Aave is a decentralized finance (DeFi) platform that allows users to lend, borrow, and earn interest on cryptocurrencies and other digital assets. It was launched in 2017 under the name “ETHLend” and was rebranded to Aave in 2018. Unlike traditional lending platforms, Aave operates on the Ethereum blockchain and uses smart contracts to automate the lending and borrowing process. The Aave platform also incorporates various features like flash loans, which enable users to borrow large sums of money instantly without providing collateral. Overall, Aave aims to offer users financial services that are more accessible, affordable, and secure than traditional banking systems.
