Aave Launches Retail Savings App Offering Up to 9% APY

Aave has launched a retail savings app that offers up to 9% APY, aiming to compete directly with traditional banks and mobile savings tools that typically offer rates from 0.4% to 4% APY.

The DeFi protocol's new savings app includes features such as up to $1 million in balance protection, recurring deposits with instant withdrawals, and no waiting periods.

Aave argues that traditional high-yield accounts barely keep up with inflation, which is estimated at approximately 6.9% per year by on-chain researcher Willy Woo.