AADA Finance Releases Token Swap with First Smart Contract on Cardano
January has already proven to be an uphill climb for the entire crypto industry. Still, we managed to keep our heads above water by achieving fundamental milestones like TGE and public DEX listings.
January has already proven to be an uphill climb for the entire crypto industry. Still, we managed to keep our heads above water by achieving fundamental milestones like TGE and public DEX listings.
After the successful public distribution on SundaeSwap, we’re slowly preparing for a complete token migration. In this regard, we’re happy to announce the release of our first smart contract on mainnet. Essentially, it will come as a solution that will allow everyone to swap their AADA v1 tokens for the latest v2 ones.
The event is among the few public smart contracts on Plutus. Also, it’s set to become the first smart contract released on the protocol’s platform. Perhaps, you may want to check out the actual code on the project’s official AADA Finance Github page.
What solution does the swap smart contract provide?
Before the Public Sale rounds, retailers got the chance to participate in a 5,500,000 $AADA Private Sale token allocation. Some investors bought the AADA v1 with a no-lock period, allowing them to freely trade their tokens. Currently, most of these are still in circulation on MuesliSwap and SundaeSwap. The swap feature will serve as an incentive to switch to the AADA v2 tokens. It is worth mentioning that AADA v1 token will not have further use.
The AADA v.1 token swap to AADA v.2
The new token minting correlates with the AADAnomics v.3, which decreases the total supply from 35,750,000 to 29,500,000 tokens. Undoubtedly, this update comes as great news for our supporters. Most importantly, users will be able to swap their AADA v1, sending them to a burning address.
The AADA token swap is live and already running at app.aada.finance
Arguably, the Plutus coding language will give the smart contract maximum security, effectively making the old AADA tokens unreachable. At the same time, everybody will receive the new AADA v2 tokens at a 1:1 rate. Those coins will have 6 decimals and will give retailers full utility at the protocol launch.
AADA v.1 Policy ID — https://cardanoassets.com/asset1f3ex8fy87qd6k5urrw73wh6uhmd46dxdcysah8
AADA v.2 Policy ID — https://cardanoassets.com/asset1khk46tdfsknze9k84ae0ee0k2x8mcwhz93k70d
About the Plutus programming language
Plutus is the native language for Cardano and a programming language that uses Haskell as its basis. Unlike Ethereum, Plutus smart contracts use a combination of on-chain and off-chain parts that use Haskell. In other words, the language allows coding in a uniform and single library.
Ultimately, Plutus provides a predictable and deterministic environment with a high level of assurance. Another advantage is that developers don’t have to write the business logic twice. Consequently, they can use the validator and transaction scripts code without wasting time and effort.
Conclusion
It’s vital to note that in contrast to Ethereum, Plutus supports user-defined tokens, which reduces the amount of code. Logically, this feature fully corresponds with our NFT-bond strategy, which plans to utilize bond agreements in the form of NFTs. You can learn more about our innovative lending and borrowing mechanism here:
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