Aada is helping to promote the proposed reach of the Cardano ecosystem with its version of loans, and other DeFi centric offerings like staking.
Decentralized Finance (DeFi) lending, Aada is announcing the sale of its native token, the AADA, scheduled to span between June 15th to July 15th, 2021. Aada is a non-custodial liquidity market protocol ranking as one of the first of its kind on the DeFi focused Cardano blockchain. Per a press release shared with Coinspeaker, the Aada protocol is a fork of the Ethereum-native Aave lending platform and is built on top of the Plutus/Haskell Cardano smart contracts.
The advent of decentralized finance and the traction it has gained in the past year has signaled the move into a new world in which blockchain innovations empower users across the board. The existence of lending solutions including Compound and Aave have already created the required paradigm shift to these new products, however, Aada brandishes more secured and cheaper alternatives in terms of the fees of operations.
The Aada DeFi lending platform lets users participate either as a lender or a borrower in a decentralized non-custodial liquidity market protocol. While depositors get to benefit from providing liquidity in the form of interest paid on the borrowed loans, lenders can equally borrow with overcollateralization or undercollateralization (a.k.a flash loans).
Pooled lending allows us to make lending easier and more available. It is better than P2P, in that all lenders get to pool their resources and get the best out of it. Whereas borrowers, on the other hand, can easily borrow from the pool, and do not have to waste time and effort searching for a lender,” says a spokesperson for Aada.
Through the support of Cardano, a bridge that permits the easy conversion of ERC 20 tokens to their Cardano forms will be made possible. This will give every Aada user the opportunity to flexibly interact with both the Ethereum and Cardano blockchains and the offerings from the Aada protocol.
Token Sale Details of the Aada DeFi Lending Platform
Per the AADA token economics, a total amount of 20,000,000 AADA will be made available for the scheduled presale. The token sale comes with two options for investors to choose from viz; the option with a 6-months lockup and a price of $0.20. The second option is that with no lockup period and goes on sale for $0.30. The projected exchange listing price for the tokens is pegged at $0.50, presenting a potential increase in ROI for the presale participants barring any unforeseen market conditions.
In order to receive AADA Token (link to token contract), buyers will need to have Daedalus or Yoroi wallets. The presale option with no lockup period is transferred immediately after the transaction is confirmed.
Aada Protocol: Championing the Cardano Potentials
As the blockchain ecosystem is seeing more embrace, there is a need for new use cases, backed by a strong and scalable blockchain network. Aada is helping to promote the proposed reach of the Cardano ecosystem with its version of loans, and other DeFi centric offerings like staking.
While the Ethereum ecosystem strives to cater to private and enterprise adoption through the creation of DApps, and smart contracts, Cardano looks to become engrafted with governments, through custom projects in developing countries such as Tanzania. Per the ease with which to access loans, the Aada protocol is contributing to the latter’s proposed change pursuits.