Aave Labs Acquires Avon Team and Technology to Advance Fixed-Rate Lending Business

Aave Labs has announced the acquisition of the Avon team and technology to advance its fixed-rate lending business. The acquisition encompasses Avon's fixed-rate and variable-rate lending protocols, on-chain order book, domain names, and related assets. Financial terms of the deal were not disclosed. Under the agreement, Prince Sinha and Ayush Kaul will join Aave Labs' engineering team, while 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-rate products are among those users already rely on in traditional finance, and the Avon team will help Aave serve global institutions, fintech companies, and retail users. Aave noted that its network currently holds over $30 billion in deposits and more than $12 billion in outstanding loans.