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Aada Finance, a decentralized lending and borrowing protocol, announced the launch of the long-awaited Aada Finance V1 on the Cardano mainnet.
According to the team, the release is scheduled for September 13, 2022, after months of public testnet. Upon launch, Aada V1 will become the first lending and borrowing protocol to launch on the Cardano mainnet.
Notably, the release introduces decentralized finance (DeFi) primitives to the network marking a significant milestone in the development of blockchain technology. This will allow users to lend and borrow cryptocurrencies easily.
The launch was planned in anticipation of the Vasil hard fork that will update the Cardano network. The Aada Finance team hopes to leverage the V1 protocol peer-to-peer approach advantage. The fork will reportedly bring numerous benefits to the Cardano Network, including reference inputs, inline datums to streamline communication between dApp participants, reference scripts, and collateral outputs.
Aada Finance is a non-custodial interoperable and decentralized lending protocol on Cardano. Its smart contracts allow the lending and borrowing of crypto assets in a peer-to-peer manner using a unique nonfungible token bond strategy.
The protocol has many unique features, including Aada 3-Node Liquidation Oracle and multi-asset lending and borrowing. The Aada 3-Nod Liquidation Oracle plays an essential role in allowing lenders to liquidate their loans, especially in the event of rapid loan health factor downfall.
The protocol also has NFTs Bonds that enable lenders and borrowers to lock their deposits and loans into NFT Bonds. The locked assets are redeemable by providing the underlying NFT and fulfilling the set loan conditions.
While preparing for the launch, the team organized an external audit to check for any vulnerabilities in the protocol. The external audit was carried out by Vacuumlabs, a crypto and fintech company with numerous accomplishments in the industry, including finding flaws in two top 10 cryptocurrencies and development security guidelines. Vacuumlabs is also a subset of WingRiders.
The security check was an essential step for the Aada team to ensure robust and risk-free smart contract implementation before launch. In addition, these grantees use the safety and security of the protocol’s lending and borrowing services.