Cardano’s Aada Finance is pleased to launch the debut of its V1 testnet after much expectation from the community. As part of the project’s plan, the long-awaited trial phase went online on May 12th. The group warmly welcomes the whole Cardano community to join the dress rehearsal leading up to the launch of the Aada V1 mannet.
With the launch of the Aada lending and borrowing testnet, the team wants the entire public to take part in platform testing in an attempt to discover and solve any problems before the program is put on mainnet.
Mantas Andriuska, the founder of Aada Finance, comments on the development:
“We reside in an era when “testnet” debuts are entirely compatible with oncoming success. While this is partly correct, our ultimate goal is to test the system on a massive scale. We’ll concentrate on cleaning the faults and maximizing the value of our testnet with the support of the community “.
Each participant will be able to mint test tokens through a specified faucet during the testnet stage. Even though they have no intrinsic worth, they will enable anybody to check out the app’s capabilities without risk. The team will conduct a raffle with some substantial prizes to further increase participation in the testnet.
About the Aada V1 Lending Protocol
The Aada V1 application is a Cardano-based peer-to-peer lending and lending system. An order book format permits users to submit loan requests and lend assets. Customers can make unique inquiries by selecting asset type, loan amount, collateral, term, and interest rate. Lenders can then choose whether or not to fill or liquidate orders. The Aada V1 platform is an alpha version of the app that will be published before the V2 beta app in Q3 2022.
“People have been waiting to hit a nail into the wall. Rather than waiting months for a hammer, we’ll give them a stone that will suffice “Mantas Andriuska adds.
As Aada draws nearer its beta launch later this year, the peer-to-peer version will provide Cardano with a workable DeFi solution. The V1 platform will arrive before the fully automated V2 protocol, giving customers a taste of blockchain lending and borrowing. A hassle-free user experience on Cardano’s first loan and borrowing platform will be ensured by merging the community-driven review and the external audit.
The team’s fundamental values connect beautifully, enabling all supporters to participate in the trial. By acquiring system data under dynamic settings and on a grander scale, the function will improve the testnet’s performance. Subsequently, the external audit will put the cycle to a close, launching the V1 P2P mainnet.