BUIDL with AAVE at ETHDenver 2021
Curious about BUIDLing at ETHDenver & ColoradoJam 2021 with AAVE but wanting more details on their project? Get the scoop from their recent interview with ETHDenver:
What Is AAVE?
“AAVE is practically a liquidity protocol where users can deposit cryptographic assets in practice or earn interest on them. So traditionally, in the crypto space, you usually hold assets, and kind of like wait for them to increase in value and what our protocol is doing is it actually brings cash flow for the end users. And when you deposit into the other protocol, it could be for example, Ethereum, rough Bitcoin, stable coins, there is a credit line granted to you, which means that you can actually borrow against your deposit collateral, or you could delegate that borrowing power to someone else.
So in general, our protocol is part of this decentralized finance movement, where you build financial applications, lending, trading, borrowing; any kind of financial interaction on top of Ethereum smart contracts. And that’s like; there’s some properties involved in decentralized finance that are very kind of like the whole culture. And one of the things is openness. So all the data, of course, is transparent. So you can practically see what kind of transactions there are, and what kind of risk exposures there are in different protocols. And this is completely in one way, something new, what’s happening compared to, let’s say, traditional finance, where you don’t have the same disability, and the openness, it’s pretty much kind of like, involved to the fact that the protocol is permissionless, as the fight generally is, so anyone can actually just participate in consuming the protocol as supplying liquidity. And in the same way, anyone can build on top of the protocol and then practically interact with the other protocol smart contracts. So that’s kind of like, it’s not just openness to use the protocol, but to build things. So anyone in any part of the world who is participating in this hackathon, actually, has the same right to build the features of finance. And of course, in a way that the protocol works and decentralized finance works in general, you’re not giving up custody of third parties. So practically, you’re interacting directly with the protocol. And by holding your own keys, those are the kind of like components there.”
What Else Should BUIDLers Know?
“I think kind of like current issues that you know, especially when you look at traditional finance, there are sort of restrictions that what you can and can’t do in the sense that you know, if you’re a person who wants to control your own finances and decide what what kind of things you could make and what what makes you excited in terms of financial transactions, it’s very limited, but you can do it actually. And this is like the kind of narrative now that people don’t like the fact anymore that you know, someone else, kind of like, takes control of your finances and this is what the play is all about. So, where there’s inefficiency in traditional finance, there is an opportunity in decentralized finance!”
Meet the team and learn more about AAVE at ETHDenver & ColoradoJam 2021, February 5–12! Apply today at ethdenver.com.