Aave (AAVE) is a decentralized finance (DeFi) protocol that enables users to lend and borrow cryptocurrencies across various networks. Founded in 2017 by Stani Kulechov as ETHLend, it originally aimed to create a peer-to-peer lending ecosystem on Ethereum. The project raised funds through an ICO in 2017 to develop its decentralized lending platform. Rebranded as Aave in September 2018, it transitioned from a peer-to-peer model to a liquidity pool-based model.
Aave V1, launched on January 8, 2020, on Ethereum, allowed users to earn interest on deposits and borrow various assets. AAVE Improvement Proposal (AIP) on December 24, 2022, froze much of Aave V1’s reserves but still allowed repayments and collateral withdrawals.
Aave V2, introduced on December 3, 2020, introduced new features such as aTokens, collateral swaps, and enhanced flash loans. In March 2021, Aave expanded V2 to include Automated Market Maker (AMM) markets, enabling the supply of certain decentralized exchange liquidity provider (LP) tokens. This upgrade also included Aave Governance V2, empowering AAVE stakers with governance rights.
In November 2021, Aave introduced Aave Arc, a permissioned version of the protocol for whitelisted financial institutions. That same year, Aave partnered with Centrifuge to launch liquidity markets for real-world assets (RWAs).
Aave V3, rolled out on March 16, 2022, initially on networks like Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Harmony, and later on Ethereum from January 27, 2023. As of July 2024, Aave V3 operates on multiple networks including Ethereum, Avalanche, Optimism, Polygon, Arbitrum, Metis, Base, Gnosis, Harmony, and BNB Smart Chain, with assets on Harmony and Fantom paused due to external bridge vulnerabilities. In December 2023, a standardized process was approved to evaluate new distributions of Aave V3, and initial temperature checks were approved to be launched on Kava and Scroll in January 2024.
In July 2022, Aave announced GHO, an overcollateralized, multicollateral, USD-pegged stablecoin. AIP-268, accepted on July 14, 2023, approved the launch of GHO on Ethereum. Users can borrow GHO using crypto assets collateralized in Aave V3 liquidity pools. In January 2023, GHO was added as a stakeable asset in Aave’s Safety Module.
Finally, in December 2023, AIP-395 and AIP-416 were approved, transitioning to Aave Governance V3. This new governance framework introduced innovations such as multi-chain voting networks, gasless voting, voting delegates, and introduced the Aave Robot for proposal execution. It also allowed the AAVE token (ERC-20 aAAVE), which earns interest, to be used for governance, enhancing the protocol’s governance flexibility and efficiency.
### How to Buy Aave (AAVE) with TRY?
Binance TR is the most suitable cryptocurrency exchange in Turkey for investors looking to buy Aave (AAVE). You can quickly create an account on Binance TR and trade over 100 cryptocurrencies, including AAVE. Follow these steps to buy Aave (AAVE) with TRY on Binance TR:
**Opening an Account on Binance TR:**
Creating an account on Binance TR is straightforward. Visit trbinance.com, click on “Create Account,” and enter basic information like email, phone number, name, birthdate, nationality, and Turkish ID number. Verify your information through email/SMS verification.
**Verifying Your Account on Binance TR:**
Account verification (KYC) on Binance TR is essential before starting cryptocurrency transactions. Verify your identity via the Binance TR website or through your phone. Go to “Profile” > “Verification and Limits” > “Verify,” scan the QR code or copy the verification URL to your phone, and complete the verification process by uploading necessary documents and taking a selfie.
**Depositing TRY into Binance TR:**
You can deposit TRY into your Binance TR account from major Turkish banks like Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, and Şekerbank, or via FAST transfers from other banks up to 50,000 TRY. Larger transfers from other banks are processed during EFT hours.
**Buying AAVE Coin with TRY on Binance TR:**
After depositing funds, click on “Wallet” > “Deposit,” choose your bank, and follow the instructions to deposit funds into your Binance TR account. Then, click on “Buy-Sell” > search for “AAVE” > select AAVE/TRY > enter the amount of AAVE you want to buy and the price > click “Buy AAVE.”
**What is Binance TR?**
As the world’s largest cryptocurrency exchange by trading volume, Binance offers a specialized platform for Turkish cryptocurrency investors through Binance TR.
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Disclaimer: This article does not constitute investment advice. Cryptocurrencies are highly volatile and carry significant risk. Investors should conduct their own research.
