August 22, 2020
Get involved in DeFi
Every week we want to show you easy ways you can stack sats, with no trading or mining involved. This week we are going to take a look at Aave.
Aave is a DeFi Money Market Protocol that allows users to easily earn interest by depositing cryptocurrency into the protocol. “Aave” is a Finnish word which translates to “ghost” in English. The ghost represents Aave’s focus of creating a transparent and open infrastructure for decentralized finance.
Aave is open source and a non-custodial protocol. Additionally, it allows users to take out loans from the protocol with a specific rate of interest attached.
The platform provides interest for deposits in a wide range of cryptocurrency which includes:
Aave is also the pioneer of flash loans. Flash Loans rely heavily on the timing of the loan’s repayment. As long as the loan is used and paid back in full within the same block it was issued, it is approved. On the other hand, if the loan is not paid back within the same block, the entire transaction fails.
Aave leverages a native token – LEND – that provides holders with discounted fees. In the near future, LEND will also be staked for governance and as a first line of defense for outstanding loans.
Aave has seen significant growth in 2020, most of which can be tracked using Aave Watch – a tool to monitor key metrics like borrows and fees collected. Similarly, users can check out Aave Burn to see how many protocol fees have been used to burn LEND off the open market.
If you’re interested in Aave visit their site below:
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