Aave Labs acquired the on-chain lending project Avon team and technology

Aave Labs has acquired the team and technology of Avon to advance fixed-rate lending business. The acquisition includes Avon's fixed-rate and floating-rate lending protocols, on-chain order book, domain name, and related assets, with the financial terms of the transaction undisclosed.

According to the agreement, Prince Sinha and Ayush Kaul will join the Aave Labs engineering team, while Omar el-Ashaal will join the business development team. The Avon team will initially focus on fixed-rate lending to help Aave expand the types of loans available to users. Avon's previous research and development also involved interest rate pricing, risk isolation, and lending market design.

Aave Labs CEO Stani Kulechov stated that fixed rates are one of the products users have already used in traditional finance, and the Avon team will help Aave serve global institutions, fintech companies, and ordinary users. Aave claims that its network currently has a deposit size of over $30 billion and outstanding loans of over $12 billion.