AAVE is based on the Ethereum blockchain and is powered by the Aave protocol. The protocol enables users to borrow and lend digital assets in the form of flash loans, while also providing users with a yield-generating market, allowing them to earn interest from their crypto holdings. The protocol is secured by a collateral model, which requires users to back their loans with collateral in order to reduce the risk of defaults. The protocol also features a token staking model, which allows users to stake their AAVE tokens to earn rewards in the form of additional tokens. The Aave protocol is designed to be a permissionless, trustless, and secure platform for borrowing and lending, providing users with a secure and transparent way to access DeFi services.

Aave (LEND) was upgraded to Aave (AAVE) in 2020 in order to improve the features and capabilities of the Aave DeFi Protocol. The migration from LEND to AAVE enabled the protocol to offer new features, such as flash loans, yield-generating markets, and token staking rewards. It also provided an improved governance system, allowing users to propose and vote on protocol changes. The migration was completed in November 2020, enabling users to access the upgraded features of the Aave DeFi Protocol.

AAVE (AAVE) token was created by Stani Kulechov and the Aave team in 2017. Stani is a FinTech entrepreneur and the founder and CEO of Aave. The team is comprised of blockchain and finance experts who are dedicated to building an open, permissionless, and secure protocol for DeFi services.