Avara, the rebranded Aave Companies, is marking a pivotal moment in its identity shift in the web3 landscape. The company now oversees a diverse portfolio of entities, including the renowned Aave Protocol, Aave Labs, stablecoin GHO, and the decentralized social network protocol Lens, with a total liquidity locked of $8.66 billion across various networks and markets.
Aave Protocol, under the Aave Labs brand, has an estimated total value locked (TVL) of $9.2 billion on Ethereum, and has evolved through Aave V2 and the newer Aave V3. As part of its commitment to broadening its reach, Avara has also 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 web3 space while providing users with a user-friendly gateway to interact with decentralized applications.
Benji Taylor, the founder of LFE, will assume the role of senior vice president of product and design within Avara, to ensure the continuity and enhancement of Family wallet’s unique features. This acquisition follows Avara’s previous move in December 2022, when they acquired Sonar, a metaverse mobile application, signaling their commitment to a broader vision beyond the realm of DeFi. Through these strategic shifts, Avara is demonstrating their dedication towards an expansive and inclusive web3 future.