Aave Labs, the company behind the DeFi project Aave, announced it has acquired Stable Finance, a San Francisco-based startup dedicated to simplifying on-chain savings for everyday users. Terms of the transaction were not disclosed. The move brings Stable's founder, Mario Baxter Cabrera, and his engineering team to Aave Labs, where they will assist in developing new consumer-focused DeFi products. Cabrera will join as Director of Product.

Aave Labs founder Stani Kulechov said the acquisition reinforces the company's goal of integrating "on-chain finance into everyday finance." Stable's technology will be integrated into future Aave Labs products, and its existing applications will be phased out. This acquisition is Aave's third talent-focused deal, following its acquisitions of Sonar in 2022 and Family in 2023, and aims to continuously expand its product design capabilities. (CoinDesk)