Aug. 31, 2022 — Aada Finance, a crypto assets lending platform, announces the imminent launch of the Aada Finance V1 lending and borrowing protocol on the Cardano mainnet. The release is scheduled for Sept. 13, making Aada V1 the first lending and borrowing protocol to launch on the Cardano mainnet.

Aada V1 leverages the first-mover advantage

After months of public testnet, Aada Finance is finally ready to deploy its eagerly anticipated app. The release brings lending and borrowing to Cardano, introducing decentralized finance (DeFi) primitives to the network for the first time. The event marks a significant milestone in the blockchain’s development, which will surely benefit the entire ecosystem.

Aada Finance plans to launch in anticipation of the Vasil hard fork, which will update the Cardano network. The team aims to leverage the first-mover advantage thanks to its V1 protocol’s peer-to-peer approach. While it provides a straightforward and efficient solution, the smart contract concept will mitigate future risks associated with hard fork migration.

A successful external audit to ensure high-level protocol security

A crucial aspect of the protocol’s security was the external audit. It was carried out by Vacuumlabs, a crypto and fintech company and a subset of WingRiders with extensive audit experience. Some of their accomplishments include finding security flaws in two top 10 cryptocurrencies and developing security guidelines for a renowned hardware wallet.

The Vaccumlabs’ thorough code review was a necessary step to ensure robust and risk-free smart contract implementation before the mainnet launch. It also aligned with Aada Finance’s product-first approach, which will allow users to lend and borrow safely and seamlessly without putting their funds at risk.

About Aada Finance

Aada Finance is a fully decentralized lending and borrowing protocol built on the Cardano blockchain. Its smart contracts allow users to lend and borrow assets in a peer-to-peer manner using the unique nonfungible token bond strategy. 

Other unique features introduced by the platform are multi-asset lending and borrowing and the Aada 3-Node Liquidation Oracle. The latter plays an essential role in enabling lenders to liquidate their loans in the event of rapid loan health factor downfall. 

The upcoming Aada Finance release culminates several months of work and development. The team acknowledges and is thankful for the community’s patience and support during the project’s early stages. To this end, it pledges to continue to follow its core principles of community-centric commitment and a build-first approach to Cardano DeFi.

For more information about Aada Finance and the Aada Finance V1 app, please follow the links below:

Website | Application | Twitter | Telegram | Medium | GitBook | GitHub | Discord

Ahead of its launch on 13 September, Cardano-based Aada Finance is offering a $25,000 bug bounty competition; those who can spot critical smart contract vulnerabilities and provide suggestions on fixing them will be eligible for the prize.

Aada Finance is the first protocol set to offer NFT lending and borrowing services on the Cardano blockchain. It aims to build a platform where users can maintain their requests in an order book with complete control.

Fighting challenges of theft and system failure

The prize amount for the competition is $25,000 though the payouts will be made in AADA tokens.

Primarily, it aims to address two challenges, theft of tokens and shutting down of the whole (or parts of) the platform.

One can mint NFTs on the Cardano blockchain through either native third-party services or self-minting using the native node. Cardano charges a fee for every transaction- minting, buying, and selling of NFTs or tokens. It also facilitates building a marketplace where NFTs can be minted, traded, and stored.

First protocol to bring NFTs to Cardano

Aada Finance intends to be launched in advance of the Vasil upgrade scheduled on 22 September. This is an example of the power of Vasil that’s coming this month.

The new features dramatically improve many different DApps and enable new DApps like Djed to be deployed on Cardano. This is just the beginning. EUTXO and Plutus are the gifts that keep on giving,” tweeted Charles Hoskinson, co-founder, and CEO of Cardano.

Aada Finance is the first DeFi application to bring NFTs to the Cardano platform. Aiming to leverage the first-mover advantage, it wants to keep up with the Vasil update too. Users can lend and borrow NFTs in a peer-to-peer manner using the unique NFT bond strategy.

Its Aada 3-Node Liquidation Oracle helps lenders liquidate their loans if a rapid loan health factor downfall occurs. 

Kaunas, Lithuania, Sept 13, 2022, ZEXPRWIRE, Aada Finance, a non-custodial lending protocol, is live and open for business on Cardano mainnet. The app is the first-of-its-kind platform to allow lending and borrowing of Cardano native assets. Moreover, the protocol introduces a novel NFT bond feature that enables users to transfer and trade loans in the open market.

“We are excited to launch the Aada Finance protocol and facilitate new DeFi use cases through lending and borrowing on Cardano. Peer-to-peer is the right way to build on the blockchain, and we plan to take full advantage of the eUTxO model. Ultimately, our main objective is to provide efficient lending and borrowing – a solution the Cardano community has eagerly anticipated for the last several months,” said Mantas Andriuska, Co-Founder of Aada Finance.

Following in The Footsteps of DeFi Innovation

Aada’s V1 protocol launch aligns perfectly with the pre-Vasil hardfork sentiment. But apart from relying merely on its first-mover advantage, the lending platform stands out from the crowd with its novel NFT bond strategy.

