Aada Finance, a decentralized lending protocol backed with NFT on the Cardano blockchain, is launching a 50k token airdrop commemorating its mainnet launch next month on September 13.
🤩 Your lending strategies may be little bit different for very start, you have an Airdrop opportunity
Information about Airdrop is here: https://t.co/sr7GpeXhdg pic.twitter.com/1ojHZUpEgf
— Aada (@AadaFinance) August 31, 2022
According to a blog post on the official website, “Users will be rewarded for getting their loan request funded, [and] reward size depends on Loan size and term, [which] can be any borrowable asset.”
The requirements are that a user must submit a loan request within 21 days after the Mainnet launch and fund it within seven days after the loan request. Additionally, the collateral value must be 500 ADA or more while holding the loan active for at least seven days.
The tokens will reach eligible participants via a distributor and will be available seven weeks after the Mainnet launch. The team plans to distribute a maximum of 50,000 AADA. But if the participants exceed the distribution supply, the rewards will be based on a first-come, first-served basis.
Notably, the launch of Aada Finance V1 would mark the first decentralized lending and borrowing protocol in the Cardano ecosystem. Aada Finance intends to go live in advance of the Vasil hard fork, a technical upgrade to the Cardano network.
Yesterday, Vacuumlabs announced the successful comprehensive audit of Aada Finance’s V1 lending protocol smart contracts, resolving all critical and significant issues and putting it in a go-mode for mainnet launch. Vacuumlabs performed a manual code review comprising penetration testing and vulnerability assessment to find the errors before the mainnet launch.
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