Aave, a prominent decentralized lending protocol in the world of Decentralized Finance (DeFi), has recently undergone a significant rebranding, repositioning itself as Avara.
This transformation accompanies an acquisition—Los Feliz Engineering, a Web3.0 startup—a move aimed at broadening its user base within the Web3 ecosystem.
Avara Vision and Rebranding
The shift to Avara is motivated by a desire to resonate more widely within the Web3.0 landscape. The chosen name, derived from the Finnish word ‘Avara,’ embodies concepts like expansiveness, inclusivity, and perceiving beyond the surface.
Founder and CEO Stani Kulechov highlighted that this evolution stems from Aave’s evolving suite of offerings. While the liquidity protocol retains the Aave Labs branding, its focus remains on driving technological advancements in the DeFi sector.
Kulechov emphasized a larger industry trend, wherein infrastructure development prioritizes products with broader appeal.
We’ll persist in DeFi innovation, crafting developer tools, and creating user-friendly, captivating products to attract mainstream adoption.
He perceives the rebrand as a herald of a new era, promising a more accessible, enjoyable, and usable blockchain technology experience for all users. This move aligns with similar initiatives, such as Polygon Labs’ transformation of the MATIC token to POL.
Avara’s Acquisition of Los Feliz Engineering
In addition to the rebrand, Avara announced its inaugural acquisition: Los Feliz Engineering, a Los Angeles-based Web3.0 startup. This acquisition includes the talented team behind the Ethereum crypto wallet Family and the developer library ConnectKit.
The entire Los Feliz Engineering team will integrate into Avara, with Benji Taylor, the founder of Family, assuming the role of Avara’s Senior Vice President of Product and Design. Avara aims to bolster its Lens Protocol using Los Feliz Engineering’s extensive experience in developing the messaging app Honk.
Avara Discloses Future aspirations
Stani Kulechov underlined the transformative nature of this rebrand and integration, expressing a larger mission of establishing an open, decentralized internet that fosters equity, encourages participation, and fuels innovation.
However, the market response to this change was notable, with AAVE. The ecosystem’s native token, experiencing a 3.92% decrease to $91.69. This reaction suggests potential short-term skepticism toward the rebrand, indicating a cautious reception within the market.
Avara’s rebranding to foster wider Web3.0 adoption, coupled with the acquisition of Los Feliz Engineering. It also underscores its commitment to innovation and expansion within the decentralized finance realm. Despite initial market fluctuations, Avara remains steadfast in its mission to create a more accessible and equitable decentralized internet.