Aave Labs sunsets Avara ‘umbrella brand’ and Family wallet as it refocuses on DeFi

Aave Labs, the core development entity behind the Aave decentralized finance (DeFi) protocol, has announced a significant strategic pivot, sunsetting both the Avara ‘umbrella brand’ and the consumer-focused Family crypto wallet application. This restructuring signals a definitive commitment to channeling all resources toward core DeFi development, specifically iterating on the Aave protocol and accelerating the growth of the Lens decentralized social graph.

Avara, which was intended to unify various non-Aave protocol projects—including Family, Lens, and the payment solution GHO Pay—will cease to operate as a cohesive brand. The most immediate impact of this decision is the discontinuation of the Family wallet, which was designed to provide a streamlined, non-custodial entry point for mainstream users into Web3. Aave Labs has advised all Family users to migrate their assets and secure their seed phrases before the official shutdown date of July 24, 2024.

The rationale behind dissolving the umbrella brand and halting the wallet initiative is driven by a desire to enhance efficiency and focus on existing, highly successful technologies. While the official statement acknowledged the long-term value of a simplified consumer Web3 experience, Aave Labs determined that strengthening the foundational infrastructure of Aave and Lens—which have already achieved substantial product-market fit—must be the immediate priority.

Moving forward, the development team will concentrate exclusively on scaling the Aave liquidity protocol, maintaining its leadership position in the lending sector, and ensuring dedicated resources for major initiatives, including the upcoming Aave V4 upgrade and the continued evolution of Lens Protocol.

Source: Aave Labs sunsets Avara ‘umbrella brand’ and Family wallet as it refocuses on DeFi