Aave token migration in progress! Reviewing the rise and fall history of the old token LEND and its investors.

Decentralized lending protocol Aave announced at the end of July that it would enable a new token called AAVE, allowing holders to participate in governance. Starting from October 3rd, holders of the old token LEND can migrate their tokens to Aave platform at a ratio of 100 LEND to 1 AAVE. As of the deadline, the migration process has been completed 41.93%.

Aave and Its Investors: A Retrospective

Aave, formerly known as ETHLEND, raised $1,650 in ICO investment in November 2017 with the token name LEND, focusing on peer-to-peer lending in cryptocurrencies. After reaching its peak in January 2018, the token price plummeted and remained low from late 2018 to May 2020. The name Aave, derived from Finnish, means "ghost." It was the company's rebranding in 2018, as mentioned in this article.

It wasn't until the DeFi craze that Aave's flash loan product, which allows borrowing, repaying, and profiting through DeFi without collateral, caught the attention of the crypto community. With decentralized lending becoming popular, the LEND token surged to 0.85 during the 2019 low period, compared to 0.003. LEND is burned based on protocol fees earned, creating expectations of increased value. It also serves as a governance voting right and protocol fuel. After introducing the new token economic model Aavenomics this year, the new token AAVE will offer more governance functions and participation in staking.

In July 2020, Aave received new institutional investments from DTC Capital, Parafi Capital, Framework Ventures, and Three Arrows Capital in the U.S. In October, additional investments from Blockchain Capital, Standard Crypto, and Blockchain.com added $25 million.

Aave CEO Stani Kulechov stated two goals for the future: making DeFi more institutional-friendly and expanding the team to meet the growth in the Asian market.

For readers interested in the Aave old and new tokens LEND and AAVE, including how to exchange and participate in staking, refer to Dapp Pocket's article.