What is Aave | Aave Coin | Aave crypto

What Is Aave | Aave Coin | Aave Crypto

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So, what is Aave all about? How was it able to go from $0 to $3B in total value locked in less than a year? And what’s the use case for the AAVE token? You’ll find answers to these questions in this video.
The initial version of Aave - which is currently one of the most popular lending protocols in decentralized finance - came into existence in 2017. Before the rebranding that happened later in September 2018, the project was known as ETHLend.
ETHLend was started in Finland by Stani Kulechov. Stani, a law degree graduate, discovered Ethereum, realized the power of smart contracts, and decided to build a peer-to-peer lending protocol.
With its launch, Aave had two goals Unlocking the value of DeFi and providing a quality user experience. It seemed to click with the users and its market grew exponentially. Within, six months, it had crossed the $1 billion thresholds. Within a year, this protocol has locked in assets worth $2.9 billion, a commendable feat.
This rapid growth can be accredited to its unique features such as flash loans and Tokens. It is inspiring to see the hard work that was put into this protocol yield such bright results. With V2 already launched last year, its team is now working on its governance.
Today they offer support for lending of 17 different cryptocurrencies. They also offer flash loans, uncollateralized loans, "rate switching" and other exotic features.
So How Aave Works? When you supply tokens to lend out on Aave, they are replaced with aTokens. These can be viewed as like the cTokens that you have over at Compound finance. The only difference is that these are pegged to the value of the underlying token and your balance will increase as you earn interest.
You can withdraw the liquidity whenever you want and when that is done, your aDai tokens will be converted back into the Dai tokens. This deposit does not only earn interest, but it also serves as collateral should I want to borrow any crypto.
Decentralized money markets such as Aave or Compound pave the way for a more open and accessible financial system. Aave is an interesting DeFi project that allows cryptocurrency users to access funds and services transparently.
The AAVE token is also a promising development. It allows its holders to influence change in the Aave protocol. It also protects the protocol against black swan events.
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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

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⏰ Timestamps in This Video ⏰

0:25 - Coin Gecko Listing
1:32 - Website Update
2:55- How to buy it?
3:30- Conclusion