Aada Finance Launches First Lending and Borrowing App on Cardano Mainnet
Aada Financesa crypto-asset lending platform, announces the imminent launch of the Aada Finance V1 lending and borrowing protocol on the Cardano mainnet. The release is scheduled for September 13, making Aada V1 the first lending and borrowing protocol to launch on the Cardano mainnet.
Aada V1 leverages first mover advantage
After months of public testnet, Aada Finance is finally ready to roll out its highly anticipated app. The release brings lending and borrowing to Cardano, introducing DeFi primitives to the network for the first time. The event marks a milestone in the development of blockchain, which will surely benefit the entire ecosystem.
Aada Finance plans to launch in anticipation of the Vasil hardfork, which will update the Cardano network. The team aims to leverage first-mover advantage through the peer-to-peer approach of its V1 protocol. While providing a simple and effective solution, the smart contract concept will mitigate future risks associated with hardfork migration.
A successful external audit to ensure high-level protocol security
A crucial aspect of protocol security was external auditing. It was made by Vacuumlabs, a crypto and fintech company and a subset of Wingriders with extensive auditing experience. Some of their accomplishments include discovering security vulnerabilities in two of the top 10 cryptocurrencies and developing security guidelines for a renowned hardware wallet.
Vaccumlabs’ extensive code review was a necessary step to ensure a robust and risk-free implementation of smart contracts ahead of the mainnet launch. It also aligns with Aada Finance’s product approach, which will allow users to lend and borrow securely and transparently without putting their funds at risk.
Aada Finance is a fully decentralized lending and borrowing protocol based on the gimbal blockchain. Its smart contracts allow users to lend and borrow peer-to-peer assets using the unique NFT bond strategy. Other unique features introduced by the platform are multi-asset lending and borrowing and the 3-node Aada Liquidation Oracle. The latter plays a vital role in allowing lenders to liquidate their loans in the event of a rapid drop in the loan.
The next version of Aada Finance is the culmination of several months of work and development. The team acknowledges and is grateful for the patience and support of the community during the early stages of the project. To that end, they pledge to continue to follow its core principles of community-centric engagement and a building-focused approach to Cardano DeFi.
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