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Definition: Aave

A blockchain-based borrowing and lending protocol that runs on Ethereum. Introduced in 2017, Aave, along with Compound, are two major Ethereum lending platforms. When users deposit their crypto, they are awarded "aTokens" for the funds they have lent. 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 DeFi lending and crypto glossary.