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

Wed, 08/31/2022 - 11:28
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Tomiwabold Olajide
Cardano can now lend and borrow
Cardano Reaches New Milestone as First NFT Lending Platform Set to Launch
Cover image via stock.adobe.com

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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.

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.

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.

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.