Aada Finance Brings Lending and Borrowing to Cardano

May 16, 2022

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Disclaimer: The text below is a press release that was not written by Cryptonews.com.

After eager anticipation from the community, Cardano’s Aada Finance is thrilled to announce its V1 testnet launch. The long-awaited trial phase went live on 12 May as part of the project’s roadmap schedule. The team officially invites the entire Cardano community to participate in the dress rehearsal before the Aada V1 mainnet launch.

“Right now, we live in times where “testnet” launches are pretty much equal to imminent success. While there’s some truth in that, our ultimate goal is to test the system in scale. With the community’s help, we’ll focus on polishing the flaws and optimizing our testnet’s value, “ says Mantas Andriuska, Founder of Aada Finance.

During the testnet phase, each participant will be able to mint test tokens through a designated faucet. As they have no intrinsic value, they will allow everybody to try the app’s use cases completely risk-free. To further incentivize participation in the testnet, the team will organize a raffle with some hefty rewards.

About the Aada V1 Lending Protocol

The Aada V1 app is a peer-to-peer lending and borrowing protocol on the Cardano blockchain. It allows users to submit loan requests and lend assets in an order book style. Borrowers can place inquiries by setting custom parameters like asset type, loan amount, collateral, term and interest. In turn, lenders can choose whether to fill orders and liquidate them. The Aada V1 platform is an alpha version of the app, which precedes the V2 beta app due to launch in Q3 2022.

“The thing is, people have been waiting to put a nail on the wall. So instead of waiting for months for a hammer, we’re giving them a stone that will do the job,” adds Mantas Andriuska.

As Aada steams towards its beta launch later this year, the peer-to-peer version will deliver a functional DeFi solution to Cardano. The V1 platform will precede the fully automated V2 protocol, giving the users a taste of lending and borrowing services on the blockchain. Combining the community-driven check-up and the external audit will ensure a hassle-free user experience on Cardano’s first lending and borrowing platform.

Conclusion

Allowing all supporters to participate in the trial aligns perfectly with the team’s core principles. The event will maximize the testnet’s efficiency by collecting system data under dynamic conditions and at a larger scale. Ultimately, the external audit will conclude the cycle, bootstrapping the V1 P2P mainnet launch.