Aave to Participate in Devcon in Bangkok on November 14th
2024-11-01


Aave will be present at Devcon in Bangkok on November 14 and 15.
AAVE Info
Aave is a decentralized financial platform built on the Ethereum blockchain that allows users to earn interest on their deposited cryptocurrencies and borrow other cryptocurrencies. The main idea behind the project is to create a peer-to-peer lending system where all transactions are controlled by smart contracts instead of traditional financial institutions.
Aave's smart contracts ensure the security and transparency of all operations on the platform. Users receive aTokens, which represent their deposits, and can observe how interest accrues in real-time.
One of Aave's unique features is Flash Loans, which allow users to borrow any available assets without providing collateral upfront. The key condition is to repay the borrowed funds within one block, which is approximately 15 seconds.
This mechanism became possible due to the specifics of smart contracts on the Ethereum blockchain. If the loan is not repaid within one block, the transaction is automatically canceled, and the contract's state reverts to what it was before the transaction. This specificity eliminates the risk of default for the platform.
AAVE is the native governance token that allows the community to collectively participate in voting on platform governance.