Cardano Reaches New Milestone as First NFT Lending Platform Set to Launch

Cardano reaches a significant milestone in its blockchain's development with the first lending and borrowing protocol, Aada V1, set to launch on mainnet come Sept. 13.

✅ Audit = Complete

Read more about completed audit of Aada V1 protocol by @vacuumlabs on our most recent Medium article:https://t.co/FNUD4zM9g2 pic.twitter.com/PHuw4HO8Et

— Aada (@AadaFinance) August 30, 2022

Aada Finance, a platform for lending digital assets, is now prepared to launch Aada V1 after months of public testnet use. This version's smart contracts enable users to lend and borrow assets amongst each other using a special non-fungible token bond technique.

🤩 Your lending strategies may be little bit different for very start, you have an Airdrop opportunity

Information about Airdrop is here: https://t.co/sr7GpeXhdg pic.twitter.com/1ojHZUpEgf

— Aada (@AadaFinance) August 31, 2022

With this release, Cardano can now lend and borrow, marking the first time decentralized finance (DeFi) primitives have been introduced to the network.

Aada Finance intends to launch in advance of the Vasil hard fork, which will update the Cardano network and is expected to launch in September.

Cardano founder urges developers to move to Mithril

Charles Hoskinson, the creator of Cardano, has asked SPOs to participate in Mithril, which is currently open source. This is because, provided that all SPOs join the network, the Mithril network would be able to reach the utmost level of security.

SPOs, get involved with Mithril. https://t.co/vG1B2oVp8u

— Charles Hoskinson (@IOHK_Charles) August 30, 2022

As Cardano scales, Input Output global (IOG) technical teams are developing several strategies to improve network performance. One such approach, called Mithril, aims to speed up and improve the effectiveness of data synchronization between apps.

Because Mithril runs on top of the main ledger and produces condensed signatures, it uses very little extra bandwidth and resources on the part of the signing nodes.

The peculiarity of Mithril certificates is that they share the same security characteristics as the Ouroboros—Cardano’s underlying protocol. Without a trusted arrangement, Mithril's security is primarily reliant on the stake distribution of Cardano itself.