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Aave is a decentralized protocol for lending and borrowing digital assets that was launched in January of 2020. It is an open source, permissionless lending protocol built on Ethereum, allowing users to lend, borrow, and earn interest on a variety of digital assets. Aave is the first protocol to offer flash loans, allowing users to borrow funds without collateral and pay back the loan amount in a single transaction. The protocol also offers flexible liquidity pools, allowing users to earn interest without having to lock up their funds for a fixed period of time.
Aave was founded by Stani Kulechov, a former data scientist at the banking giant UBS, and has since been backed by some of the biggest names in the cryptocurrency space, including Pantera Capital, Polychain Capital, and Blockchain Capital. The protocol is based on the concept of money markets, which is a form of banking where lenders and borrowers agree to exchange funds at a certain rate of interest, and Aave has developed a protocol that allows users to do this with digital assets. By providing users with access to a variety of digital assets and a secure platform, Aave has become one of the most popular DeFi protocols in the world.