Aada is the first group loan protocol on Cardano
LONDON, ENGLAND, June 15, 2021 /EINPresswire.com/ – Aada Finance launches a private sale. A public sale will follow. During the private sale, the tokens will be sold at a reduced price. Aada is a decentralized financial lending protocol built on powerful and secure Cardano smart contracts using Haskell. Aada is the first group loan protocol on Cardano. The Cardano Defi ecosystem is expected to grow exponentially, while Aada and its lending protocol are expected to be at the center of Defi.
Cardano continues to demonstrate substantial gains and rapid expansion in the decentralized finance (Defi) landscape. Its large community of supporters is strongly dedicated to Cardano’s scientific and evidence-based approach to smart contracts. Cardano promises to redefine the future of Defi, ushering in a whole new approach to business.
“The Cardano ERC20 converter will bring huge amounts of assets into the Cardano blockchain cheaper to process. The converter will allow issuing organizations and their users to manage the migration of ERC20 tokens to Cardano, ”said a spokesperson for Aada. “Users can convert their Ethereum tokens with a few clicks, and when moved, those tokens will be ‘translated’ into a special native token on Cardano that has the same value and functions as an ERC20. Additionally, if the user wish to do so later, they can move their tokens to the source network by burning them on Cardano. Two-way convertibility is built in. “
Aada is a decentralized non-custodial liquidity market protocol where users can act as depositors or borrowers. Depositors receive passive income by providing liquidity to the market, while borrowers can borrow over collateral (perpetually) or under collateral (lump sum liquidity). Cardano’s Proof of Stake (PoS) speed and Plutus smart contracts will unlock wider acceptance and unlock more advanced features. Additionally, the system introduces a trustless protocol that facilitates token exchanges, non-fungible token (NFT) trading, and a broader shift in the crypto world to Cardano.
“By using pooled financing mechanisms, we can make loans easier and more available. The difference between pooled loans and P2P loans is that lenders pool their assets into a single pool where borrowers can easily borrow from the pool rather than looking for an individual lender, ”said an Aada spokesperson. “Aada is expected to be the first Defi lending protocol of its kind once the Cardano mainnet smart contract becomes possible. With extremely low transaction fees, Aada expects early and active user adoption. ‘Team Aada will participate in the Defi Academy which will help build a stronger and united community. “
The funds deposited in Aada are assigned to a smart contract. Funds can be withdrawn at any time. In addition, Aada is expected to generate tokenized lender positions, also known as “aaToken”. These can be moved to any wallet or smart contract on Cardano.
To use the Aada service, users deposit the assets and amounts desired to use the service. After deposit, users will receive passive income dependent on market demand for borrowing. Asset deposit also allows users to borrow money using the assets deposited as collateral. Any interest made on the money deposited helps offset the interest rate paid on the money borrowed.
AADA is used as the center of gravity of Aada governance. AADA will be used to vote on the outcome of the Aada improvements. The AADA token can also be staked in the protocol to provide security / assurance to the protocol and depositors. Players will be rewarded with fees collected by Aada and tokens from the Incentive Pool.
For more information on Aada, visit Aada.finance.
Distribution of tokens:
Total supply hit: 100,000,000 AADA
Team tokens: 15%
DeFi AADA Academy: 5%
Staking and incentive to governance: 30%
Cash / private sale: 20%
Public distribution: 30%
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