Aave Labs Acquires On-Chain Lending Project Avon's Team and Technology

Aave Labs has acquired Avon's team and technology to advance fixed-rate lending operations. The acquisition includes Avon's fixed-rate and floating-rate lending protocols, on-chain order book, domain, and related assets, with financial terms of the transaction undisclosed.

Under the agreement, Prince Sinha and Ayush Kaul will join Aave Labs' engineering team, and Omar el-Ashaal will join the business development team. The Avon team will initially focus on fixed-rate lending to help Aave expand the range of loan types available to users. Avon's prior research and development also covered interest rate pricing, risk isolation, and lending market design.

Aave Labs CEO Stani Kulechov stated that fixed rates are one of the products users already utilize in traditional finance, and the Avon team will help Aave serve global institutions, fintech companies, and everyday users. Aave noted that its network currently holds over $30 billion in deposits and more than $12 billion in outstanding loans.