ADALend, one of the pioneering decentralized finance protocols on Cardano (ADA), shares the updates on its development progress
ADALend, a novel decentralized finance (DeFI) ecosystem that harnesses Cardano’s smart contracts, inches closer to the activation of its cross-platform functionality.
Cross-platform development is on its way to ADALend
According to the official statement released by the ADALend team, its development progress track is approaching a game-changing phase. Contributors and enthusiasts are approaching “imminent” cross-network development announcements.
Hey everyone 🤩🧨 we have some exciting news! ADALend is announcing an imminent cross-platform development 🔥The cross-platform integrations will simplify and allow access to decentralized financial services to larger segment of users.Check it out here https://t.co/1yk3stRs3Z
— ADALend (@ADALend_finance) November 4, 2021
Basically, the ADALend team expects cross-network integrations to bring new liquidity and supporters from over the globe. Decentralized finance (DeFi) enthusiasts with various levels of expertise in blockchain and cryptocurrencies will have a chance to migrate from their blockchains to the largest proof-of-stake (PoS) network, Cardano (ADA).
ADALend’s GM, Javed Khattak, added that the activation of the cross-platform instrument is very far from being the only advance of the product’s ecosystem scheduled for Q4, 2021.
According to his statement, ADALend will reconsider the interface and user experience for a better and smoother DeFi experience for its clients and liquidity providers:
ADALend will work on its UI and the platform’s user experience and simplicity to provide less barriers of entry for traditional users to get involved with decentralized financing.
As covered by U.Today previously, fintech veteran Javed Khattak joined ADALend as general manager in October 2021. Multi-award-winning director Mr. Khattak is among the most influential people in crypto since 2017.
Liquidity, community governance, ecosystem
ADALend promotes itself as a multi-purpose “one-for-all” DeFi protocol on Cardano (ADA). At its core, it boasts the functions of lending/borrowing cryptocurrency assets. Permissionless lending is available on all trading pairs listed.
ADALend incentivizes the liquidity-providing activity of its users: LPs receive periodic rewards for their idle liquidity locked in the protocol’s mechanisms.
The protocol migrated to a 100% decentralized model of governance. Every crucial upgrade in its liquidity politics and mechanism design is approved by DAO-driven voting.
Its ecosystem foundation layer serves as a technical platform for third-party integrations: ADALend acts as an endpoint to Cardano’s DeFi products for plenty of early-stage products.
On Sept. 9, 2021, it secured $540,000 in seed funding from a number of retail investors.