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Aada Finance, a non-custodial lending protocol, is live and open for business on Cardano mainnet. The app is the first-of-its-kind platform to allow lending and borrowing of Cardano native assets. Moreover, the protocol introduces a novel NFT bond feature, enabling users to transfer and trade loans in the open market.
Mantas Andriuska, Co-Founder of Aada Finance, said:
We are excited to launch the Aada Finance protocol and facilitate new DeFi use cases through lending and borrowing on Cardano. Peer-to-peer is the right way to build on the blockchain, and we plan to take full advantage of the eUTxO model. Ultimately, our main objective is to provide efficient lending and borrowing – a solution the Cardano community has eagerly anticipated for the last several months.
Following in The Footsteps of DeFi Innovation
Aada’s V1 protocol launch aligns perfectly with the pre-Vasil hard fork sentiment. But apart from relying merely on its first-mover advantage, the lending platform stands out with its novel NFT bond strategy.
As the most significant feature under the team’s belt, NFT bonds bring innovation to DeFi by tokenizing loans in the form of NFTs. In turn, lenders and borrowers can transfer and sell their loans, giving way to the liquidator role in DeFi.
The past year has seen lively development activity in the Cardano ecosystem, and Aada has been no different. The blockchain is yet to see the launch of the majority of its DeFi dApps. However, Aada Finance managed to leverage the first-mover advantage. By becoming the first fully-fledged lending and borrowing protocol on the blockchain, the platform paves the way for a broader adoption of the Cardano ecosystem.
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