On Thursday, the Aave Companies behind several major Web3 ecosystem projects unveiled its new name: Avara. In addition, the group announced the acquisition of a wallet developer
Aave Companies changes its name to Avara
Originally known for its decentralized finance (DeFi) lending and borrowing protocol, in just a few years Aave has become a fully-fledged ecosystem working on various core businesses in the Web3 ecosystem.
While these entities are now grouped under the single banner of Aave Companies, the latter announced its rebranding on Thursday, renaming itself Avara:
Today, we proudly introduce ourselves as Avara.https://t.co/ykEGQmXkBu
– Avara^ (@avara) November 16, 2023
Stani Kulechov, founder of Avara, expressed his enthusiasm about the name change, looking back on the different entities that make up the group:
“Today marks a monumental day for our team, the community and the wider Web3 landscape. We’re thrilled to introduce Avara, the evolved identity of the Aave companies, which now serves as the parent entity for our growing portfolio of brands including Aave, Lens, GHO and others. “
In addition, this announcement also formalizes a new acquisition for Avara, through Los Feliz Engineering, the company behind the Web3 Family portfolio:
“Simultaneously, we are delighted to announce the acquisition of Los Feliz Engineering (LFE), the innovative team behind Family, a brand that shares our commitment to creating high-quality Web3 products, such as its remarkable self-hosted Ethereum wallet for mobile and the popular ConnectKit development library. “
With this acquisition, the group that was already working on the pillars of DeFi, social networks and stablecoins is now opening up to cryptocurrency storage, extending its reach into the Web3 ecosystem.
Despite this announcement, the AAVE token, which had risen sharply in value in recent weeks to temporarily regain the $110 mark on November 9, has nevertheless lost 6.6% over the past 24 hours. At 46ᵉ place in the CoinMarketCap ranking, it has a total capitalization of 1.3 billion and is trading at $87.46 a unit at the time of writing.