As the most significant feature under the team’s belt, NFT bonds bring innovation to DeFi by tokenizing loans in the form of NFTs. In turn, lenders and borrowers can transfer and sell their loans, giving way to the liquidator role in DeFi.

About Aada Finance

Aada Finance is a decentralized lending protocol built on the Cardano blockchain. It utilizes the network’s eUTxO model by leveraging peer-to-peer lending and borrowing primitives. The primary features of the protocol combine multi-asset loan requests with an innovative NFT bond mechanism. The latter allows users to transfer and trade loans, giving them the chance to become liquidators.

About Aada Finance

The past year has seen lively development activity in the Cardano ecosystem, and Aada has been no different. While the blockchain is yet to see the launch of the majority of its DeFi dApps, Aada Finance managed to leverage the first-mover advantage. By becoming the first fully-fledged lending and borrowing protocol on the blockchain, the platform paves the way for a broader adoption of the Cardano ecosystem.

For more information about Aada Finance and the Aada Finance V1 app, please follow the links below:

Website | Application | Twitter | Telegram | Medium | GitBook | GitHub | Discord

Media Contact:

Name:  Mantas Andriuska

Email: [email protected]

The Post Aada Finance Is Live and Open for Lending and Borrowing on Cardano Mainnet appeared first on ZEX PR WIRE

Input Output, the company behind Cardano, has announced the launch date for its first lending and borrowing protocol, Aada Finance, on the Cardano blockchain.

The launch of V1 will take place on Sept. 13, 2022, and will mark the first time that decentralized finance (DeFi) primitives come to the Cardano blockchain, built on the foundation of the Plutus smart contract platform first introduced in the Alonzo hard fork in September 2021.

Aada Finance uses a novel DeFi primitive called NFT bonds to streamline the user experience of borrowing and lending.

According to the project’s Twitter handle, engagement with the crypto community about the project began around October 2021. The decentralized app was first launched in May 2022 on the Cardano testnet. This parallel blockchain serves as a testing environment for new applications before they are deployed on the mainnet.

Could ADA see growth in adoption following the V1 launch?

In June 2022, Cardano’s upcoming Vasil hardfork project received 13,003 commits as developers prepared their code to handle new functionality. During the same period, the number of wallets increased by 1.8% to 3.4 million, indicating confidence in the ecosystem. The number of transactions on the network grew to 44 million, as activity on the network spiked 5.4% compared to the previous month. Both bode well for the success of Aada Finance.

Another metric that bears relevance is the total value locked. At its peak, the total value locked in decentralized protocols on Cardano was $192.35M, which has since dropped to under $81 million, according to DeFi Llama. The introduction of Aada Finance could give TVL a boost since the previous high corresponded with the flood of decentralized applications like SundaeSwap (SUNDAE), Minswap (MIN), MuesliSwap (MILK), ADAX Pro (ADAX), and VyFinance (VYFI).

Aada recently entered a partnership with Minswap to help liquidate loans when a loan-to-collateral value drops to a specific level. Minswap’s liquidity will be used in the liquidation process.

Audit could prevent hiccups on mainnet

But the protocol’s success will depend on Aada Finance working correctly on the mainnet.

Two previous incidents give cause for concern. Following the launch of Cardano’s NFT marketplace jpg.store in January 2022, the mainnet experienced congestion that affected transaction finality time. The launch of SundaeSwap, also in January 2022, experienced similar congestion issues.

Working in Aada’s favor is a recent audit of its smart contract code. Blockchain security experts Vacuumlabs audited Aada Finance’s smart contracts in preparation for launch on the Cardano mainnet. The audit included extensive penetration testing with ethical hacking to determine risks and potential mitigations.

In other Cardano news, Cardano’s parent company Input Output Global recently partnered with Pezesha, an African fintech company enabling financial institutions to provide liquidity to small-to-medium businesses. Notably, Cardano’s role will help simplify regulated borrowing and lending between participants scattered all around the globe.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

On Wednesday (August 31), Cardano-powered crypto lending startup Aada Finance announced that it is launching the Aada Finance V1 lending and borrowing protocol on the Cardano mainnet on September 13.

The team’s press release, which was published on Cointelegraph earlier today, went on to say:

“After months of public testnet, Aada Finance is finally ready to deploy its eagerly anticipated app. The release brings lending and borrowing to Cardano, introducing decentralized finance (DeFi) primitives to the network for the first time. The event marks a significant milestone in the blockchain’s development, which will surely benefit the entire ecosystem.

