Web3-focused software program know-how firm Aave Firms is rebranding to Avara, its founder Stani Kulechov informed TechCrunch solely.
The crypto guardian entity is finest identified for supporting Aave Labs, Aave Protocol, its native stablecoin GHO and decentralized social community protocol Lens, amongst others. About $8.66 billion of liquidity is locked in Aave throughout eight networks and over 15 markets like Ethereum, Avalanche, Optimism, Polygon and Base, in keeping with its website.
Earlier than being known as Aave and now Avara, the corporate was referred to as ETHLend. However that is the corporate’s closing title change, Kulechov shared on TechCrunch’s Chain Reaction podcast. Aave will nonetheless exist however via Aave Protocol and Aave Labs, underneath Avara’s umbrella model.
Avara additionally shared its strategic acquisition of Los Feliz Engineering, the workforce behind Ethereum-based crypto pockets Household. The phrases of the deal weren’t disclosed.
Avara plans to make use of the Household crypto pockets acquisition as a way to assist customers enter the web3 ecosystem. “We actually wish to ship a sign that we’re in a time now with web3 the place we’re constructing that interface on the prevailing infrastructure the place individuals can truly work together in a method the place it’s acquainted to them,” Kulechov stated.
The crypto pockets is at present in a beta part, however customers can obtain it to attempt it out. That is the corporate’s second acquisition after acquiring Sonar, a metaverse cell utility, in December 2022.
However the rebrand and acquisition signifies the corporate’s wish to “do extra” and focus past DeFi by bringing web3 to “all customers globally with completely different sorts of use circumstances,” Kulechov stated. This new mission nods on the rebrand, Avara, which symbolizes a Finnish colloquial that means for “seeing greater than you see,” Kulechov stated.
“We’ve at all times been identified for constructing decentralized finance [tools] and utilizing the blockchain for creating good contract-based protocols,” Kulechov stated. “Extra just lately, with Lens Protocol, we’ve been constructing just about social, so decentralized social media, that mainly any developer can truly construct their purposes on high.”
When Avara’s entities, Kulechov stated he’s most enthusiastic about Lens as a result of there are “micro communities” inside the protocol like web3 social apps Orb and Phaver. Lens has been in beta since Might 2022, however Kulechov is hopeful that it’s going to transition out of it by the tip of 2023.
This story was impressed by an episode of TechCrunch’s podcast Chain Response. Subscribe to Chain Response on Apple Podcasts, Spotify or your favourite pod platform to listen to extra tales and suggestions from the entrepreneurs constructing at the moment’s most modern firms.
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