Aave Labs aims to focus on decentralized finance and simplify its brand structure by shutting down Avara, the company’s umbrella brand. Aave founder and CEO Stani Kulechov announced on X that the Family crypto wallet will also be shut down. The team stated that they learned specialized savings-focused experiences are needed instead of general wallets to integrate millions of users.
Source: Stani Kulechov
Why is Aave Labs Shutting Down Avara and Family Wallet?
Aave transferred management of the social media platform Lens to Mask Network last month and reduced its role in the protocol to advisory. With this move, all future products—including Aave App, Aave Pro, and Aave Kit—will operate under Aave Labs. Family wallet accounts will continue as infrastructure in Aave Labs products, but the iOS app will stop accepting new users from April 1. Existing users will have access until April 1, 2027, and can access their funds via the Aave website through AAVE detailed analysis.
AAVE Protocol’s Strong TVL Position and Price Movement
Aave holds the position of the largest DeFi protocol with a total value locked (TVL) of 30 billion dollars according to DefiLlama data. This strategic simplification will strengthen the protocol’s liquidity pools and lending functions. According to current data, the AAVE token is trading at 127.83 dollars, showing a slight recovery of +%0.02 in the last 24 hours. RSI at 33.55 is in the oversold region, but the overall trend is downward and Supertrend is giving a bearish signal. Resistance above EMA 20: 145.67.
AAVE Technical Support and Resistance Levels
- Supports: S1: 115.66$ (⭐ Strong, -%9.52 distance, Fibo 0.000, Donchian Lower)
- S2: 125.33$ (⭐ Strong, -%1.96 distance)
- Resistances: R1: 129.61$ (⭐ Strong, +%1.39 distance, Fibo 0.114)
- R2: 142.09$ (⭐ Strong, +%11.15 distance)
Investors can monitor these levels with AAVE futures. These changes appear to solidify Aave’s DeFi leadership.
Source: https://en.coinotag.com/aave-labs-shutting-down-avara-full-focus-on-defi
