Aada Finance has released its first loan and borrowing app on the Cardano mainnet
Aug. 31, 2022 — Aada Finance, a lending marketplace for crypto assets, has announced the forthcoming launch of the Aada Finance V1 lending and borrowing protocol on the Cardano mainnet. Aada V1 will be the first lending and borrowing protocol to deploy on the Cardano mainnet on September 13.
Aada V1 leverages the first-mover advantage
Aada Finance is finally set to deploy its much-anticipated service after months of public testnet. For the first time, the release adds lending and borrowing to Cardano, as well as adding decentralized finance (DeFi) primitives to the network. The event is an important milestone in the development of the blockchain, and it will undoubtedly benefit the entire ecosystem.
Aada Finance intends to launch in preparation for the Cardano network’s Vasil hard fork. The team hopes to capitalize on the first-mover advantage with their peer-to-peer V1 protocol. The smart contract idea will eliminate future dangers connected with hard fork migration while providing a simple and efficient solution.
A successful external audit to ensure high-level protocol security
The external audit was a critical component of the protocol’s security. Vacuumlabs, a crypto and fintech business, and a subset of WingRiders with substantial audit experience performed the audit. Among their accomplishments are discovering security. Two of the top ten cryptocurrencies also provide security standards for a well-known hardware wallet.
A thorough code evaluation by Vaccumlabs was required to ensure robust and risk-free smart contract implementation prior to mainnet activation. It also adhered to Aada Finance’s product-first strategy, allowing consumers to lend and borrow safely and seamlessly without putting their cash at risk.
About Aada Finance
Aada Finance, built on the Cardano blockchain, is a fully decentralized lending and borrowing technology. Its smart contracts enable users to lend and borrow assets on a peer-to-peer basis by utilizing the novel non fungible token bond approach.
The platform also introduced multi-asset lending and borrowing, as well as the Aada 3-Node Liquidation Oracle. The latter is critical in allowing lenders to dispose of their loans in the case of rapid loan health factor decline.
The next Aada Finance release represents the culmination of numerous months of work and development. The team appreciates and thanks the community for its patience and support during the project’s early phases. To that end, it promises to stick to its key ideals of community-centric dedication and a build-first approach to Cardano DeFi.
Please see the links below for additional information on Aada Finance and the Aada Finance V1 app:
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