Aave Labs Acquires Avon Team and Technology to Advance Fixed-Rate Lending

November 6 – According to The Block, Aave Labs has acquired the team and technology of on-chain lending protocol Avon to advance fixed-rate lending on its on-chain lending network; the transaction amount was not disclosed. The acquisition includes Avon's fixed and variable rate lending protocol, on-chain order book, domain name and related assets; Avon founders Prince Sinha and Ayush Kaul will join Aave Labs' engineering team, and Omar el-Ashaal will join its business development team. Aave Labs CEO Stani Kulechov said the Avon team will help Aave serve institutions, fintech companies and ordinary users worldwide, initially focusing on fixed-rate lending. According to the introduction, Aave currently has more than $30 billion in deposits and more than $12 billion in active loans.