Aave (AAVE)

The main purpose of Aave, or ETHLend then, was to devise a solution that could resolve the issue of defaults on loans. This was specifically important to safeguard the losses suffered by the lenders when borrowers were unable to return the amount they borrowed. Aave came up with a smart-contract based solution to lock digital asset as a collateral against some loan, without having to sell those assets. ETHLend was built on top of the Ethereum network to form an ecosystem secure lending in a simple peer-to-peer model. At the core of the protocol is the Smart Contract which records all the details related to the loan and also contains the address of the wallet where the collateral assets are stored. In case the borrower fails to return the loan, the collateral assets were simply transferred to the lender who then has the freedom to either keep it or sell it in open market

Aave is simply a decentralised cryptocurrency lending platform. It allows for the lending and borrowing of cryptocurrencies in a trust less manner. Decentralised lending and borrowing means there in no middle party involved and the financial security is provided through the implementation of smart contracts. The platform offers as much as 17 different assets for lending and borrowing which include DAI, USD Coin, Tether, Ethereum, Basic Attention Token and True USD

Aave has a wealth of talent and experience under the banner of its team. The executive team of ETHLend project migrated to Aave after the former project was merged within it. Stani Kulechov is serving as the current CEO while Lazaro Gustavo is the COO

The team of developers has 18 members ranging from a diverse background

The team behind Aave is solely responsible for the development of the Aave protocol. After Aave relaunched in January 2020, it made its main protocol open source and non-custodial. The code developments can be monitored on their official Github repository.

The current market charts seems to be in favour of the Aave cryptocurrency. Each LEND token is valued at $0.663 but its popularity and the maturity of DeFi space will take it a leap ahead. Many analyst are of the opinion that it can grow to as much as $2.60 in a period of one year.

The main project that Aave is working on is the Aave protocol, an Open Source and Non-Custodial protocol to earn interest on deposits and borrow assets.

Aave is a pioneering technology in the DeFi space. With the recent hype being drawn by the DeFi, it is soon going to see a tremendous amount of growth and development. The potential that lies within the Aave cryptocurrency is tremendous and will not be fully utilised until the DeFi space becomes a norm.

The origin of Aave started with ETHLend in 2017. Back then, it was a one of a kind project that has some very ambitious goals. ETHLend was built on top of the Ethereum network, and had a native ERC-20 token known as LEND. ETHLend held their ICO in November 2017 which gained considerable success. The ICO raised $16.2 million by selling almost 1 billion LEND tokens. Each token was priced at $0.0176. The release of the token was right in the middle of the crypto-bull run of 2017. Taking on the same trajectory, LEND soon reached an all-time-high of $0.44 in January 2018. However, soon after the crypto-markets crashed, and LEND started on its journey of downfall. It remained well below its ICO price for the most of 2018 and 2019. In January 2020, ETHLend was rebranded and relaunched as Aave. The upgrade of Aave also brought many new features on the application platform and also enhanced the technology stack of the application with more advanced protocols. Aave quickly rallied a community around it and its popularity sky-rocketed. In just a matter of months, Aave managed to surpass $1 billion in market capitalization.

Soon after its launch in January 2020, Aave became the talk of the town. Many crypto-enthusiasts and DeFi promoters showed interest in the technology. The community around Aave grew as a result. Currently, the community is very active on Reddit and Twitter, and have an official account on the publishing website Medium as well.

Aave has merged the previous partnerships of ETHLend with its upgraded project. ETHLend managed to form some key partnerships that has boosted Aave a lot. The project does not only have key partnerships with companies providing FinTech services, it also has other Altcoin project like Tether and Kyber Network working with them. Renowned projects that Aave have partnered with include Veriff, SanBlock, SwissBorg and Enigma.

Aave is a sensation of the current DeFi setup. Other protocols which are scorching hot these days and provide similar solution for lending and borrowing financial services include MakerDAO, Compound, Torque and Fulcrum.