Aada Finance, a crypto assets lending platform, announces the imminent launch of the Aada Finance V1 lending and borrowing protocol on Cardano mainnet. The release is scheduled for the 13th of September, making Aada V1 the first lending and borrowing protocol to launch on 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 the 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 hardfork, 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 hardfork 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 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.
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 NFT 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, they pledge to continue to follow its core principles of community-centric commitment and a build-first approach to Cardano DeFi.