Aave is a decentralized finance (DeFi) platform built on the Ethereum blockchain that allows users to lend, borrow, and earn interest on their cryptocurrencies. It was launched in 2017 under the name ETHLend, and rebranded to Aave in 2018.
Aave operates as a decentralized lending and borrowing platform, meaning that it does not rely on intermediaries such as banks or financial institutions. Instead, users can lend their cryptocurrencies to the platform and earn interest, or borrow cryptocurrencies by using their own cryptocurrency as collateral. The interest rates for lending and borrowing are determined by market supply and demand, and they can change in real-time.
Aave uses a unique lending pool model that allows users to deposit their cryptocurrencies into a pool, which is then used to fund loans for other users. The interest earned from the loans is distributed to the pool’s depositors, and Aave also offers incentives for users to provide liquidity to the platform by using its native cryptocurrency, AAVE.
AAVE is the governance token of the Aave platform, and it is used to participate in the decision-making process of the platform. Holders of AAVE can propose and vote on changes to the platform, such as fee adjustments or new features. AAVE can also be used to pay for transaction fees on the Aave platform.
Aave has gained popularity in the DeFi space for its innovative lending and borrowing model, its low fees, and its use of the Ethereum blockchain for security and transparency. It has become one of the largest DeFi platforms, with billions of dollars in total value locked in its lending pools.
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