The popular decentralized finance (DeFi) group Aave Companies has undergone a rebrand, emerging as Avara, as it seeks to expand its user base throughout the Web3 ecosystem. The move comes as the company continues to grow its offerings, including the liquidity protocol Aave, the GHO stablecoin, Lens Protocol, and Sonar. Stani Kulechov, the founder and CEO of Avara, explained that the need for a brand with broader Web3 appeal became evident as the company’s portfolio expanded. Kulechov expressed the company’s commitment to innovating in the DeFi space and building tools for developers, all while creating new, intuitive, and appealing products designed to attract mainstream users.
In an interview with Cointelegraph, Kulechov discussed the industry’s focus on creating infrastructure to foster the development of products that cater to a wide user base. The rebranding marks the beginning of what he refers to as a new era in which blockchain technology becomes more accessible, usable, and enjoyable for a broader audience. The Avara founder elaborated on the inspiration behind the new identity, revealing that the name “Avara” is derived from the Finnish word that carries meanings such as “extensive,” “open,” “spacious,” and “inclusive.” Additionally, its colloquial use conveys the concept of “seeing more than you see.”
Notably, the liquidity protocol Aave will continue to operate under the same brand name through Aave Labs, maintaining its focus on contributing to technological innovations within the DeFi landscape. The rebrand announcement coincided with the acquisition of Los Feliz Engineering (LFE) and its flagship self-custodial Ethereum wallet, Family Wallet. This strategic acquisition has expanded Avara’s product suite to include a consumer wallet, allowing users to send, receive, swap, and hold cryptocurrencies.
The acquisition also brings ConnectKit, a developer library developed by Family Wallet to facilitate connectivity between the wallet service and decentralized applications, into Avara’s toolkit. As part of the deal, LFE’s CEO and founder, Benji Taylor, and his team will join Avara, with Taylor assuming the role of senior vice president of product and design. Avara aims to leverage LFE’s expertise in building the messaging application Honk to further develop the Lens Protocol. The Lens Protocol is set to become a social layer within the wider Web3 ecosystem, connecting users across a decentralized social networking environment and providing developer tools to build applications and communities.
The company’s expansion and rebranding reflect its commitment to addressing the evolving needs of the Web3 ecosystem and expanding its offerings to cater to a wider audience. The acquisition of LFE and the development of the Lens Protocol demonstrate Avara’s dedication to providing innovative and user-friendly solutions within the decentralized finance space.
As Avara continues to grow and evolve, its rebrand and expansion are indicative of the company’s forward-thinking approach, aiming to create accessible and inclusive blockchain products and services for the mainstream audience. With a focus on innovation and user-centric design, Avara is poised to shape the future of decentralized finance and the broader Web3 ecosystem.