Aada, the first lending protocol powered by Cardano, has completed its platform audit and is ready for mainnet launch. The code check-up was carried out by Vacuumlabs, a leading crypto and fintech company, and a subteam of Wingriders with extensive experience in critical code issues and auditing.
The result of the audit confirms the safety and reliability of the Aada V1 smart contracts. With this milestone achieved, Aada Finance is now poised to provide a robust and secure lending solution for the Cardano community.
An Innovative NFT Bond Lending Protocol with a Successful Smart Contract Audit
Aada proudly announced that it had completed a comprehensive audit of its smart contracts by leading blockchain security firm Vacuumlabs. The audit served as a preparation for the imminent launch of Aada’s mainnet.
Aada’s V1 peer-to-peer app aims to make lending straightforward. To achieve this, users can leverage ultra-low transaction fees and multi-asset lending functionality paired with the protocol’s unique NFT bond mechanism.
The Aada team looks forward to launching its mainnet soon and invites users to try out its innovative lending protocol.
Designing a Highly Efficient Crypto Lending System on Cardano
Aada’s V1 lending system relies on simple rules defined in the project’s smart contract. Users can create loan requests and lend their assets to earn fixed interest rates.
The concept used by the protocol involves adhering to a simple but efficient Health Factor system. It serves as protection for lenders and enables them to manually liquidate their loans in the event of rapid price downfall.
The NFT Bonds Opportunity
The Aada V1 protocol distinguishes itself from conventional pooled lending protocols in its NFT bond strategy. This feature enables lenders and borrowers to transfer, redeem or sell their loans without having to withdraw or repay them.
The NFT-bond concept relies on the idea of providing a pledge back. In the case of a loan, the borrower must return the NFT bond to receive the initial deposit. This proof of loan assures that borrowers will see their loans complete repayment.
About Aada Finance V1 Protocol
The Aada V1 app uses a peer-to-peer approach that allows easy and efficient crypto lending and borrowing on Cardano. The platform enables users to take and supply overcollateralized loans using the innovative NFT bond strategy.
The latter introduces a new use case for crypto loans by making them secure and transferable. Users will be able to sell their loans or become liquidators with the release of the upcoming NFT bond market.
The recent smart contract audit marks another crucial milestone in Aada’s road to mainnet. The project’s website has more information to share with crypto enthusiasts. Alternatively, investors can refer to Aada’s social media pages below to never miss the team’s updates.