Aave ends Avara brand to focus on DeFi lending

Aave is discontinuing the Avara brand and Family wallet to focus on its core DeFi lending protocol. All products will now operate under Aave Labs, with resources redirected to strengthen lending services.

Aave has announced a significant strategic shift by discontinuing its Avara umbrella brand and winding down the Family iOS wallet. Moving forward, all current and future products will operate under the Aave Labs name. The Family wallet will stop onboarding new users from April 1, 2024, but existing users will be supported until April 2027. Additionally, the Lens Protocol, previously managed by Avara, has been transferred to Mask Network. This restructuring is part of Aave’s plan to streamline operations and focus exclusively on its core decentralized finance (DeFi) lending protocol, aiming to scale lending services and reinforce its brand identity. Aave’s decision is informed by lessons learned about the importance of purpose-built financial products over general-purpose wallets. The company will also divest intellectual property unrelated to its main lending business, seeking to strengthen its foundational offerings and ensure long-term sustainability in the evolving DeFi landscape.