What is AAVE?
AAVE is a decentralized non-custodial money market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) fashion.
When users deposit funds to the protocol, it mints a new aToken (like aDAI), which can be redeemed for the underlying in much the same way other DeFi protocols operate. The AAVE token is the governance token for the protocol itself, and that’s what we’re listing.