Aave passed the Improvement Proposal (AIP1) to convert the Aave platform token LEND to AAVE at a ratio of 100:1 on October 3, 2020 (block height 10978863).
Aave is an open source decentralized lending protocol that provides users with deposit and lending services. The deposit and loan interest rates of users on both sides of the borrower and lenders are calculated by algorithms based on the platform's borrowing volume and deposit volume, and the platform uses Chainlink's oracle to ensure the fairness of the collateral price.
