AAVEAAVE

Aave is a decentralized finance (DeFi) protocol that enables users to lend and borrow cryptocurrencies without relying on a central authority. Founded by Stani Kulechov in 2017 under the name ETHLend, it rebranded to Aave in 2018, with "Aave" meaning "ghost" in Finnish, symbolizing its mission to create an open and transparent financial system. Operating primarily on the Ethereum blockchain, Aave utilizes smart contracts to automate lending and borrowing processes, ensuring security and efficiency. Its native token, AAVE, serves multiple functions within the ecosystem, including governance participation, staking for protocol security, and fee reductions for users.