Aava Companies, a prominent player in the Web3 industry, is undergoing a significant transformation as it rebrands itself as Avara. Stani Kulechov, the founder of the crypto parent entity, provides insights into the company's evolution and aspirations in the ever-expanding landscape of Web3.
Formerly recognized as ETHLend and subsequently Aave, the company is solidifying its identity with this final name change. Stani, in a discussion on TechCrunch's Chain Reaction podcast, emphasizes that while Aave as an entity will endure, it will operate under the overarching brand of Avara, encompassing Aave Protocol and Aave Labs.
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A notable element of Avara's portfolio includes its support for Aave Labs, Aave Protocol, the native stablecoin GHO, and the decentralized social network protocol Lens.
The company boasts an impressive $8.66 billion in liquidity locked across eight networks and over 15 markets, including Ethereum, Avalanche, Optimism, Polygon, and Base.
A pivotal move accompanying the rebrand is Avara's strategic acquisition of Los Feliz Engineering, the creative force behind the Ethereum-based crypto wallet Family. Although the terms of the deal remain undisclosed, this acquisition aligns with Avara's vision to facilitate user entry into the web3 ecosystem.
Stani underscores Avara's commitment to creating an interface on existing infrastructure that resonates with users, making their interactions in the Web3 landscape more familiar. The beta phase of the Family crypto wallet is accessible for users to download and explore. This acquisition follows Avara's earlier purchase of Sonar, a metaverse mobile application.
This transformative rebrand and acquisition signify Avara's ambition to extend beyond decentralized finance (DeFi) and cater to a global audience with diverse Web3 use cases. The name "Avara," reflecting a Finnish colloquial meaning of "seeing more than you see," encapsulates the company's renewed mission.
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Stani sheds light on Avara's evolving entities, expressing particular enthusiasm for the Lens Protocol. As a decentralized social media platform, Lens, currently in beta, harbors "micro communities" like Web3 social apps Orb and Phaver, aligning with Avara's commitment to fostering diverse interactions.
As Avara charts this transformative course, it positions itself at the forefront of Web3 innovation, emphasizing inclusivity and a forward-looking approach.
This article is inspired by an episode of TechCrunch's podcast Chain Reaction, offering insights into Avara's strategic moves and its pivotal role in shaping the evolving landscape of Web3.
