Aave is an open-source, decentralized financial lending protocol based on the Ethereum blockchain. The protocol enables a market where users can earn interest on their deposits and borrow a wide variety of cryptocurrencies. It was originally launched in 2017 under the name ETHlend with an Initial Coin Offering (ICO) and their own LEND token. In October 2020, Aave started migrating LEND tokens into AAVE tokens. Aave had a wildly successful 2020 and became one of the biggest DeFi protocols.