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Aave Crypto PNG Transparent Images

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Submitted by on Sep 3, 2021

Aave is a decentralised financial system that enables users to lend and borrow cryptocurrency.

Depositing digital assets into specifically established liquidity pools earns lenders interest. Borrowers can then utilise this liquidity to take out a quick loan using their bitcoin as collateral.

When it was debuted in November 2017, Aave (which means “ghost” in Finnish) was known as ETHLend, however it was rebranded to Aave in September 2018. (This explains why the ticker for this token differs so much from its name!)

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AAVE acts as a governance token, allowing owners a say in the protocol’s future development. It also offers holders with lower platform costs.

What Makes Aave Unique?

When compared to competitors in an increasingly saturated industry, Aave offers numerous distinct selling advantages. It was one of the largest projects in terms of the total worth of crypto locked in its protocol during the DeFi frenzy in the summer of 2020.

The initiative allows users to borrow and lend in roughly 20 different cryptocurrencies, giving them more options. Flash loans, which are described as the first uncollateralized lending option in the DeFi market, are one of Aave’s hallmark offerings. But there’s a catch: they have to be repaid in the same transaction.

Another major selling factor is the ability for Aave customers to switch between fixed and variable interest rates. While fixed rates might give some cost certainty during times of market instability, variable rates can be useful if the borrower believes prices will decline in the near future.

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