Journalist
Posted:
- Aave’s parent company has been renamed Avara.
- AAVE maintains an upward trajectory as alt’s price has risen nearly 45% over the past month.
Formerly known as Aave Companies, the entity behind the leading decentralized lending protocol Aave [AAVE] has been renamed Avara.
Today we proudly introduce ourselves as Avara.https://t.co/ykEGQmXkBu
— Avara^ (@avara) November 16, 2023
According to the blog post Announcing the name change, Stani Kulechov, founder and CEO of Avara, also confirmed the acquisition of Los Feliz Engineering, the software development company behind the Ethereum crypto wallet Family and developer library ConnectKit.
As noted in the press release, these actions represent collective efforts by Avara to achieve its mission of building “an open, decentralized Internet that is equitable, encourages participation and fosters innovation.”
State Aave
Over the past month, there has been a rally in the total value locked on Aave.
According to DefiLlamas According to data, the lending protocol’s TVL has grown by 21.15% over the past month. This has led to it displacing competitor MakerDAO [MKR] as the second largest decentralized finance protocol in terms of TVL.
At the time of writing, Aave’s TVL was $9 billion, while MakerDAO was below that at $8.17 billion.
Source: DefiLlama
The increase in the protocol’s TVL is due to the growth in the number of active users on Aave over the past 30 days.
AMBCrypto found that the number of daily active users of Aave increased by 47% in the past month.
A review of the protocol’s network activity over a much broader time frame found that the number of daily users has increased by 118% over the past 180 days.
With increased user activity comes an increase in network costs, which was the case for Aave last month.
Data retrieved from Token terminal showed that daily fees charged on transactions on Aave have increased by 81% in the last seven days, 32% in the last month and 4% in the last three months.
Source: Token terminal
Furthermore, revenue from these fees has also witnessed a corresponding growth. Over the past month, Aave’s turnover has increased by 19%.
Realistic or not, here is the market cap of AAVE in BTC conditions
The protocol’s 30-day revenue is currently above $2 million, while annual revenue is $26 million.
As for the protocol’s AAVE token, its price has increased by 43% this month. The altcoin is exchanging hands at $99.91 and is currently trading at a price level last seen in February.