Aave Labs Consolidates Operations, Discontinues Avara Brand and Family Wallet to Prioritize DeFi
The company announces that "all current and future products" will operate under the Aave Labs banner, while infrastructure tied to the Family wallet will remain as "core infrastructure."
Aave Labs has announced it will discontinue its "umbrella brand" Avara as part of a strategic realignment to concentrate on decentralized finance and streamline its corporate identity.
On Tuesday, Aave's founder and chief executive Stani Kulechov announced via X that Avara, which served as the parent entity for ventures including the Family crypto wallet and formerly the Lens social media platform, "is no longer required as we go all in on bringing Aave to the masses."
According to Kulechov, the decision to discontinue the Family crypto wallet, which operated on Apple's iOS platform, came after the team "learned that onboarding millions of users requires purpose-built experiences, such as savings, rather than generic, open-ended wallet experiences."
This strategic shift represents Aave's most recent initiative to concentrate resources on core offerings like its primary lending protocol, following last month's transfer of Lens stewardship to the Mask Network, with Kulechov indicating that Aave's involvement in the protocol would transition to an advisory capacity to enable greater focus on DeFi.
In his most recent announcement, Kulechov stated that Aave is "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
In a blog post, Avara confirmed that "all current and future products, including the Aave App, Aave Pro, and Aave Kit, will operate under Aave Labs" as part of efforts to consolidate the brand identity.
The company further clarified that accounts associated with the Family wallets "will continue as core infrastructure within Aave Labs products," though the iOS application will be phased out during the coming year.
Beginning April 1, no additional users will be permitted to join the app, while current users may continue utilizing the application through April 1, 2027, and will maintain complete access to their assets via Aave's website.
With $30 billion in total value locked, Aave stands as the largest DeFi protocol, maintaining a lead of nearly $9 billion over the second-largest project, the staking protocol Lido, which holds $21.7 billion in locked value, based on data from DefiLlama.
The Aave (AAVE) token has remained relatively stable during the past day, declining only 0.7% over the last 24 hours to $127.40, based on data from CoinGecko.