Aave Transforms into Avara, Embarking on a New Global Web3 Mission
Stani Kulechov, founder of Aave Companies, has announced the rebranding of the network of blockchain entities and ventures he created to Avara, a change reflecting the organization’s expanded mission to bring Web3 to a global audience with diverse use cases, from its original foundation in decentralized finance (DeFi).
Aave Ecosystem’s Strategic Shift to Avara
In a significant move reflecting a shift in strategic priorities, the Aave Companies, founded by Stani Kulechov, have announced a comprehensive rebranding to Avara.
This change signifies the organization’s ambition to extend its influence beyond the realm of decentralized finance (DeFi) and make a more impactful entry into the diverse world of Web3 technologies.
Originally known as EthLend, the entity underwent its first rebranding to become Aave as its scope and vision expanded beyond its initial targets. Now, adopting the name Avara, which in Finnish colloquially means “to see more than you can see,” the organization is poised to embrace a broader array of use cases on a global scale.
This rebranding will be applied across the family of entities that were operating under the Aave umbrella. However, key components of the ecosystem, such as Aave Labs, Aave Protocol, and the AAVE token, will retain their original names.
Additionally, the GHO stablecoin, a significant element of the Aave ecosystem, will continue to operate under its established name.
Lens Protocol and Los Feliz Engineering Acquisition
Kulechov, at the helm of the newly rebranded Avara, has outlined ambitious future plans, with a significant emphasis on the Lens Protocol, a cutting-edge social network protocol for Web 3.
Kulechov expressed his vision for the Lens Protocol, emphasizing its role in creating a user-friendly interface over the existing infrastructure.
“We’re in an era of Web3 where building an interface that is familiar to users is crucial. Lens Protocol is at the heart of this, fostering a decentralized social media landscape where developers can freely build their applications,” Kulechov said.
In addition to its developmental efforts, Avara has expanded its footprint through strategic acquisitions. The recent purchase of Los Feliz Engineering, for an undisclosed amount, is a testament to this strategy.
Los Feliz Engineering, known for designing the developer Library ConnectKit and a self-custodial mobile wallet for Ethereum tokens, among other projects, brings a wealth of expertise and innovation to Avara.
This acquisition, particularly the team behind the influential project Family, is poised to bolster Avara’s capabilities and resources in its mission to revolutionize Web3 accessibility and utility.
Embracing Web3 While Upholding DeFi Roots
In the wake of Avara’s rebranding and strategic realignment, Benji Taylor, previously the CEO of Family, is set to take on a pivotal role as Senior Vice President of Product & Design.
In this new capacity, Taylor will be instrumental in driving Avara’s mission to democratize Web3 technologies, making them accessible and applicable for a global audience.
Despite this refocused approach towards Web3 and social media expansion, Stani Kulechov has emphasized that Avara remains firmly rooted in the decentralized finance (DeFi) sector. He underlined this commitment by referencing Avara’s recent achievements and ongoing projects.
“While we pivot towards Web3 and decentralized social platforms, our dedication to DeFi remains as strong as ever. We’ve been at the forefront of the Aave V3 update and the launch of the Aave-native GHO stablecoin. Our resolve to drive innovation in DeFi is unwavering, and the support of the Aave community continues to be invaluable to us,” Kulechov stated.
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