What is Aave (AAVE)?

 What is Aave (AAVE)?

Aave (AAVE)

What is Aave (AAVE)?

Aave is a decentralized financial protocol that allows people to lend and borrow crypto.

Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can use their crypto as collateral for flash loans using this liquidity.

Aave (which means "ghost" in Finnish) was originally ETHLend when it launched in November 2017, but the Aave rebrand took place in September 2018 (this helps explain why the token's token is different. From its very name!)

AAVE offers a fee discount to its holders on the platform. And it also acts as a governance token. which gave the owner a say in future protocol developments.

Who is the founder of Aave?

Aave and its predecessor ETHLend were founded by Stani Kulechov  at the time. He was frustrated that there were no lending applications on Ethereum and his project was built before there were. Decentralized financial one.

Kulechov is a serial entrepreneur who went to law school and started programming at a young age. Being an early adopter in the blockchain space, the  CEO has stated that he wants to rebrand ETHLend as Aave so that the company can offer a wider range of services than Ether lending.

According to Kulechov, Aave's main target market is already active participants in the cryptocurrency community.

What makes Aave unique?

Aave has several unique selling points compared to its competitors in the increasingly crowded market  during the DeFi frenzy of summer 2020. It is one of the biggest projects in terms of total crypto value. locked in protocol

The project allows people to borrow and lend about 20 cryptocurrencies, meaning users have more options. One of Aave's flagship products is "flash loans," billed as the first unsecured loan option in the DeFi space.  There's a catch: they must be repaid within the same transaction.

Another key selling point is that people who borrow through Aave can switch between fixed and variable interest rates. While fixed rates can provide certainty about costs in times of volatility in the crypto market, variable rates can be useful if borrowers think prices will drop in the near future.

How many coins AAVE (AAVE) are in circulation?

The circulation is tied to the total value locked on Aave because the tokens are burned every time the protocol collects a fee.

The offering of coins started Held in November 2017, it raised $16.2 million from the sale of one billion AAVE tokens at a rate of $0.0162 per piece.  At the time, 23% of AAVE tokens were assigned to founders and project

AAVE tokens are built according to the ERC-20 standard and are designed for deflation. In the event of a DeFi protocol shortage, the staked tokens will be used as a last resort.

In July 2020, Aave revealed plans to hold the token exchange. This means that the 1.3 billion AAVE tokens in circulation will be converted into the newly minted AAVE cryptocurrency at 1:100 ratio, creating a total supply of 16 million AAVE  (three million will be reserved).

How secure is the Aave network?

Aave's open source protocol is built on top of Ethereum as the blockchain that is making the transition from Proof of work for proof of stake

Where can you buy Aave (AAVE)?

• IQ Option
• Binance
• bybit
• Celsius
• Nexo
• Crypto.com
• Gate.io
• OKEx
• KuCoin
• CoinBene
• eToro
• Huobi Global
• Bitfinex
• FTX
• ZG.Com
• CoinTiger
• Bitkub
• Satang Pro
• Olymp Trade
• Expert Option
• Binomo
• TradingView
• Deriv.com
• Exx.com
• FatBTC
• BitMart
• XM
• Exness
• FBS
• Skrill
• Neteller
• MinerGate

If you're new to  cryptocurrencies, use  CoinMarketCap's easy guide.

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