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

According to TechFlow, on November 6, as reported by The Block, Aave Labs has acquired the team and technology behind on-chain lending project Avon to enable its lending network to offer fixed-rate loans.

The transaction includes Avon's fixed and floating rate lending protocols, an on-chain order book, domain names, and related assets. Prince Sinha and Ayush Kaul will join the Aave Labs engineering team, while Omar el-Ashaal will join the business development team.

Aave stated that the Avon team will initially oversee fixed-rate lending development. The company noted that the Aave network holds over $30 billion in deposits and more than $12 billion in active loans.