Aada Finance set to be Cardano Mainnet’s first DeFi Protocol

The launch, which is slated for 13 September, will mark the debut of DeFi primitives on Cardano’s mainnet. News of the lending and borrowing app, which is built on the Plutus smart contract platform, comes after months of exposure to the public testnet.

Since these bonds are not associated with a wallet, they can be redeemed by anyone who provides the underlying NFT and meets the loan conditions. Ergo, making the overall process considerably efficient for users. As per the roadmap, this version will have pooled lending mechanisms and instant swaps for collateral and deposits.from Defi Llama revealed that Cardano’s press time total value locked stood at $79.8 million, down by more than 75% from its all-time high of $326 million in March. The launch of Aada Finance V1 could lead to a surge in TVL, given that the introduction of other decentralized applications like Minswap and SundaeSwap led to a spike in TVL as well.

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