Aave (AAVE)

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Aave is a decentralised financial system that enables crypto lending and borrowing.

Lenders earn money by putting digital assets into specifically designed liquidity pools. Borrowers can then use their cryptocurrency as collateral to get a quick loan with this liquidity.

When it was started in November 2017, Aave (which means "ghost" in Finnish) was known as ETHLend, but the name was changed to Aave in September 2018. 

AAVE holders receive decreased platform fees, and it also functions as a governance token, providing owners a vote in the protocol's future growth.

Stani Kulechov founded both Aave and ETHLend, which came before it. He was dissatisfied with the lack of lending apps on Ethereum at the time, and his concept was created before decentralised finance existed.

Kulechov is a serial entrepreneur who attended law school and began programming as a youngster. He was an early user of blockchain technology. The CEO stated that he intended to rename ETHLend as Aave in order for the firm to provide more services than Ether lending.

Aave's primary target market, according to Kulechov, are those who are already active in the cryptocurrency world.

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