Aave is an on-chain money market built on Ethereum that allows users to lend or borrow crypto assets. The Aave protocol utilizes over-collateralization to issue secured loans in and against ETH, stablecoins, and a wide range of ERC-20 tokens.
In November 2017, Aave conducted an $18 million ICO in exchange for 975 million tokens, or 75% of total supply. The project began as ETHLend, until rebranding to Aave (LEND) in late 2018.
Aave entered DeFi before the term was ever coined, having launched in 2017 alongside Kyber, 0x Protocol, Bancor, and other financial protocols.
Today, Aave is one of the largest and most valuable DeFi protocols, boasting over $2 billion of supplied funds and a market cap of $700 million. The team behind Aave continues to enhance the protocol through value-add service offerings.
Despite the success it has achieved thus far, Aave’s plans are ambitious as the protocol takes aim at the broader lending opportunities.
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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.
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