In my previous post, I talked about Celsius which is a platform managed by Celsius Network that allows users to earn compound interest on their deposits or take a loan. Now, imagine taking the company out of the picture... and you will have AAVE!
What is AAVE?
AAVE, originally named ETHLend, was founded in 2017 by Stani Kulechov. It is a decentralized non-custodial money market protocol where anyone can deposit/borrow crypto assets onto their smart contract.
At the point of writing, a total of 22 cryptocurrencies are listed on AAVE and the list is expected to increase further according to their new road map, Aavenomics.
Screenshot from AAVE.com
What can you do on AAVE?
Lending your tokens
Say I deposit some ETH into the ETH pool (Yup, I look as clueless as Elizabeth), in return I will receive aETH from AAVE which is an aToken for ETH (AAVE token for short)....