In a bold stride within the decentralized finance (DeFi) sphere, the blockchain infrastructure firm previously known as Aave Companies has unveiled its new identity: Avara. The inspiration behind this new moniker comes from a Finnish word signifying ‘spaciousness’, symbolizing Avara’s expansive vision and commitment to its portfolio, which boasts the likes of the Aave liquidity protocol, the decentralized social media protocol Lens, and the innovative stablecoin GHO, among other ventures.
This strategic rebranding doesn’t mean a departure from its roots for Aave. The Aave brand, a cornerstone in the DeFi domain, will continue its journey under the Avara umbrella, specifically through Aave Labs. This ensures that the Aave protocol’s native token (AAVE) remains a key player in the ecosystem. Aave’s presence in the Ethereum-based DeFi landscape is significant, with an estimated total value locked (TVL) of $9.2 billion, showcasing its influential role in the industry.
Avara’s latest rebranding is accompanied by a notable acquisition – Los Feliz Engineering (LFE), the creators of the self-custody Ethereum wallet Family. This acquisition marks a significant step in Avara’s expansion, with the entire LFE team joining the Avara family. Benji Taylor, the founder of LFE, steps into a pivotal role as the senior vice president of product and design at Avara. Taylor emphasizes that the Family wallet will continue to evolve under Avara’s guidance, retaining its unique features and brand identity.
An essential component of this acquisition is ConnectKit, Family’s developer library renowned for its wallet-to-dapp connectivity. The seamless integration of ConnectKit into Avara’s suite of tools ensures continuity and support for the developers who have come to rely on its capabilities. The details of the acquisition, however, remain under wraps.
Avara’s rebranding and acquisition signify more than just a change in name or expansion of its portfolio. They represent a steadfast commitment to the future of decentralized finance and the Web3 space. Avara is not merely adapting to the rapidly changing landscape of blockchain technology and finance; it’s actively shaping it. With its robust and diverse portfolio, Avara stands poised to redefine what’s possible in the world of blockchain and DeFi.
In transforming from Aave Companies to Avara, the firm is not just altering its identity but is also reinforcing its position as a leader and innovator in the blockchain ecosystem. This rebranding and strategic acquisition signal Avara’s readiness to confront the challenges and opportunities that lie ahead in the dynamic world of decentralized finance.