Fixed rates are one of the few standard lending products DeFi's largest money market still lacks. To close that gap, Aave Labs has bought the team and technology behind Avon, a protocol built around fixed- and floating-rate lending markets.

The deal covers Avon's fixed- and floating-rate lending protocols, its onchain order book, domains and related assets. Financial terms were not disclosed. Founder Prince Sinha and Ayush Kaul join Aave Labs' engineering team, while Omar el-Ashaal moves into business development.

Aave holds more than $30B in deposits and over $12B in active loans.

The Avon team will start with fixed-rate lending. Stani Kulechov framed it as a step toward bringing Aave to institutions, fintechs and everyday users, who expect predictable borrowing costs rather than variable rates.