The huge demand for ADALend has been attributed to several crypto market factors but above all the successful launch of smart contract technology on the Cardano ecosystem.
ADALend.finance, a scalable and decentralized lending protocol that is governed by DAO, announced that it sold out all tokens for the seed round in just an hour. According to ADALend through a press release, seven private angel investors purchased the entire 1.8 million ADAL tokens valued at approximately $540,000.
The huge demand for ADALend has been attributed to several crypto market factors but above all the successful launch of smart contract technology on the Cardano ecosystem. From another perspective, the huge demand for ADAlend tokens was fueled by the systemic crisis in the Ethereum ecosystem that houses the leading DeFi platforms.
Notably, over the weekend, the Cardano ecosystem adopted the smart contract aspect after the Alonzo upgrade. Consequently, ADAlend anticipates becoming the Aave protocol for the Cardano ecosystem. By providing a lending platform built on a scalable and decentralized lending protocol on Cardano that is governed by the DAO and based on a pure Cardno native token ADAL.
According to the platform through the press release, the seed round was 400% oversubscribed. Hereby, a huge number of investors were left out of the initial investment opportunity. However, ADALend has announced that those who missed out during the seed round have been whitelisted for the private sale.
The venture into the crypto lending market through the Cardano ecosystem at the moment is strategic by all means for the entire ADALend. Moreover, other lending platforms have been met by challenges including low throughput and high transaction fees.
A decent lending protocol with negligible transaction fees and offers fast transactions is expected to take the DeFi lending ecosystem to the next level.
ADALend and the Crypto Lending Industry
ADAlend offers superior features in the crypto lending market. Notably, the ecosystem offers a permissionless market, whereby the customers can lend on any pair in the market.
Through the ADAlend tokens, the protocol deals with liquidity problems by incentivizing users who deposit assets. Notably, the crypto lending firm has outlined a clear roadmap through the end of next year. By the end of next year, the plant is anticipated to have multi-chain products and a full launch of the ADAlend protocol.
In between till then, the company is working towards global marketing and reaching out to global crypto investors. Furthermore, the level of competition in the DeFi ecosystem, particularly the lending market is very stiff that a lapse of growth would entail a gruesome loss.