"The recent crypto boom has been marked by blockchain companies working to expand their appeal to mainstream consumers. That now includes Aave Labs, the developer behind a popular decentralized lending service, which on Monday announced plans to launch an app in Apple's App Store and opened up a waitlist for interested users. Aave is well-known in crypto as a leading project in DeFi, or decentralized finance."
"Aave's new product acts like a savings account-but with a higher yield. Users can earn a minimum 5% in interest on their holdings and can deposit money in with a bank account or debit card. The product uses stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar, as well as the Aave protocol. Aave has been one of the longest-standing networks of its kind, boasting over $30 billion in deposits, according to data from the crypto analytics site DefiLlama."
Aave Labs will launch a consumer-facing app on Apple's App Store and opened a waitlist for users. The app removes crypto-specific jargon and presents a savings-like product that offers a minimum 5% interest. Users can deposit via bank account or debit card and funds are deployed into stablecoins and the Aave protocol. Aave's network holds over $30 billion in deposits per DefiLlama, enabling higher yields than conventional banks but carrying greater hack risk and lacking government backing. Aave's leadership emphasizes security, citing five years without an exploit and multiple third-party audits.
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