Aave Labs Acquires Avon Team to Advance Fixed-Rate Lending

Aave Labs has acquired the team and technology of the lending protocol Avon to advance the fixed-rate lending feature on the Aave network. The acquisition includes Avon's fixed and floating rate lending protocols, on-chain order book, domain name, and related assets, with the terms of the deal undisclosed. Avon founders Prince Sinha and Ayush Kaul will join the Aave Labs engineering team, while Omar el-Ashaal will join its business development team, with the Avon team responsible for developing fixed-rate lending. Aave CEO Stani Kulechov stated that Aave's goal is to provide financial products that users are already accustomed to, including fixed rates, and the Avon team will help Aave expand to institutions, fintech companies, and regular users.

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