Aave Companies rebrands as Avara and acquires wallet developer Family

The team behind the DeFi platform Aave, Aave Companies, has rebranded, changing its name to Avara. The Block reported this, citing the company.

According to the statement, Avara will become the parent organisation for Aave, Lens, the stablecoin GHO, Sonar and other brands.

Stani Kulechov, head of the project, said in a comment to Cointelegraph that the team would continue to push innovations in DeFi and build tools for developers, “while offering new, intuitive and attractive products” to a broader user base.

According to him, the Aave protocol will continue to operate under the same brand through Aave Labs.

In addition to the rebrand, Avara announced the acquisition of the wallet developer Family — Los Feliz Engineering. Its founder Benji Taylor will join the team as senior vice-president for products and design.

“Transforming into Avara and integrating Family into our group is not just changes in name or structure. It is a significant step on the path to our ultimate mission: an open, decentralised Internet that is fair, encourages participation and fosters innovation,” emphasised Kulechov.

Lens announced in July 2021 as an alternative to Twitter on the Ethereum blockchain. It is a composable and decentralised социальный граф, which uses smart contracts on the Polygon blockchain.

The official launch of the project took place in February 2022. In July of the following year, the team raised $15 million from IDEO CoLab Ventures, Blockchain Capital and other investors.

Prior to that, the Lens Protocol developers unveiled a beta version of Bonsai — a blockchain-based solution for scaling social networks.

Earlier in November, the DeFi protocol Aave suspended part of its operations after a vulnerability was discovered. The project said that user funds were safe.