Aave (AAVE) is a decentralized lending protocol based on the Ethereum blockchain, which was created in 2017. Initially, Aave was developed under the name ETHLend, and in 2020 it was renamed Aave after significant functionality updates. The Aave team was founded by Stani Kovalev and his partners, who sought to create a more affordable and secure way to obtain loans and generate income from crypto assets.

The AAVE token was released in 2020 and serves as the main ecosystem management tool. Token holders can participate in voting on protocol changes, including the addition of new features and assets. This gives the community the opportunity to influence the future of the platform.

Aave offers unique features such as the ability to borrow against collateral and lend assets, which allows users to earn interest on their investments. The protocol also supports the functionality of "flash loans", which allow you to borrow funds without the need to provide collateral if the loan is repaid in a single transaction. Since its inception, Aave has gained popularity among DeFi users and has become one of the leading platforms for lending and borrowing in the cryptocurrency space.