<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Aave Labs acquired the team and technology behind Avon, which built fixed-rate and floating-rate lending markets and an onchain order book.</li>
 <li>Prince Sinha, Avon's founder, and Ayush Kaul join Aave Labs' engineering team, and Omar el-Ashaal joins business development.</li>
 <li>Aave Labs said Aave has more than $33 billion in deposits and more than $13 billion in active loans; Aave Labs did not disclose deal terms.</li>
</ul>
Aave Labs, a core contributor in the Aave (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/aave/">AAVE</a>) network, has acquired the team and technology behind Avon, one of the teams working on fixed-rate lending onchain.
The deal includes Avon's fixed-rate and floating-rate lending protocols, its onchain <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/order-book">order book</a>, domains and related assets, Aave Labs said on Friday. Aave Labs did not disclose terms.
"Aave's goal is to bring the best of finance to everyone, and that means offering the kinds of products users already rely on, including fixed rates," Aave Labs founder and CEO Stani Kulechov said in an <a target="_blank" rel="noopener noreferrer nofollow" href="https://aave.com/blog/avon-acquisition">announcement</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ac575a88454a466cbd50f0c4ae6b391b.png">
Aave Labs acquired the team and technology behind Avon to build out fixed-rate lending. Source: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/aave/">CoinMarketCap</a>
<h2 id="header-1">Who Joins and What They'll Build</h2>
Prince Sinha, Avon's founder, and Ayush Kaul join the Aave Labs engineering team, while Omar el-Ashaal joins business development. The team will work on Aave's network and product layers, including new capabilities such as fixed-rate lending, Aave Labs said.
Kulechov said on X that the team has "already joined forces with our protocol team to build the future of onchain credit on Aave V4."
"We started Avon to bring the depth of global credit markets onchain, and Aave is the best place to continue that work," Sinha said.
<h2 id="header-2">Why Fixed Rates Matter for Aave</h2>
Aave Labs called Avon one of the leading teams working on fixed-rate <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/defi-lending">DeFi lending</a> onchain, and said the team brings the expertise to expand the kinds of loans Aave can offer to individuals, institutions and fintech partners.
Aave Labs said Aave is the largest onchain lending network, with more than $33 billion in deposits and more than $13 billion in active loans. The <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/acquisition">acquisition</a> brings the Avon team into Aave Labs, whose products include Aave App, Aave Pro, Aave Kit and Aave Horizon, an institutional borrowing platform.
The deal comes a day after Kraken parent Payward <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/kraken-payward-aave-stake-acquisition">bought an AAVE stake with clients</a>. Last month, Chainlink <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/chainlink-24-7-pricing-tokenized-assets-aave">launched 24/7 tokenized stock pricing with Aave as a launch partner</a>.
AAVE traded at $131.07, up 2.5% over 24 hours, according to CoinMarketCap data.
Read More:&nbsp;<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/aave-unfreezes-markets-binance-hack-nine-assets-zero-ltv">Aave Unfreezes Markets After Binance Hack, Keeps Nine Assets at Zero LTV</a>

Aave Labs Acquires Avon Team and Tech to Build Fixed-Rate Lending

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