AAVE is disrupting the banks and helping contribute to an entirely new financial system. Investors now have the ability to invest in AAVE directly from their Crypto IRA / 401k with iTrustCapital.
What is AAVE?
Aave is a decentralized finance (DeFi) protocol that is built on the Ethereum network. Aave allows users to lend and acquire cryptocurrency ranging from stablecoins to altcoins in a decentralized ecosystem. Users who use the Aave convention earn interest when they lend. Other users pay interest when they borrow funds on the platform.
The protocol uses a decentralized autonomous organization called a DAO. This means that the convention is operated and administered by individuals who hold and vote with AAVE tokens.
The protocol was founded in 2017 by Stani Kulechov and is based in Switzerland. AAVE was first known as ETHLend. During its ICO stage in 2017, the protocol raised $16.2 million for 1 billion units of LEND token (now AAVE). At the point when it began, the protocol tried to match borrowers and lenders together using a peer-to-peer system. It later changed to using pooling funds. In 2018, ETHLend changed its name to AAVE.
Over the last few years, AAVE has become a well-known and important protocol in the decentralized finance ecosystem. What makes Aave important to the DeFi sector?
Why is Aave So Important to Decentralized Finance?
Aave is …