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Cardano's First NFT Lending Platform Announces $25,000 in Bounty Ahead of Mainnet Launch

Sat, 09/10/2022 - 15:57
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Tomiwabold Olajide
Aada Finance intends to launch in advance of Vasil upgrade
Cardano's First NFT Lending Platform Announces $25,000 in Bounty Ahead of Mainnet Launch
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Aada Finance, Cardano's first NFT lending and borrowing protocol, is hosting a bug bounty competition ahead of its mainnet launch slated for Sept. 13.

As stated in a blog post, the reward size is $25,000 for a critical smart contract vulnerability.

After months of public testnet use, Aada Finance, a platform for lending digital assets, is now prepared to launch Aada V1, which would enable users to lend and borrow assets among each other using a special non-fungible token (NFT) bond technique.

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

Aada Finance intends to launch in advance of the Vasil upgrade anticipated to happen Sept. 22. In a recent tweet, Cardano founder Charles Hoskinson spoke of upcoming Vasil as something that would enable new dApps to launch.

"This is an example of the power of Vasil that's coming this month. The new features dramatically improve many different dApps and enable new dApps like Djed to be deployed on Cardano. This is just the beginning. EUTXO and Plutus are the gifts that keep on giving," he wrote.

As per recent updates by IOG, 50% of the top 12 exchanges by liquidity, namely Binance, MEXC, Bitrue, AAX, WhiteBIT and BKEX, have indicated Vasil readiness. Coinbase and three other exchanges in the top 12 are in the process of updating their nodes. Ten other exchanges have indicated readiness for Vasil, while several are in the process of updating their nodes. Nearly 50% of top Cardano dApps have the "tested" status in preproduction while others remain "in testing."

Cardano founder praises crypto communities' loyalty

Cardano founder, Charles Hoskinson, was recently drawn to data shared by the social intelligence platform LunarCrush, which indicated that cryptocurrency social contributors fell by 0.71% in the last six months, suggesting little to no growth in crypto market participants.

Hoskinson believes it is something worth commending as most massive market downturns are typically followed by double-digit declines in engagement and contribution. He added that "The fact that it holds stable means that the crypto communities overall are loyal and have a long-term mindset."

At the time of publication, ADA was trading up 4.48% at $0.513.

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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.