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Definition: Aave


A crypto liquidity protocol that runs on Ethereum. Introduced in 2017, Aave, along with Compound, are two major DeFi liquidity platforms for Ethereum. When users deposit their crypto, they are awarded "aTokens" for the funds they lend. AAVE is the Aave governance token, formerly known as LEND. In Europe, users can pay for everyday items with Aave Pay using fiat currency. See crypto liquidity protocol and yield farming.