Rebranding from ETHlend in 2018, Aave (LEND) is an open-source, non-custodial protocol that allows users to borrow and lend a diverse range of cryptocurrencies. The name Aave means ‘ghost’ in Finnish, for which you can read the protocol’s desire for transparency and open infrastructure in decentralised finance. Aave’s native token (LEND) can be leveraged towards discounted fees. As well as typical features, such as earning interest on deposits and borrowing assets as seen on similar protocols like Compound, Aave distinguishes itself by offering rate switching, unique collateral types, and Flash Loans. This new concept of ultra-short-term loans allows users to borrow liquidity from the protocol without having to lock up any collateral. Whereas other protocols require a borrower to have substantial liquid funds in order to take out a loan, Aave’s innovation is allowing users to borrow money almost on demand for speedy and simple financial autonomy.