AAVE is a token borne out of the Aave protocol to facilitate peer -to-peer lending within the Aave protocol. The Aave protocol is viewed as a platform for users that are interested in accessing decentralized liquidity pools. Aave protocol was launched as a pool-based strategy differentiating itself from the decentralized peer-to-peer lending strategy that enabled interactions between lenders and borrowers. The protocol was built to allow lenders provide liquidity into a pool contract while simultaneously allowing borrowers gain access to the pooled funds in the same contract by providing collateral for the borrowed funds. Borrowers are then liable to pay interests on the borrowed funds at an interest rate that is determined algorithmically. Launched in November 2017 by Stani Kulechov as a lending application on Ethereum. The project raised $16.2 million in an Initial Coin Offering (ICO) in 2017, selling 1 billion units of its AAVE cryptocurrency, originally named LEND. It was rebranded to Aave September 2018 and the name means “Ghost” in Finnish.
AAVE AAVE
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