Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity.

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What is Aave?

Aave is a decentralized lending protocol that allows users to borrow cryptocurrencies without resorting to a centralized intermediary. The Aave protocol is based on top of the Ethereum network and uses smart contract technology to execute transactions. It also functions as a DAO - a decentralized autonomous organization. This means that it is managed and controlled by people who own and vote AAVE tokens, the platform's native cryptocurrency. Another interesting thing about AAVE is its ability to offer customized interest rates.

AAVE functions as a management token , giving holders a vote on decisions about protocol changes and updates based on the number of AAVE they own. AAVE is also a service token . Users who send AAVE as collateral receive a discount on transaction fees as well as priority to make their cryptocurrencies available for credit. AAVE tokens are built on the ERC-20 standard and are designed for deflation. There are currently 13 million AAVEs in circulation, about 84% of the total supply.

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FAQ

1. What is the best Aave wallet?

Guarda is one of the best wallets according to Investopedia.com and Hackernoon.com for Aave. Guarda is a non-custodial wallet that supports more than 400K+ assets. Use an online wallet right in your browser or download a web/mobile version.

2. How do I get an Aave wallet?

You can download the application from the Apple AppStore, or Google Play, or install a desktop wallet. You can also use an online wallet. Create an account on Guarda; Set a strong password and save your wallet backup; Create a wallet and add your AAVE.

3. How to get an AAVE wallet for Android or iOS?

Download Guarda from AppStore or Google Play; Create an account on your Guarda Wallet; Tap the “Receive” button in app; Paste the generated address or scan the QR code when sending coins from an external wallet or exchange to Guarda.

4. Is Guarda Wallet app safe?

Guarda is a non-custodial crypto wallet. Guarda stores no private data, backup files, or keys, and no one has access to the user's wallet. Users are the only ones who have access to private information.
Security features include: fingerprint authorization; PIN code; backup file