The lending protocol Aave raised $25 million in funding from Blockchain Capital, Standard Crypto, Blockchain.com and several other firms.
We are excited to announce that @blockchaincap @standardcrypto @blockchain ventures have invested into the future of the Aave Protocol and will be participating in protocol governance. https://t.co/fOGjZH73D3
— Aave (@AaveAave) October 12, 2020
“Aave has received funds from strategic investors to bring DeFi closer to institutional use cases and expand the team to support growth in Asian markets,” said Stani Kulechov, the company’s chief executive.
He added that the new investors would participate in staking and governance of the protocol.
In September, Aave launched the project governance system on the mainnet through community voting. The first proposal for protocol improvements was the transition to the new governance token — replacing LEND with AAVE.
“Aave is moving toward AaveDAO. This means that after migrating from LEND to AAVE, anyone will be able to create new functionality in the protocol together with the Aave team. Essentially, this is decentralisation of development and governance,” emphasised Kulechov.
As of writing, Aave ranks fourth among DeFi projects by the volume of assets locked in smart contracts, according to DeBank.
Earlier in July, Aave raised $3 million through the sale of LEND tokens to Framework Ventures and Three Arrows Capital.
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