Aave Labs has acquired the team and technology of on-chain lending protocol Avon to advance fixed-rate lending capabilities across its lending network. The transaction amount was not disclosed, but includes Avon's fixed and variable rate lending protocol, on-chain order book, domain name, and related assets. Avon founders Prince Sinha and Ayush Kaul will join Aave Labs' engineering team, while Omar el-Ashaal joins the business development team. Aave CEO Stani Kulechov stated that the acquisition will help serve institutions, fintech companies, and retail users worldwide, with an initial focus on fixed-rate lending products. Aave currently holds more than $30 billion in deposits and over $12 billion in active loans, making it one of the largest decentralized lending protocols in crypto.