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Aada V.1 app is a peer-to-peer lending and borrowing protocol on the Cardano blockchain. It brings a financial lending and borrowing activity to the blockchain. Users can submit loan request and lend assets in an order book style. Borrowers can place inquiries by setting custom parameters, like asset type, amount, collateral, term and interest. In turn, lenders can choose whether to fill orders and liquidate them if needed. Aada V.2 version will include pooled lending mechanism.

Peer to Peer (P2P) lending:

This method of lending turns off the role of middleman. But not completely. Borrower sets up the loan request, and there he controls all the data within the loan. Collateral is being locked into a smart contract. The lender has to agree with the loan request that has been set and sends loan to the borrower via Aada’s set up tx.

NFT bond:

Borrower and Lender receive B and L tokens . These tokens are the only proof of loan, they are not attached to a wallet, meaning that they can be transferable or tradable. Beauty of these Aada NFT Bonds comes with its utility. The ones who owe Lender’s Bond, can redeem loan and interest after loan expires. With the Borrower’s Bond, you have to return the loan, pay interest and then you will receive collateral back.

This is a currently running V.1 version of Aada, you can check video to familiarize with V.2

Aada is a decentralized non-custodial liquidity market protocol. Aada is one of the first lending protocols built on top of Plutus/Haskell Cardano smart contracts. Platform users can engage as depositors or borrowers in a decentralized non-custodial liquidity market protocol.
Last modified 30d ago