Avara is the parent company of liquidity protocol Aave, which looks to streamline its suite of infrastructure products to attract a broader Web3 audience. Aave Companies, a decentralised finance (DeFi) firm, has rebranded to Avara in order to widen its user base across the Web3 ecosystem.
Avara (previously Aave Companies) founder and CEO Stani Kulechov tells Cointelegraph that the company’s growing number of solutions, including liquidity protocol Aave, the GHO stablecoin, Lens Protocol, and Sonar, prompted the creation of an umbrella brand with broader Web3 appeal. “We will continue to innovate in DeFi and build tools for developers while creating new, intuitive, and compelling products that attract mainstream people”
According to Kulechov, the broader sector has focused on developing infrastructure to enable the production of goods that appeal to a diverse user base. The rebranding heralds the start of “a new era” in which blockchain technology becomes more “accessible, usable, and affordable.”
The Avara founder adds that the company’s new brand is inspired by the Finnish word “Avara,” which can mean “extensive,” “open,” “spacious,” or “inclusive.” Its idiomatic meaning is “seeing more than you can see.” Kulechov further mentions that liquidity protocol Aave will continue to operate under the same brand name via Aave Labs, with a focus on contributing to technological breakthroughs in the DeFi sector.
Los Feliz Engineering (LFE) and its flagship self-custodial Ethereum wallet, Family Wallet, were acquired at the same time as the rebranding announcement. As a result of the strategic partnership, Avara’s product portfolio now includes a consumer wallet that allows customers to transfer, receive, swap, and retain cryptocurrencies. ConnectKit, a developer library developed by Family Wallet to promote connecting between the wallet service and decentralized applications, is also included in the deal. The LFE team, led by CEO and founder Benji Taylor, will join Avara. Taylor will be the senior vice president of product and design.
Avara aims to continue developing Lens Protocol by drawing on LFE’s experience establishing the messaging app Honk. According to Cointelegraph, the latter intends to serve as a social layer for the larger Web3 ecosystem, connecting people across a decentralized social networking environment and providing developer tools for building applications and communities.