According to an announcement by Aave Labs on November 6, the protocol developer acquired Avon's team and technology including its fixed and floating rate lending protocol, on-chain order book, domain and related assets. Three Avon members joined Aave Labs, with two engineers and one business development representative integrating into the team. The deal aims to expand Aave's lending offerings to institutions, fintech firms and everyday users through fixed-rate borrowing options, complementing Aave's existing variable-rate pooled model. Aave currently holds over $30 billion in network deposits and $12 billion in active loans, making it the largest decentralized lending protocol.

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