AAVE is a decentralized finance protocol that allows people to lend and borrow crypto. It is also an open source and non-custodial liquidity protocol for earning interest on deposits and borrowing assets. Depositors provide liquidity to the market in exchange for passive income, while borrowers can borrow at fixed or variable interest rates. The Ethland peer-to-peer network is based on the Ethereum blockchain, and the internal cryptocurrency Aave (LAND) is used as a collateral asset.
AAVE was created by Stani Kulechov - a serial entrepreneur who went to law school and started programming when he was a teenager. He was one of the first to use blockchain. Previously, the project was called ETHLend. It was launched in 2017 after the ICO. A year later, the team rebranded the network and added new financial instruments.
The main advantage of AAVE is the large selection of cryptocurrencies for use (about 20). One of Aave's flagship products is "urgent loans", which was billed as the first unsecured loan option in the DeFi space.
