The Aave Protocol’s original name was ETHLand, with Stani Kulechov as its founder. Stani had developed the system to provide users worldwide the ability to both lend and borrow digital assets with the LEND token as the system’s medium currency.
However, when Ethereum experienced the 2017 market dip, the LEND platform had a decrease in number of users, which then resulted in low liquidity. The developers team took this chance to rejuvenate the system as a whole and revived it once again under the Aave Protocol name in early 2020.
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