Aave Labs acquires the team and technology of on-chain lending project Avon.

Aave Labs has acquired the team and technology of on-chain lending project Avon to add fixed-rate borrowing to its lending network. The deal covers Avon's fixed- and floating-rate lending protocol, on-chain order book, domain and related assets, with Prince Sinha and Ayush Kaul joining Aave Labs' engineering team and Omar el-Ashaal joining business development. Aave said the Avon team will initially focus on developing fixed-rate lending. Aave reports more than $30 billion in deposits and over $12 billion in active loans across its network. The acquisition signals a push to diversify beyond variable-rate lending, and the next thing to watch is how quickly Aave integrates Avon's order-book technology and launches fixed-rate products.