Aave Labs is discontinuing its umbrella brand Avara to focus on decentralized finance. Founder Stani Kulechov stated that Avara, which included projects like the Family crypto wallet, is no longer needed. Aave is shifting focus to products like its lending protocol, handing stewardship of Lens to the Mask Network. Aave will now operate all projects under Aave Labs.

The iOS-based Family crypto wallet is being phased out as Aave learns that onboarding millions of users requires specific experiences. Aave will focus on DeFi, reducing its role in the Lens protocol. Aave is now united under one mission to bring DeFi to everyone. Existing Family wallet users can access their funds on Aave’s website until 2027.

All current and future products, including Aave App, Aave Pro, and Aave Kit, will operate under Aave Labs to simplify the brand. Aave is the largest DeFi protocol with $30 billion in total value locked. The AAVE token has traded flat at $127.40 over the past day. Aave will no longer onboard new users to the Family wallet app and will wind it down over the next year.

Read more at CoinTelegraph: Aave Shutters Avara Brand and Family Crypto Wallet