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Top Crypto News Today: Aada Finance all set to Launch the First DeFi App on Cardano Mainnet

Top Crypto News: Aada Finance all set to launch the first DeFi app on Cardano

Cardano (ADA) blockchain has been attracting the attention of the blockchain community but this time its Aada Finance – a borrowing and lending DeFi protocol that is all set to launch its V1 on Cardano Mainnet. 

Aada Finance – the first DeFi app to launch on Cardano Mainnet. 

After months of waiting Aada Finance is all set to launch lending and borrowing decentralized application on Cardano Mainnet. The DeFi application’s release is slated for September 13, 2022. 

The V1 of Aada Finance took off in May, 2022. The project is cited to be a first mover in the DeFi space for Cardano community. The co-founder of Aada Finance, Mantas Andriuska commented on the launch, 

“We put our efforts to create an innovative product that will revolutionize how NFTs work. Being a first-mover in the Cardano DeFi scene is truly monumental, and it will certainly give our project more exposure. While there’s a lot of work ahead, our V1 will meet the increasing demand for lending and borrowing on Cardano.” 

(Source: Medium

DeFi app’s launch on Cardano comes ahead of the anticipated Vasil hard fork. 

After being evaluated on the testnet for a couple of months, the DeFi application is all set to launch on Cardano’s mainnet. Aada Finance is the first DeFi app on Cardano network to offer decentralized finance primitives which will potentially add more value to the community. 

The team of Aada Finance aims to launch the app in alignment with the Vasil hardfork that will essentially enhance the network’s overall performance. This indicates that the platform has the first mover’s advantage as they are the first DeFi application to launch on Cardano parallel to the hardfork schedule. Aada Finance’s V1 app launch is slated for September 13, 2022. While Charles Hoskinson has also shared the tentative launch of the hard fork which is also slated to come in effect in September, 2022. 

Additional Read:  Cardano Vasil Hard Fork Coming in September Amid Ethereum Merge!

Aada Finance successfully audited for a secure protocol launch.

Aada Finance has successfully completed its audit making it the first protocol to support the native token of Cardano – ADA. The audit was completed by Vaccumlabs – a blockchain and smart contract security platform. As a subset of Wingriders, the firm has deep knowledge of the network. Their proficiency enabled them to apply advanced penetration testing and ethical hacking of Aada’s V1 smart contracts for optimal code assessment. Aada Finance has addressed the protocol change recommendations by Vaccumlabs, required to make the protocol more secure for users. 

Source: Cointelegraph 

An overview of Aada Finance and Cardano blockchain.

Aada Finance: Aada is a crypto asset lending and borrowing platform. The protocol uses NFT bonds to issue a loan on the platform. This feature enables a user holding a ‘Lender NFT Bond’ to claim a loan and interest. While anyone with a Borrower NFT Bond can redeem the deposited collateral. The protocol activates liquidations to protect the lender from huge losses by two means: Liquidation in accordance with the loan expiry and Liquidation based on Price Oracles. 

In a situation of loan expiry, the lender can claim the entire collateral that is locked in a smart contract to write off the loan. In a situation where the price of the collateral drops significantly, the lender is eligible to sell the collateral fully or partially depending on the event circumstances. 

Oracles are introduced to calculate the fraction of collateral required to compensate the lender and whether it can be liquidated off-chain.

Cardano Blockchain: Developed by Charles Hoskinson, Cardano is a decentralized, peer-to-peer, Proof of Stake blockchain. The native token of the network is ADA named after Augusta Ada Lovelace, a 19th-century countess and English mathematician recognized as the first computer programmer. The development of the blockchain is supported and governed by Cardano Foundation, IOHK, and EMURGO. Cardano blockchain is still in its development stage and once it is fully developed the IOHK will hand over the network to its community as it will be fully decentralized for the community. 

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