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

深潮 TechFlow reported on November 6, citing The Block, that Aave Labs has acquired the team and technology of on-chain lending project Avon to enable its lending network to offer fixed-rate lending.

The deal covers Avon's fixed- and variable-rate lending protocols, on-chain order book, domain names, and related assets. Prince Sinha and Ayush Kaul will join Aave Labs' engineering team, and Omar el-Ashaal will join its business development team.

Aave said the Avon team will initially be responsible for developing fixed-rate lending. The company noted that deposits on the Aave network exceed $30 billion, while active loans exceed $12 billion.

Source: 深潮 TechFlow