The DeFi organization formerly known as Aave Companies has rebranded itself as Avara with the intention of expanding its user base within the Web3 ecosystem. Stani Kulechov, the founder and CEO of Avara, explained that the company's growing range of products, including the liquidity protocol Aave, the GHO stablecoin, Lens Protocol, and Sonar, necessitated a more inclusive brand name with broader appeal to the Web3 community. Kulechov emphasized the company's commitment to DeFi innovation and the creation of user-friendly products designed to attract a wider audience.

He also noted that the industry as a whole has been focusing on building infrastructure to support products with mass appeal, marking the beginning of a new era where blockchain technology becomes more accessible, usable, and enjoyable. The inspiration for the new identity, "Avara," comes from the Finnish word, which conveys meanings such as "extensive," "open," "spacious," and "inclusive," reflecting the company's vision of seeing more possibilities.

Kulechov assured that the liquidity protocol Aave will continue to operate under the same brand name through Aave Labs, continuing its dedication to technological advancements in the DeFi landscape. The rebranding coincides with the acquisition of Los Feliz Engineering (LFE) and its flagship self-custodial Ethereum wallet, Family Wallet. This strategic move expands Avara's product suite to include a consumer wallet that enables users to send, receive, swap, and hold cryptocurrencies.

Additionally, the acquisition includes ConnectKit, a developer library developed by Family Wallet to facilitate connectivity between the wallet service and decentralized applications. The LFE team, including CEO and founder Benji Taylor, will join Avara, with Taylor assuming the role of senior vice president of product and design.

Avara intends to leverage LFE's experience in developing the messaging application Honk to further develop Lens Protocol, which aims to serve as a social layer within the broader Web3 ecosystem. This initiative aims to connect users across a decentralized social networking environment while providing developers with the necessary tools to build applications and communities.