ADALend, One Of The Pioneering Decentralized Funding Protocols On Cardano (ADA), Shares Updates On Its Development Progress
ADALend, a novel decentralized finance (DeFI) ecosystem that harnesses Cardano’s smart contracts, inches closer to the activation of its cross-platform functionality.
Cross-platform development is on the way for ADALend
According to the official statement released by the ADALend team, its development progress is approaching a game-changing phase. Contributors and enthusiasts are approaching “imminent” cross-network development announcements.
Basically, the ADALend team expects cross-network integrations to bring new liquidity and new followers around the world. Decentralized finance (DeFi) enthusiasts with various levels of expertise in blockchain and cryptocurrencies will have a chance to migrate from their blockchains to the largest proof-of-stake (PoS) network, Cardano (ADA).
ADALend Managing Director Javed Khattak added that the activation of the cross-platform instrument is very far from the only advancement in the product ecosystem slated for Q4 2021.
According to his statement, ADALend will reconsider the interface and user experience for a better and smoother DeFi experience for its clients and liquidity providers:
ADALend will work on its user interface and on the user experience and simplicity of the platform to offer fewer entry barriers for traditional users to get involved in decentralized financing.
As covered by U.Today previously, fintech veteran Javed Khattak joined ADALend as general manager in October 2021. Multi-award winning director Mr. Khattak has been among the most influential people in crypto since 2017.
Liquidity, community governance, ecosystem
ADALend promotes itself as a multi-purpose “one-for-all” DeFi protocol on Cardano (ADA). Basically, it has the functions of lending / borrowing cryptocurrency assets. Loan without authorization is available on all listed trading pairs.
ADALend incentivizes the liquidity-providing activity of its users: LPs receive periodic rewards for their idle liquidity locked in the protocol’s mechanisms.
The protocol has migrated to a 100% decentralized governance model. Every crucial upgrade in its liquidity politics and mechanism design is approved by DAO-driven voting.
Its ecosystem foundation layer serves as a technical platform for third-party integrations: ADALend acts as an endpoint for Cardano’s DeFi products for many early stage products.
On Sept. 9, 2021, it secured $540,000 in seed funding from a number of retail investors.
