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BlockBeats news, on November 6, Aave Labs acquired the team and technology of Avon to advance fixed-rate lending business. The acquisition includes Avon's fixed-rate and floating-rate lending protocols, on-chain order book, domain names, and related assets. The financial terms of the deal were not disclosed. According to the agreement, Prince Sinha and Ayush Kaul will join the Aave Labs engineering team, and Omar el-Ashaal will join the business development team. The Avon team will initially focus on fixed-rate lending to help Aave expand the types of loans available to users. Avon's previous R&D also involved interest rate pricing, risk isolation, and lending market design. Aave Labs CEO Stani Kulechov stated that fixed rates are one of the products users already use in traditional finance, and the Avon team will help Aave serve global institutions, fintech companies, and ordinary users. Aave said its network currently has deposits exceeding $30 billion and outstanding loans over $12 billion.