Aave Labs said on November 6 it acquired the team and technology behind Avon, a developer of fixed-rate and floating-rate lending markets, as Aave reported more than $33 billion of deposits and $13 billion of active loans. The transaction includes Avon’s protocols, onchain order book, domains and related assets, while financial terms were not disclosed. Prince Sinha and Ayush Kaul will join Aave’s engineering team, and Omar el-Ashaal will join business development. The acquisition could help Aave develop more predictable borrowing costs for businesses, institutions and other users, but it does not confirm that a completed, audited or governance-approved fixed-rate product is available. Aave already supports variable-rate borrowing and multiple asset markets, and its V4 network recently surpassed $1.5 billion in deposits. Separately, an affiliated investment fund and participating clients backed by Payward bought an undisclosed quantity of AAVE tokens through secondary-market transactions, rather than investing in Aave Labs.