Avara Rebrands Aave Companies and Acquires Los Feliz Engineering
Founder Stani Kulechov announced that Aave Companies has rebranded to Avara and also acquired a team of blockchain developers known as Los Feliz Engineering. The rebranding is part of the company’s strategy to promote decentralized finance (defi) solutions and propel mass adoption of web3 platforms.
The acquisition of Los Feliz Engineering brings on board an Ethereum-based wallet currently in beta, aligning with Avara’s vision of onboarding more users onto web3 platforms by offering familiar tools powered by on-chain technology. This move follows Avara’s status as the largest defi lending protocol with $5.7 billion in total value locked per DefiLlama data.
Avara Backs Smart Contract-Based Products and GHO Stablecoin Update
Avara, formerly Aave Companies, supports various smart contract-based products including Aave, the GHO stablecoin, and defi social network Lens. Kulechov highlighted the utility and active community base of Lens, which has been available in beta since May 2022 with further developments expected in 2023.
“More recently, with Lens Protocol, we’ve been building virtually social, so decentralized social media, that basically, any developer can actually build their applications on top.”
Stani Kulechov, Aave Companies founder
Updates on GHO Stablecoin and Aave DAO
In other news, the Aave stablecoin GHO reached its minting cap, prompting governance delegates to consider a proposal to update the token’s parameters. Meanwhile, users can purchase GHO on secondary markets like Uniswap. Additionally, Aave DAO shipped bug fixes to address an attract vector spotted on its v2 platform on Ethereum.
Hot Take: Avara Focuses on Web3 Adoption with Rebranding and Acquisition
Avara’s rebranding from Aave Companies and the acquisition of Los Feliz Engineering demonstrate the company’s commitment to driving web3 adoption through familiar tools powered by on-chain technology. With a focus on defi solutions and smart contract-based products like Lens Protocol and GHO stablecoin, Avara aims to make significant strides in the decentralized finance space in the coming years.
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