About the coin

Aave is a decentralized lending platform that operates on the Ethereum Network. It aims to revolutionize the traditional banking loan system by providing a more efficient and secure solution through peer-to-peer lending Smart Contracts. Aave allows borrowers and lenders to negotiate loan details directly, eliminating the need for intermediaries and associated process fees.

Main features

Aave's platform offers transparency and security by utilizing the Ethereum network's transparent ledger, where all transactions are publicly available for inspection. The platform ensures that all collateral, which serves as the digital asset for loans, is stored and locked in a smart contract, broadcasted on the public Ethereum blockchain. This setup allows borrowers to manage their collateral flexibly, with options to refill or withdraw parts of it, provided the lender is notified.

How it works

In 2018, Aave introduced significant upgrades, including the Alpha 0.3 version of their peer-to-peer lending application. This update featured a new user interface designed to simplify the lending process and enhance user experience. The platform also introduced zero-fee lending using the LEND token as a medium of exchange, promoting its use as a cross-blockchain lending currency. The migration from LEND to AAVE tokens is ongoing, with a conversion rate of 100 LEND per 1 AAVE.