Aave Labs has acquired the team and technology behind Avon, one of the leading teams working on fixed-rate lending onchain. Avon built fixed-rate and floating-rate lending markets and an onchain lending. The Avon team brings deep experience in protocol engineering and financial market structure, and it joins Aave Labs as Aave works to bring onchain lending to a mainstream audience.
As part of the acquisition, Prince Sinha and Ayush Kaul join the Aave Labs engineering team, and Omar el-Ashaal joins the business development team. The team will bring its expertise to Aave’s network and product layers, helping build out new capabilities such as fixed-rate lending.
Aave is the largest onchain lending network, with more than $33 billion in deposits and more than $13 billion in active loans. Individuals, institutions, and fintech partners all use Aave to save, borrow, and build lending products of their own, and the Avon team brings the expertise to expand the kinds of loans Aave can offer each of them.
“Aave's goal is to bring the best of finance to everyone, and that means offering the kinds of products users already rely on, including fixed rates,” said Stani Kulechov, Founder and CEO of Aave Labs. “The Avon team have spent time working on some of the hardest problems in onchain lending, and they will help us bring Aave to institutions, fintechs, and everyday users around the world.”
“Aave has led onchain lending for years, and joining Aave Labs is an exciting opportunity to work on what we do best,” said Prince Sinha, Founder of Avon. “We started Avon to bring the depth of global credit markets onchain, and Aave is the best place to continue that work, where it can reach institutions, fintechs, and everyday users at scale.”
The acquisition includes Avon's technology, including its fixed-rate and floating-rate lending protocols and its onchain order book, along with Avon's domains and related assets. The Avon team will continue developing this technology in the Aave ecosystem under Aave Labs.
About Aave Labs
Aave Labs is a core contributor in the Aave network and builds products that make saving, lending and borrowing simple and accessible worldwide. Aave is the world’s largest onchain lending network, with more than $30 billion in net deposits. Users, fintechs and financial institutions use it to earn interest on stablecoins and other assets and to borrow against them, 24/7, with every transaction visible onchain. The network is governed by the Aave DAO, where AAVE holders vote on changes to the network and its treasury.
Aave Labs’ products include Aave App, a savings app for everyone; Aave Pro, for advanced lending and borrowing; Aave Kit, which lets fintechs and businesses offer savings and loans to their users; and Aave Horizon, an institutional platform for borrowing stablecoins against tokenized real-world assets. For more information, visit aave.com.
About Avon
Avon set out to expand what was possible in onchain lending. Founded by Prince Sinha, the team built fixed-rate and floating-rate lending markets and developed a purpose-built onchain order book for new market structures in decentralized credit. Combining deep protocol engineering expertise with a strong understanding of financial market structure, Avon worked on problems at the core of decentralized lending, from interest rate pricing and risk isolation to designing markets that can support more sophisticated credit products. The aim was always to bring the depth of global credit markets onchain.
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