Aada Finance Launches The First Lending and Borrowing App on Cardano Mainnet

[PRESS RELEASE – Kaunas, Lithuania, 31st August 2022]

Aada Finance, a crypto belongings lending platform, publicizes the approaching launch of the Aada Finance V1 lending and borrowing protocol on Cardano mainnet. The discharge is scheduled for the thirteenth of September, making Aada V1 the primary lending and borrowing protocol to launch on Cardano mainnet.

Aada V1 leverages the first-mover benefit

After months of public testnet, Aada Finance is lastly able to deploy its eagerly-anticipated app. The discharge brings lending and borrowing to Cardano, introducing the DeFi primitives to the community for the primary time. The occasion marks a major milestone within the blockchain’s growth, which is able to absolutely profit the complete ecosystem.

Aada Finance plans to launch in anticipation of the Vasil hardfork, which is able to replace the Cardano community. The workforce goals to leverage the first-mover benefit due to its V1 protocol’s peer-to-peer strategy. Whereas it supplies a simple and environment friendly answer, the sensible contract idea will mitigate future dangers related to hardfork migration.

A profitable exterior audit to make sure high-level protocol safety

An important side of the protocol’s safety was the exterior audit. It was carried out by Vacuumlabs, a crypto and fintech firm and a subset of Wingriders with in depth audit expertise. A few of their accomplishments embody discovering safety flaws in two top-10 cryptocurrencies and growing safety tips for a famend {hardware} pockets.

The Vaccumlabs’ thorough code evaluation was a mandatory step to make sure strong and risk-free sensible contract implementation earlier than mainnet launch. It additionally aligned with Aada Finance’s product-first strategy, which is able to permit customers to lend and borrow safely and seamlessly with out placing their funds in danger.

About Aada Finance

Aada Finance is a fully-decentralized lending and borrowing protocol constructed on the Cardano blockchain. Its sensible contracts permit customers to lend and borrow belongings in a peer-to-peer method utilizing the distinctive NFT bond technique. Different distinctive options launched by the platform are multi-asset lending and borrowing and the Aada 3-Node Liquidation Oracle. The latter performs a necessary position in enabling lenders to liquidate their loans within the occasion of speedy mortgage Well being Issue downfall.

The upcoming Aada Finance launch culminates a number of months of labor and growth. The workforce acknowledges and is grateful for the group’s endurance and assist in the course of the undertaking’s early levels. To this finish, they pledge to proceed to observe its core rules of community-centric dedication and a build-first strategy to Cardano DeFi.