Introduction to Aave
What problem does Aave solve?
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
What is Aave
What does the cryptocurrency Aave actually do?
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
Who is behind Aave
What team is working to make Aave successful?
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