Aada Finance has announced the launch of a cross-currency lending protocol on the Cardano mainnet on September 13th.
Aada Finance announced the launch of a test version of the platform on Cardano Aada V1 back in May. The founder of the company, Mantas Andriuska, announced that he was confident in advance that the initiative would be supported by the Cardano community and the success of the project.
September 13th, get ready #cardano https://t.co/zjPW6LUFSF pic.twitter.com/VmHHeYVIoi
— Aada (@AadaFinance) August 31, 2022
Aada Finance announced its readiness to deploy the Aada V1 application on the main network on September 13th. The release provides a lending capability, introducing DeFi primitives to the network for the first time:
“The Aada V1 borrowing protocol allows users to request loans, borrow their own Cardano tokens, and earn interest. The application is currently running on the testnet and will be deployed to the mainnet following due diligence.”
The company assured that they paid special attention to the reliable and secure implementation of smart contracts. Aada Finance engaged specialists from Vacuumlabs and Wingriders to conduct an external audit and code analysis.
While a new borrowing protocol is being launched on the Cardano network, according to research agency Arcane Research, cryptocurrency owners began to massively withdraw their funds from exchanges and crypto lending services, preferring to store them in cold wallets.
Source: Bits
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