Aave migrates LEND to AAVE token at 100:1

On 2 October 2020, Aave swapped its old ETHLend-era LEND token for the new AAVE governance token at 100 LEND to 1 AAVE, collapsing a 1.3 billion supply into 16 million tokens. The migration kicked off "Aavenomics," handing governance to AAVE holders and introducing the Safety Module, a staking pool meant to backstop the protocol against shortfall events. It marked Aave's transition from a rebranded lending startup into one of DeFi's flagship money markets.