Aave Buys Avon Team to Bring More Fixed-Rate Lending Onchain

TL;DR: Aave Labs said November 6 it had acquired Avon’s team and technology, including fixed- and floating-rate lending systems and an onchain order book. The move adds expertise for fixed-rate borrowing, but does not mean a finished fixed-rate Aave product has launched for every user. Most people who take out a conventional loan want a clear answer to one question: what interest rate will they pay over the borrowing period? Decentralised finance often works differently, with interest rates that vary as supply and demand change within a lending pool. Aave Labs wants to broaden that model and has taken a new step towards it. In its November 6 acquisition announcement, the company said it had bought the team and technology behind Avon, a developer focused on fixed-rate and floating-rate lending markets. The transaction includes Avon’s onchain order book, protocols, domains and other related assets. Financial terms were not disclosed. What Avon brings to the project The Aave release says Avon engineers Prince Sinha and Ayush Kaul will join the engineering team, while Omar el-Ashaal will join business development. Their stated focus includes fixed-rate lending and new types of onchain ...