Aave Labs says it is sunsetting its “umbrella brand” Avara in the company’s latest move to refocus on decentralized finance and simplify its branding.
Aave founder and CEO Stani Kulechov posted to X on Tuesday that Avara, a company encompassing projects including the Family crypto wallet and previously the social media platform Lens, “is no longer required as we go all in on bringing Aave to the masses.”
Kulechov said the Apple iOS-based Family crypto wallet was also being wound down as the team has “learned that onboarding millions of users requires purpose-built experiences, such as savings, rather than generic, open-ended wallet experiences.”
The move marks Aave’s latest effort to refocus on products such as its flagship lending protocol as the project handed stewardship of Lens to the Mask Network last month, with Kulechov saying Aave’s role in the protocol would be reduced to an advisory role so it can focus on DeFi.
Source: Stani KulechovKulechov said in his latest post that Aave was “now united as one team of world-class designers, engineers, and smart contract experts, aligned around a single mission: bringing DeFi to everyone.”
All future projects under Aave Labs
Avara said in a blog post that “all current and future products, including the Aave App, Aave Pro, and Aave Kit, will operate under Aave Labs” to simplify the brand.
It added that accounts linked to the Family wallets “will continue as core infrastructure within Aave Labs products,” but the iOS app would be wound down over the next year.
No new users will be onboarded to the app from April 1, and existing users can continue using the app until April 1, 2027, and will continue to have full access to their funds on Aave’s website.
Related: There is no trust in DeFi without proper risk management
Aave is the biggest DeFi protocol with $30 billion in total value locked, nearly $9 billion more than the next largest project, the staking protocol Lido, which has $21.7 billion in value locked, according to DefiLlama.
The Aave (AAVE) token has traded flat over the past day, down just 0.7% in the last 24 hours at $127.40, according to CoinGecko.
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Source: https://cointelegraph.com/news/aave-shuts-down-avara-family-wallet-refocus-defi?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
