ADALend On Cardano Aims To Be The Future Of Decentralized Finance (DeFi)
The post ADALend On Cardano Aims To Be The Future Of Decentralized Finance (DeFi) appeared on BitcoinEthereumNews.com. Advertisement &nbsp &nbsp ADALend has built a scalable and decentralized lending protocol on top of the Cardano blockchain. This lending protocol will...
ADALend has built a scalable and decentralized lending protocol on top of the Cardano blockchain. This lending protocol will be governed by the Cardano community. Cardano works on the Proof of Stake algorithm and is currently the market leader on this model. This protocol will provide the Defi community with an instant loan approval process, liquidity, trustless custody, and automated collateral.
The Defi landscape continues to see increased adoption. Currently, there are over $80 billion in assets that have been locked up in this ecosystem. Even with this tremendous growth, players continue to face challenges that need to be addressed if growth is to be sustained. Firstly, the Defi industry can only be sustained if both borrowers and lenders find it worthwhile to take part in it. In some instances, you find that the overall returns that the lenders get are poor and this dissuades lenders from taking part. Secondly, the borrowers can only get loans based on the number of assets that have been deposited at any one time. Liquidity is therefore an issue.
ADALend seeks to address these problems by incentivizing lenders to lend on its platform thereby enhancing liquidity. The platform will also only use the safest oracles for fetching data. ADALend will use both ChainLink and Ergo oracles to access data for its clients. Using both of these oracles increases efficiency and is also more secure. Token holders will have a say in the direction of the protocol. ADAlend will offer on-demand lending where borrowers can be able to access lending based on the collateral they have. The borrowers can also value their collateral and use this to state the number of loans they would want to access.
This platform has been built on the Cardano blockchain primarily because there is a growing interest among crypto users in the Cardano platform. Cardano is also easily deployed as more programmers are experienced in its native programming language. There is also optimum security on the Cardano blockchain as it is the market leader in Proof of Stake. This helps it provide absolute safety to all its users. Transactions costs on the Cardano network are also affordable and cheap as compared to other networks such as Ethereum Blockchain.
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