What is AAVE (AAVE)?

Aave started out as ETHLend, funded by Stani Kulechov in 2017 The Ethereum-based decentralized lending and borrowing platform supports almost 20 different tokens and supports unique features, such as flash loans AAVE token is the protocol's native and governance token that also grants some discounts when using Aave's services

Is AAVE a Defi app?

Aave is primarily for DeFi purposes, so it’s open source and can expand functionality to other third-party apps on Ethereum. In November 2020, Aave announced a partnership with Axie Infinity, a Pokémon-inspired video game where users collect fantasy creatures called “Axies.”

What is AAVE token & how does it work?

The AAVE token serves as the backbone of the Aave platform, enabling community governance, staking for security, and incentivization. It can be used to vote on protocol changes, stake in the safety module for rewards, and when used as collateral, it offers borrowers reduced interest rates. How does Aave ensure the safety of its users’ funds?

How does AAVE lending work?

Because Aave lending is a decentralized protocol, all transactions happen directly on the blockchain, and users will need to pay network fees (known as gas fees) to deposit or withdraw funds. When lending, users can withdraw funds at any time, as well as any interest earned.