Review on Aave by Gabriel Medina
Pioneer DeFi Platform
We must understand that DeFi is currently becoming a major topic being debated in the financial communities. Its aim is to give users full control of their assets, due to Blockchain technology and decentralization. Without further ado, Aave becomes one of those pioneering projects. Aave (formerly ETHLend) is another blockchain project that came to light in 2017 and is one of the first open source, non-custodial DeFi protocols in the world of cryptocurrencies. In addition, the creation of money markets is allowed. Aave uses and leverages the LEND token to be able to offer discounted rates to holders. The token is ERC20, it is not a coin that works thanks to mining and it will be used to govern the Aave protocol.
Aave has two key features which are the Interest Rate Models which will allow borrowers to switch between stable and variable interest rates. We also have Flash Loans, which are a unique feature offered to developers that gives them the ability to borrow money from Aave and repay it with a transaction.
In conclusion, it is an important project within the world of decentralized finance, which gives us security and offers us the best rates despite the fact that its platform is very simple.
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Pros
- They take security very seriously and this gives confidence and peace of mind for users.
- They offer excellent rates and have the best competitive interest rates, as well as stable and fixed loans.
- Unique Features for Lenders and Borrowers.
Cons
- I made certain mistakes at the beginning that caused them to change their objective and thus the name change.
- They do not have a good design and brand that gives us confidence.
