Aave Shutters Aave brand and family crypto wallet
Aave Labs says it is sunsetting its “umbrella brand,” Avara, in a bid to focus on the company's decentralized finances and simplify its branding.
Aave founder and CEO Stani Kulekov told X on Tuesday that the company, which includes projects such as Avara, a family-owned cryptocurrency wallet, and previously social media platform Lens, “is no longer needed as we go public with Aave.”
According to Kulekov, Apple's iOS-based family crypto wallet was created because the team “realized that onboarding millions of users is not just generic and open wallet experiences, but more purpose-driven experiences like savings.”
The move marks Ave's latest effort to refocus on products like its flagship lending protocol, with the project handing over control of Lens to Mask Network last month.
As Kulekov said in his latest post, Ave “is now a world-class team of designers, engineers and smart contract professionals united around one mission: bringing DeFi to everyone.
All future projects under Aave Labs
“All current and future products, including Aave App, Aave Pro and Aave Kit, will run under Aave Labs,” Avara said in a blog post to simplify the brand.
He added that accounts connected to Family Wallet “will continue as core infrastructure in Aave Labs products,” but the iOS app will be affected next year.
From April 1, no new users will be logged into the app, and existing users can continue to use the app until April 1, 2027 and fully access their funds on the Aave website.
Related: No trust in DeFi without proper risk management.
Ave is the largest DeFi protocol with a total value of $30 billion locked in, nearly $9 billion more than the next largest project, the staking protocol Lido, which has $21.7 billion in value locked in, according to Defillama.
The Aave (AAVE) token traded flat over the past day, down just 0.7% in the last 24 hours, at $127.40, according to CoinGecko.
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