We are happy to announce that the Aave protocol for borrowing and lending crypto is integrated in Ambire Wallet.
What is Aave
Aave is an open source, non-custodial liquidity protocol for lending and borrowing crypto assets. It is one of the original DeFi protocols, starting back in 2019. Today Aave is the third largest DeFi protocol with more than $12 billion locked in it.
How does Aave work
Aave is a system of smart contracts on Ethereum to enable trustless borrowing and lending. Lenders deposit funds into lending pools. Borrowers must put up collateral and may borrow up to the value of that collateral from these pools.
Each pool has reserves to hedge against volatility. These reserves also help ensure that lenders can withdraw their funds when they’re ready to exit the protocol.
Aave in Ambire Wallet
Using Ambire Wallet is perhaps the easiest way to allocate funds to Aave, as we have reduced the complexity of using the protocol to a minimum. Benefits of allocating your funds to Aave in Ambire Wallet are:
- You don’t need to navigate on Aave’s app and approve Aave contracts;
- You save on gas fees thanks to Ambire Wallet’s gas optimization;
- You can easily track the performance of your allocation on your dashboard;
- You can easily exit Aave whenever you want;
- You can see your entire portfolio in the same dashboard.
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