“Aada Finance plans to launch in anticipation of the Vasil hard fork, which will update the Cardano network. The team aims to leverage the first-mover advantage thanks to its V1 protocol’s peer-to-peer approach. While it provides a straightforward and efficient solution, the smart contract concept will mitigate future risks associated with hard fork migration.“

Aada V1 Peer to Peer lending

Here are the characteristics and risks of all the components presented within our app

Is there anything that should be mentioned? pic.twitter.com/8IpDWfq8RD

— Aada (@AadaFinance) August 16, 2022

Here is an overview of how Aada Finance works:

“Aada V.1 app is a peer-to-peer lending and borrowing protocol on the Cardano blockchain. It brings a financial lending and borrowing activity to the blockchain. Users can submit loan request and lend assets in an order book style. Borrowers can place inquiries by setting custom parameters, like asset type, amount, collateral, term and interest. In turn, lenders can choose whether to fill orders and liquidate them if needed. Aada V.2 version will include pooled lending mechanism…

“This method of lending turns off the role of middleman. But not completely. Borrower sets up the loan request, and there he controls all the data within the loan. Collateral is being locked into a smart contract. The lender has to agree with the loan request that has been set and sends loan to the borrower via Aada’s set up tx…

“Borrower and Lender receive B and L tokens . These tokens are the only proof of loan, they are not attached to a wallet, meaning that they can be transferable or tradable. Beauty of these Aada NFT Bonds comes with its utility. The ones who owe Lender’s Bond, can redeem loan and interest after loan expires. With the Borrower’s Bond, you have to return the loan, pay interest and then you will receive collateral back.“

Following Minswap’s recent success, the team wants its native token listed on Aada Finance.

With Minswap becoming the most valuable decentralized exchange on Cardano, a proposal has been made by the team to list its native governance token on the Aada Finance V1 platform. 

The proposal was created yesterday for the purpose of listing Min Token (MIN) as an asset for borrowing on the leading Cardano-based lending and borrowing protocol, Aada Finance. 

Minswap Features and Success

Min token is the native cryptocurrency of Cardano’s decentralized exchange Minswap. The decentralized exchange is community-driven, allowing users to swap, provide liquidity, and yield farming. 

It is worth noting that Minswap has the most liquid AADA/ADA pool among all other Cardano decentralized exchanges. Furthermore, Minswap currently has one of the most traded liquidity pools on the Cardano network with its own native token pair MIN/ADA.

Interestingly, the platform recently attracted ADA investors’ attention after it became Cardano’s most valuable decentralized exchange, with a total value locked (TVL) of $48.59 million.  

“As such, we would like to propose the addition of the $MIN token in Aada V1 as an asset for borrowing,” the proposal reads. 

According to the Minswap team, the project has never been a recipient of venture capitalists (VC) funding, which has contributed to making MIN tokens’ distribution to be fair. 

Notably, adding MIN to Aada Finance will be beneficial to the lending and borrowing platform, given that the asset class is the most traded token in the Cardano ecosystem. 

MIN Tokenomics

Additionally, MIN has promising future prospects in terms of fee sharing and governance. The cryptocurrency has a total supply of 5 billion, with a huge portion of the tokens dedicated to the community. 

According to MIN tokenomics, 70% of its total supply is allocated to yield farmers, 10% is reserved for the core team, and 10% is distributed to the development team. In comparison, 6%, 2.5%, and 1.5% are reserved for DAO Treasury, Fiso Airdrop, and partnerships.

 

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WingRiders DEX On Cardano Partners With AADA Lending Protocol To Enable Users To Swap Their Collateral To ADA.

With the partnership between WingRiders and AADA Finance, users can now swap their collateral to ADA if loan liquidation is triggered.

It’s good news for the Cardano community as WingRiders is the largest exchange on Cardano with a $52M total value locked (TVL) leading other dexes.

WingRiders is a DEX built on the Cardano blockchain network. The DEX took to Twitter to announce the inking of a deal between it and AADA Finance, a lending protocol that runs on the same Cardano chain but is backed by NFTs. The new partnership allows users to swap their collateral to ADA when they trigger liquidation in the same transaction.  

Riders, our partnership, and integration of the DEX into @AadaFinance, enables users to swap their collateral to $ADA when they trigger loan liquidation in a single transaction

Here is a simple guide on how it works#WingRidersDEX #swap #aada #DEX #collateral pic.twitter.com/NOpSq2VhA6

— WingRiders (@wingriderscom) July 26, 2022

How It Works

Besides sharing the good news, WingRiders extended the courtesy of posting a visual graphic to explain to users how the process works. On one end, there’s the Rider (in this case, the WingRider customer); in the middle, there’s the AADA Finance loan taken by the customer; and on the other end, there’s the WingRider system.

The process is rather simple. The Rider initiates a liquidation of their collateral, which is then transferred to WingRiders and the Rider receives ADA into their account. ADA is the native crypto coin used in the Cardano blockchain. This gives the Rider access to the “global” currency of the Cardano ecosystem and leeway to do other things with it. Users can stake ADA or use it to buy NFTs, among other uses.

The Effects

The deal between WingRiders and AADA Finance will ultimately boost and ease access to ADA by users, a development that will culminate in increased use cases for ADA. This will translate into higher adoption of the coin and a spike in demand. Increased demand could have a positive impact on the coin’s market price. Cardano has been working hard to upgrade its blockchain network and introduce more use cases for ADA as it works to improve the network’s speed, capacity, and scalability. 

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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. 

Useful links:

Website – https://aada.finance/

Youtube – https://www.youtube.com/aadafinance

Telegram – https://t.me/aadacommunity

Discord – https://discord.gg/EdkvPEjd