Monday, May 16, 2022
Home Crypto News Market Aada Finance Launches Its Cross-Currency Lending and Borrowing Protocol on Cardano

Aada Finance Launches Its Cross-Currency Lending and Borrowing Protocol on Cardano

- Advertisement -

Aada Finance Launches Its Cross Currency Lending Product on Cardano.  

The Cardano utility continues to grow as Aada Finance announces the launch of the testnet version of its lending and borrowing protocol.

In what is considered a welcome development by ADA enthusiasts, Aada Finance has announced the launch of a testnet version of its lending and borrowing platform on Cardano.

The project went live on May 12 as stated in the Aada Finance roadmap.

“Lending and borrowing is live on #cardano chain! Get or fund a loan with CNTs using,” the project said in a tweet yesterday.

With the launch of the Aada lending and borrowing testnet, the team invites the general public to participate in the testing of the platform in a bid to identify and resolve any bugs before the initiative will be deployed on mainnet.

Commenting on the development, Mantas Andriuska, Founder of Aada Finance, said:

“Right now, we live in times where “testnet” launches are pretty much equal to imminent success. While there’s some truth to 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.”

Features of the Service

The testnet version of the lending and borrowing protocol is dubbed the Aada V1. Users are allowed to use an order book style to submit loan requests and lend assets.

Borrowers can, through the platform, place inquiries using customized parameters such as loan amount, asset type, collateral, interest, and terms. Lenders will in turn decide whether to fill or liquidate these orders.

Aada Finance disclosed that users can mint the test tokens via a faucet in order to participate in the testing of the platform.

Beta Testing Scheduled to Commence in Q3 2022

Once the testing is complete and all hitches have been identified and resolved, Aada is planning to rollout the upgraded version of the app by Q3 2022 for beta testing, which will grant the Cardano community access to a fully automated version of the borrowing and lending protocol.

Some members of the Cardano community have participated in the Aada protocol testing and shared details of their experience.

Some of the testers included pseudonymous ADA investor Cardano Whale, who took to Twitter to share pictures of Aada’s borrowing and lending protocol with the caption:

“More borrowing and lending dApps coming to Cardano. @AadaFinance much-anticipated testnet is now live. Great layout and user experience. Interestingly, they offer a cross currency lending product: you could borrow $ADA, put up $AADA as collateral, and pay interest in $MIN.”

More dApps to Launch on Cardano

The support of smart contract functionality on Cardano has continued to lure different projects to deploy useful decentralized applications on the network.

Despite the influx of developers and projects on the network, Charles Hoskinson, the CEO and founder of Cardano, stated last month that there will be more adoption of the blockchain after the launch of the Hydra Hard Fork next month.

- Advertisement -


The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Is Bitcoin Going Below $20K Or Are Institutional Investors Buying Again? CryptoQuant CEO Explains

Institutional Investors Could Be Accumulating BTC Through Market Makers after Strong Selling. Market makers sent a total of 84,000 BTC from Gemini to Binance between...

Why Is Bitcoin The Most Popular Cryptocurrency?

Bitcoin is the most popular cryptocurrency because it was the first one created. Bitcoin is also a decentralized currency, not subject to government or...

How Can Bitcoin Affect Asics, a Sports Equipment Company?

Asics, the brand behind the popular running shoes, is a company that has a significant market share worldwide and is one of the biggest...

Top Hedge Fund Manager Who Warned Investors, Says Terra’s Project Was Destined to Fail Due To High Yield

The hedge fund manager said Terra failed because the system was designed to enrich investors and the team. ...

SHIB Army Burns 449.98 Million Shiba Inu In 24 Hours, 2.17 Billion In A Week

2.17 Billion Shiba Inu (SHIB) Burnt within the Last 7 Days and 449.98 Million During Last 24 Hours. ...

Ethereum Founder Vitalik Buterin “Strongly Agrees” With Terra’s Plan to Compensate Small TerraUSD (UST) Investors Over Rich Ones 

The Ethereum creator believes that a plan to focus more on compensating small investors is a good hybrid formula. ...

Ethereum Founder Sends 500 ETH To Dogecoin Foundation

Ethereum Founder Sends 500 ETH To Dogecoin Foundation. It’s not always that Vitalik Buterin sends funds to support other crypto projects. However, he appears to...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.