Aave Labs Acquires Avon’s Team and Technology to Add Fixed-Rate Lending

Aave Labs has acquired the team and technology behind Avon, an onchain lending project, as it works to offer fixed-rate loans, The Block reported on November 6. The price was not disclosed.

According to Aave Labs, the deal covers Avon’s fixed-rate and floating-rate lending protocols, its onchain order book, domains and related assets. Avon founder Prince Sinha and Ayush Kaul join Aave Labs’ engineering team, while Omar el-Ashaal joins business development as an associate. The Avon team will initially focus on fixed-rate lending and keep developing the technology within the Aave ecosystem under Aave Labs.

Neither The Block nor Aave’s announcement explains the mechanics of the planned product, so details on how it will work remain to be seen. Avon’s team has worked on interest-rate pricing and lending market design.

Aave Labs founder and CEO Stani Kulechov said the Avon team “will help us bring Aave to institutions, fintechs, and everyday users around the world,” according to The Block. Sinha said Avon was started to bring the depth of global credit markets onchain, per Aave’s blog.

Aave’s own figures show the scale of the platform it is extending. The Block cited more than 30 billion dollars in deposits and over 12 billion dollars in active loans, while Aave’s blog post gave more than 33 billion dollars in deposits and more than 13 billion dollars in active loans.

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Sources:

• The Block: Aave Labs buys Avon team in fixed-rate lending push

• Aave: Aave Labs Acquires Avon