Aave Labs Discontinues Avara and Family Wallet to Focus on DeFi
- Aave Labs is sunsetting its brand Avara to streamline operations and focus on DeFi.
- The Family crypto wallet will be phased out, with no new users onboarded from April 1.
- Existing users can continue using the Family wallet until April 1, 2027, retaining access to their funds.
- Aave’s total value locked stands at $30 billion, significantly higher than Lido’s $21.7 billion.
- The AAVE token has seen minimal change, trading down just 0.7% in the last day at $127.40.
This strategic shift aims to unify Aave’s team around a singular mission of enhancing decentralized finance solutions while discontinuing less focused projects like the Family wallet and Lens platform.
With a total value locked of $30 billion, Aave continues to lead the DeFi sector as it consolidates its branding efforts for greater impact.(Source)
