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Formerly EthLend, Aave will transfer ownership of the protocol over to a “genesis governance” built and approved by token holders. The platform’s native lend (LEND) token will also swap for the new aave (AAVE) token, documents show. Aave launched its Ethereum-based money market in January 2020 after completing a 2017 initial coin offering (ICO) raising $16.2 million, according to Messari. EthLend originally launched as a peer-to-peer (P2P) lending protocol but switched to a pooled protocol that allows for more dynamic asset listings, network liquidity and variable interest rates. The platform was one of the first to include the novel decentralized…
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