[Aave Labs Acquires Avon Team and Technology to Advance Fixed-Rate Lending] According to The Block, Aave Labs has acquired the team and technology of the on-chain lending protocol Avon to advance its fixed-rate lending business on its on-chain lending network. The transaction amount was not disclosed. The acquisition includes Avon's fixed and floating-rate lending protocols, on-chain order book, domain name, and related assets. Avon founders Prince Sinha and Ayush Kaul will join Aave Labs' engineering team, and Omar el-Ashaal will join its business development team. Aave Labs CEO Stani Kulechov stated that the Avon team will help Aave serve global institutions, fintech companies, and individual users, initially focusing on fixed-rate lending.