BlockFi and Aave are two popular crypto lending platforms where users can borrow funds using their crypto assets as collateral. BlockFi got its start in 2017. They are a privately owned company headquartered in Jersey City, New Jersey with offices in New York, Singapore, Argentina and Poland. Aave is based in Switzerland and was founded in 2017 by Stani Kulechov. Originally named ETHLend, the name was changed to Aave in 2018. Our Aave and BlockFi review will examine different features and elements of the two platforms so potential users can determine which is the best for their needs.
BlockFi is a centralized crypto platform that offers a variety of services to users. Services include crypto backed loans, interest earning cryptocurrency accounts and a crypto exchange for buying selling and trading digital coins. They also offer a credit card to qualified users. Over 40 different cryptocurrencies and stablecoins are supported by the BlockFi platform.
Aave is a decentralized platform where investors can lend their cryptocurrency to earn interest, and borrowers can get loans using their cryptocurrency funds as collateral. Their application is deployed across 7 networks including Ethereum, Polygon and Optimism. They currently support 17 different cryptocurrencies and have a liquidity pool of over $8 billion.
BlockFi Features:
Aave Features:
The table below provides a brief summary of BlockFi and Aave platform features.
| Feature | BlockFi | Aave |
| Crypto Loans | Four cryptocurrencies accepted as collateral. Loans can be released in U.S. dollars, USDC or GUSD. | 17 cryptocurrencies accepted as collateral. Loans can be released in 17 different cryptocurrencies or stablecoins. Flash loans are available without collateral |
| Interest Earning Accounts | Earn interest on 48 different cryptocurrencies | Earn interest on 17 different cryptocurrencies |
| Cryptocurrency Exchange | Buy, sell and trade 48 different cryptocurrencies. | No |
| Credit Card | Yes | No |
| Native Token | No | AAVE |
BlockFi supports 48 different cryptocurrencies.
| Bitcoin (BTC) | ETH (ETH) | Binance Coin (BNB) |
| Gala (GALA) | OMG Network (OMG) | Paxos Standard (PAX) |
| Polkadot (DOT) | Dogecoin (DOGE) | Avalanche (AVAX) |
| Polygon (MATIC) | FTX Token (FTT) | Cosmos (ATOM) |
| Litecoin (LTC) | Chainlink (LINK) | Dai (DAI) |
| Algorand (ALGO) | Tron (TRX) | Bitcoin Cash (BCH) |
| Fantom (FTM) | Uniswap (UNI) | Enjin (ENJ) |
| Axie Infinity (AXS) | Hedera (HBAR) | Filecoin (FIL) |
| EOS (EOS) | The Sandbox (SAND) | Tezos (XTZ) |
| Aave (AAVE) | Maker (MKR) | 1inch Network (1INCH) |
| Loopring (LRC) | Graph Token (GRT) | Chiliz (CHZ) |
| Decentraland (MANA) | Compound (COMP) | yearn.finance (YFI) |
| Serum (SRM) | Basic Attention Token (BAT) | Curve DAO (CRV) |
| Cardano (ADA) | Solano (SOL) | SushiSwap (SUSHI) |
| Tether (USDT) | USD Coin (USDC) | Binance USD (BUSD) |
| Near Protocol (NEAR) | Gemini dollar (GUSD) | Pax Gold (PAXG) |
In addition, BlockFi supports the fiat currency, US dollars.
Aave supports 17 different cryptocurrencies.
| Basic Attention Token (BAT) | Dai (DAI) | Ethereum (ETH) |
| Binance USD (BUSD) | Kyber Network (KNC) | Aave (AAVE) |
| Chainlink (LINK) | Decentraland (MANA) | Maker (MKR) |
| Auger (REP) | Synthetix (SNX) | sUSD (SUSD) |
| TrueUSD TUSD | USD Coin (USDC) | Tether (USDT) |
| Wrapped Bitcoin (WBTC) | Ox (ZRX) |
No fiat currencies are supported.
BlockFi stores their crypto assets with Gemini, with the majority of assets being stored offline. Crypto stored online is insured by Gemini. Other security measures at BlockFi include Two-Factor Authentication (2FA) and whitelisting.
Aave is regularly audited by some of the world’s leading security firms and there is an active bug bounty campaign with rewards of up to $250,000 for anybody that identifies a critical code issue. User’s funds are stored in a non-custodial smart contract. They also have a Safety Module which is a pool of AAVE tokens users have been incentivized to deposit for which they receive interest. Some of these tokens will be liquidated should the system require more capital.
BlockFi charges an origination fee of 2% on their loans. There is also a cryptocurrency withdrawal fee after the first cryptocurrency and stablecoin withdrawal each month. The fee varies depending on the cryptocurrency being withdrawn.
Aave charges a 0.09% fee on the amount being borrowed on flash loans only. There are no other fees except network/gas fees.
BlockFi’s platform is user-friendly and easy to use. Even beginners should experience little difficulty. New users will have to register to the site and complete a verification process for KYC purposes.
Aave is not a difficult platform to use but it isn’t beginner friendly. There are no registration or KYC requirements. Those with experience using DeFi crypto platforms will have no problems but beginners may struggle a bit.
BlockFi’s mobile app is available for iOS and Android devices and can be downloaded from Google Play or the Apple App Store. The app is easy to use and allows you to use all of BlockFi’s services.
Aave doesn’t offer a mobile app.
Most countries, including the US, offer BlockFi, with the exception of those sanctioned by the U.S., the U.K., or the EU. However new U.S. users can’t open interest earning accounts. but interest earning accounts opened prior to Feb 14, 2024 can be maintained.
Aave is available in most countries except Cuba, Belarus, Iran, Iraq, Liberia, North Korea, Sudan, Syria and others sanctioned by the U.K, U.S. or EU.
Crypto deposited to BlockFi is deposited to a non-interest-earning custodial wallet that BlockFi provides users. From the wallet users can buy, sell and trade cryptocurrencies on the platform.
Aave doesn’t have their own wallet. Crypto deposits are stored in smart contracts. There are a number of different wallets that you can connect to Aave including Ledger, Coinbase, Portis and others.
BlockFi Pros:
BlockFi Cons
Aave Pros:
Aave Cons:
BlockFi and Aave are both good crypto lending platforms. Aave accepts more cryptocurrencies as collateral and there is no minimum loan amount but doesn’t support fiat currency which BlockFi does. Both provide a means to earn interest on your cryptocurrency but rates will typically be higher at BlockFi. The best platform for you will depend on your particular requirements.
Table of Contents
BlockFi is a centralized crypto banking platform that is beginner friendly and provides fast loans and high rates on interest earning accounts. Aave is a decentralized platform and a little more difficult to use while rates on interest earning accounts may not be as high.
BlockFi and Aave are both good platforms and each has their advantages and benefits. BlockFi is definitely easier to use for beginners but which is the best will depend on the user’s particular needs.
BlockFi and Aave are both available in most countries around the world. The services for both BlockFi and Aave aren’t available in countries that have been sanctioned by the U.S, UK and EU.
