Aave (AAVE) is a decentralized finance (DeFi) protocol enabling users to lend and borrow crypto assets across various networks such as Ethereum, Avalanche, and Arbitrum. Founded by Stani Kulechov in 2017, the protocol initially launched as “ETHLend” on Ethereum to create a peer-to-peer lending ecosystem. The project raised funds through an ICO in 2017 to develop a decentralized lending platform. In September 2018, ETHLend rebranded as Aave, transitioning from a peer-to-peer model to a liquidity pool-based model.
Aave’s first version, known as Aave V1, was released on Ethereum on January 8, 2020, allowing users to earn interest on deposits and borrow various assets. On December 24, 2022, AAVE Improvement Proposals (AIPs) froze much of Aave V1’s reserves, restricting new supplies and borrowings while still permitting repayments and collateral withdrawals.
Aave V2 launched on December 3, 2020, introducing new features such as aTokens, collateral-based loan repayments, enhanced flash loans, and collateral swaps. In March 2021, Aave expanded V2 to include Automatic Market Maker (AMM) markets, enabling the supply of specific decentralized exchange liquidity provider (LP) tokens. This upgrade also included Aave Governance V2, which empowered AAVE stakers with governance rights, opened AIPs to token holders and stakers, enabled delegation of voting power, and established a multisignature entity known as the “Guardian” with veto and pause capabilities.
In November 2021, Aave introduced Aave Arc, a permissioned version of the protocol for whitelisted financial institutions. That same year, Aave launched liquidity markets for real-world assets (RWAs) in collaboration with Centrifuge. Aave V3 debuted 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 frozen due to external bridge vulnerabilities. In December 2023, a standardized process was approved for evaluating new deployments of Aave V3, with initial temperature checks set to launch on Kava and Scroll in January 2024.
On July 7, 2022, Aave announced the development of GHO, an overcollateralized, multi-collateral, USD-pegged stablecoin. AIP-268, approved on July 14, 2023, facilitated the launch of GHO on Ethereum the following day, allowing users to borrow GHO by collateralizing crypto assets in Aave V3 liquidity pools. In January 2023, GHO was added as a stakable 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-voting networks, gasless voting, voting delegates, the Aave Robot for proposal execution, and enabled the use of interest-bearing AAVE tokens (ERC-20 aAAVE) for protocol governance, enhancing the flexibility and efficiency of the governance system.
### How to Buy Aave (AAVE) with TRY?
Binance TR is the most suitable crypto exchange in Turkey for investors looking to purchase Aave (AAVE). You can quickly create an account on Binance TR to buy and sell over 100 cryptocurrencies, including AAVE. Follow these steps to purchase Aave (AAVE) with TRY:
#### How to Open an Account on Binance TR?
Opening an account on Binance TR is straightforward. Visit trbinance.com and proceed with “Create Account”. You’ll need to enter basic information such as email address, phone number, full name, date of birth, nationality, and Turkish identification number (T.C. kimlik numarası).
After entering the required information accurately, you’ll undergo email/SMS verification to confirm your details. Once this process is complete, proceed to the second step, which is the KYC (Know Your Customer) verification.
#### How to Verify Your Account on Binance TR?
KYC verification on Binance TR is a security procedure that needs to be completed before starting cryptocurrency trading and during account creation. You can choose to verify your identity via your phone or through Binance TR’s official website. To verify through the website:
– Click on the “Profile” option at the top right corner of the Binance TR website.
– Select “Identity Verification and Limits” from the dropdown menu, then click “Verify”.
– Scan the QR code displayed with your phone camera or opt for SMS verification by clicking “Copy URL”.
– Enter the verification address on your phone, and follow the prompts to upload the front and back of your identification document and a selfie with your face clearly visible.
After completing these steps accurately, your identity verification will be processed shortly.
#### How to Deposit TRY on Binance TR?
You can deposit Turkish Lira (TRY) into your Binance TR account from any bank. Major banks like Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, and Şekerbank allow 24/7 deposits directly. For other banks, FAST transfers up to 50,000 TL are available 24/7, while transfers above 50,000 TL from other banks process during EFT hours.
To deposit funds:
– Visit trbinance.com and hover over “Wallet” on the top left corner, then click “Deposit” from the dropdown menu.
– Choose your preferred bank or select “Other Banks” if your bank isn’t integrated yet.
– Select your bank and follow the displayed instructions to deposit funds using the provided account name and IBAN. Transfer the desired amount via wire transfer (havale), EFT, or FAST using the details shown.
Once your bank completes the transfer, the funds will automatically reflect in your Binance TR wallet.
#### How to Buy AAVE Coin with TRY on Binance TR?
After depositing funds, click on “Buy-Sell” in the top left menu of the Binance TR website and proceed to buy AAVE with Turkish Lira (TRY).
– Click on “Buy-Sell” and type “AAVE” into the search bar.
– Select the AAVE/TRY pair and proceed to the AAVE purchase page.
– Enter the price at which you want to buy AAVE and the amount of AAVE you wish to purchase in the designated fields.
– After entering the amount, click “Buy AAVE” to complete your purchase.
### What is Binance TR?
Binance TR is the world’s largest cryptocurrency exchange by trading volume, offering a specialized platform for Turkish cryptocurrency investors.
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**Disclaimer:** The information provided does not constitute investment advice. Cryptocurrencies are highly volatile and involve risks; investors should conduct their own research.