is the Chief Operations Officer and also retained this role, he was occupying in ETHLend.

Irene – he is the Head of Sales

Rowan –he is the Creative Director

Alexandra (female) –she is the Risk Director

Emilio –he is the Software Engineer

Evgenia –she is the Project Manager

Pablo-he is the Head of Support

Ville –he is the Chief Compliance Office

Isa –she is the head of Digital marketing

Hunter – he is the Community Manager

 

Use Cases of Aave Lend

  • Aave (LEND) tokens are used for trading in many exchanges.
  • Aave (LEND) tokens are used for cross-border payment solutions.
  • Aave (LEND) tokens are used for collaterals.
  • The token is used for various online trading and shopping.

 

Mining of Aave Lend

Aave (LEND) tokens cannot be mined as at the time of compiling this report. It’s available in various exchanges that support Aave (LEND).

 

Notes for Investors

Aave (LEND) is relatively doing well in the crypto market, going by its recent performance of 8.7% profit. Aave (LEND) is an improved version of other cryptocurrencies in addressing challenges in the money markets.

Presently, the unit price of Aave (LEND) is $0.613361 US, the market capitalization is $797,368,681 USD, the circulating supply is 1,299,999,942 LEND and is currently ranked 28th in the cryptocurrency market.

These statistics have shown that, Aave (LEND) is a digital currency for the future and has already started gaining traction.

Quick Disclaimer:

This article is not intended to endorse Aave (LEND) for investment but to get readers well informed about Aave (LEND).The cryptocurrency market is unpredictable and any intending investor should seek advice before investing.