Aave Labs says it is discontinuing its “umbrella brand” Avara as part of the company’s latest move to refocus on decentralized finance and simplify its branding.
Founder and CEO of Aave Stani Kulechov sent on Tuesday to X that Avara, a company with projects including the Family crypto wallet and previously the Lens social media platform, “is no longer needed as we focus on bringing Aave to the masses.”
Kulechov said the Apple iOS-based Family cryptocurrency wallet was also shut down because the team “learned that onboarding millions of users requires purpose-built experiences like savings, rather than generic, open wallets.”
The move marks Aave’s latest effort to refocus on products like its flagship lending protocol, as the project handed over management of Lens to the Mask Network last month, with Kulechov saying Aave’s role on the protocol would be reduced to an advisory role so it could focus on DeFi.
Kulechov said in his latest post that Aave “is now united as one team of world-class designers, engineers and smart contract experts, focused on one mission: making DeFi accessible to everyone.”
All future projects within Aave Labs
Spacious he said in a blog post that “all current and future products, including the Aave App, Aave Pro and Aave Kit, will run under Aave Labs” to simplify the brand.
She added that accounts associated with family wallets “will continue to be the core infrastructure of Aave Labs products,” but the iOS app will be disabled over the next year.
From April 1, no novel users will be onboarded to the app, and existing users will be able to continue using the app until April 1, 2027 and will continue to have full access to their funds on the Aave website.
Related: There is no trust in DeFi without proper risk management
Aave is the largest DeFi protocol with a total locked value of $30 billion, which is almost $9 billion more than the next largest project, staking protocol Lido, which has a locked value of $21.7 billion, According to to DefiLlam.
The price of the Aave token (AAVE) has not changed over the last day, and in the last 24 hours it has fallen by only 0.7%, at a price of USD 127.40, According to this CoinGecko.
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