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 http://app.aada.finance,” the project said in a tweet yesterday.
🥳Lending and borrowing is live on #cardano chain!
— Aada (@AadaFinance) May 12, 2022
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 borrowing and lending dapps coming to Cardano. @AadaFinance much anticipated testnet is now live. Great layout and user experience
— ADA whale (@cardano_whale) May 13, 2022
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.