Aave Labs acquires Avon team to advance fixed-rate lending business.

BlockBeats news, November 6 - Aave Labs has acquired the team and technology of Avon to advance its fixed-rate lending business. The acquisition includes Avon's fixed-rate and variable-rate lending protocols, on-chain order book, domain name, and related assets. The financial terms of the transaction were not disclosed.

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 types of loans available to users. Avon's previous research and development also involved interest rate pricing, risk isolation, and lending market design.

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