Ave rebranded to Avara and found Family Wallet
Aave Companies renews and expands its portfolio. The rebranding and acquisition marks a pivotal moment for the company. This represents a broader and more comprehensive strategic transition of Site 3 in the future.
In a strategic move to strengthen its position in the Web3 landscape, Aave Companies has made a major change, renaming itself Avara.
Founder Stani Kulekov pointed out that this marks a change in the company's last name, which focuses on its identity and emphasizes a real change.
Avara's strong portfolio
Under the Avara umbrella, the company oversees a diverse portfolio of entities, including the popular Aave protocol, Aave Labs, stablecoin GHO, and decentralized social network protocol Lens. With nearly $8.66 billion in liquidity locked up across various networks and markets, Aave's influence in the decentralized finance (DeFi) space is still huge.
The Ave Protocol, which continues under the Aave Labs brand in Avar, holds a total locked value (TVL) of $9.2 billion on Ethereum. The protocol includes Aave V2 and the new Aave V3, which showcases Aave's evolution and adaptability in the rapidly evolving blockchain space.
The strategic family wallet acquisition
As part of its commitment to expand its reach, Avara has strategically acquired Los Feliz Engineering (LFE), the development team behind the Ethereum-based crypto wallet, Family. This move serves a dual purpose: expanding Avara's influence in the Web 3 space and providing a user-friendly gateway for users to interact with decentralized applications.
The family crypto wallet, currently in beta, plays a vital role in Avara's mission to enable users to seamlessly integrate into the Web3 ecosystem. LFE founder Benji Taylor will assume the role of Senior Vice President of Product and Design at Avara, ensuring the continuation and enhancement of the family bag's unique features.
This acquisition follows Avara's earlier move in December 2022 to acquire Sonar, a Metaverse mobile application, and demonstrates the company's commitment to a broader vision beyond the realm of Defy.
