Leading Decentralized Finance (DeFi) lending protocol Aave has officially rebranded to Avara as it makes a concerted effort to expand its user base across the Web3.0 ecosystem. 

Avara Targets Broader Web3 Userbase

Avara is a Finnish word that has a couple of meanings including “extensive,” “open,” “spacious” and “inclusive.” It also has a colloquial use which means “seeing more than you see.” Avara founder and CEO Stani Kulechov claimed that these definitions inspired the choice of the name and identity for the blockchain technology company. 

Kulechov stated that the growing offerings of Aave including liquidity protocol Aave, the GHO Stablecoin, Lens Protocol, and Sonar, necessitated the change of name to one which is more suited for a wider Web3.0 appeal. Although the liquidity protocol will stick with the brand name through Aave Labs, its focus will still be on contributing to technological advancements in the DeFi space.

Furthermore, he mentioned that the broader industry has had its focus on developing infrastructure that facilitates the development of products that have higher appeal to a larger user base.

“We will continue to innovate in DeFi and build tools for developers while creating new, intuitive, and compelling products that attract mainstream people,” Kulechov added.

He acknowledges the rebrand as the birth of a new era where blockchain technology will be accessible, fun, and usable by all. The move mirrors related efforts from Polygon Labs in its bid to rebrand the MATIC token to POL.

Avara Makes First Acquisition

Besides the rebranded news, Avara has made its first acquisition with the buyup of Los Angeles-based Web3.0 startup Los Feliz Engineering. The acquired firm is the Web3.0 software development startup behind the Ethereum crypto wallet Family and the developer library ConnectKit. 

As part of the terms of the agreement, the entire Los Feliz Engineering team will be onboarded on Avara, and the founder of Family, Benji Taylor, will become Avara’s Senior Vice President of Product and Design. In the long run, Avara hopes to boost Lens Protocol by harnessing Los Feliz Engineering’s many years of experience in developing messaging app Honk.

“Our transformation to Avara and the integration of Family into our fold are not mere changes in name or structure,” wrote Avara founder Stani Kulechov in a statement. “These are significant strides toward our ultimate mission: an open, decentralized internet that’s equitable, inspires participation, and fosters innovation.”

AAVE, the ecosystem’s native token dropped 3.92% to $91.69 on the news, a showcase that the market might not be positively receptive to this name change, at least in the short term.