First Defi App on the Cardano Mainnet to be Released by Aada Finance

Aada Finance is all set to release the first Adada Finance V1 borrowing and lending application on the Cardano blockchain. This will be the first application on the Cardano blockchain and is all set to be released on 13 September 2022. This will be launched on the mainnet chain of the Cardano but at the same time as this app launch, Cardano will also be going through a vasil hard fork. That means an Airdrop will be happening at the same time so it is bonus news for the Cardano users.

 Aada made the announcement through a tweet about the launch date which is 13 SeptemberOn the Aada Finance V1 testnet, the Aada community has had months of testnets and has also received an audit on Vaccum labs which gives the green signal to the release of the application.  Lending and borrowing will be introduced to the Cardano network with Aada Finance V1. It will launch decentralized finance (DeFi) primitives onto the network for the first time.

cardano

The launch will be a major turning point in Cardano’s evolution and will undoubtedly be advantageous to the entire community. The Vasil hard fork, which intends to modernize the Cardano ecosystem, was the focus of the introduction of Aada Finance. The network will benefit from the new protocol’s simple and effective solution.

Future dangers associated with hard fork migration will be reduced by the smart contract approach. Similar apps were already present like Compound and Ave on the Ethereum blockchain but the Aada Finance app will be the first one Cardano. 


How to be a part of the Cardano Airdrop?

To promote the application Aada is also going to provide an airdrop to the users who will use the protocol to complete all the security checks of the Aada Finance App. But to be eligible for the airdrop you will have to complete all the requirements and steps given by the Aada team which are: –

  1. You will have to use the protocol by submitting a loan request within 21 days of the launch of the app on Cardano Mainnet.
  2. The next step will be being approved for this loan within 7 days of the loan request application.
  3. The collateral should be at least 500 ADA and you will need to hold that loan for at least 7 days. 
  4. If you have completed these steps you will be rewarded with an airdrop of 10 ADA to 20 ADA depending on the amount of loan you have taken. 

Things that you need to know about Aada and Cardano

According to the description given by Aada, its app is a peer-to-peer lending and borrowing mechanism. It adds financial borrowing and lending to the blockchain. Users can submit order book-style loan requests and lend assets. Using bespoke characteristics such as asset type, quantity, collateral, period, and interest, borrowers can submit queries.

Lenders can then decide whether to fill orders and, if necessary, liquidate them. Here smart contracts are used to enable peer-to-peer lending and borrowing of assets while utilizing the distinctive non-fungible token bond method.

Other distinctive characteristics of the platform include multi-asset borrowing and lending as well as the Aada 3-Node Liquidation Oracle. In the event of a rapid decline in the loan health factor, lenders must be able to liquidate their loans thanks to the Aada 3-Node Liquidation Oracle.

Cardano is a Proof of Stake blockchain on which this application will be based on. It is also a cryptocurrency that is ranked 8th on Coinmarketcap with a market capitalization of ₹1,250,704,877,288. It was released in the year 2017 and it is named after Gerolamo Cardano who was a 16th-century Italian polymath. 

It works on the Its objective is to enable “changemakers, innovators, and visionaries” to effect constructive change on a worldwide scale. Cardano community wants to “redistribute power from unaccountable systems to the margins to individuals” in order to contribute to the development of a society that is more safe, open, and equitable.

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