Cardano developers consider this project to be essential. We explain to you what the new crypto-lending platform ADALend is. CardanoCube surprises with the listing of a new project. The project is called ADALend and is a new crypto lending platform for Cardano.
CardanoCube lists ADALend
CardanoCube collects a wide variety of dApps and projects set up on the Cardano blockchain. This is ahead of ADALend’s announcement. CardanoCube is great for exploring the Cardano ecosystem.
The platform aims to give impartial judgments on the listed projects. This allows customers to examine a reliable source of experience before they test the desired project for themselves.
Great potential is ascribed to ADALend. The platform could play an essential role for the DeFi-Space. Their Twitter page clearly shows that the release was preceded by months of hard work.
In the future, ADALend would like to involve its supporters and potential customers in the project.
What is ADALend?
The platform’s name makes it very clear that it is a lending platform. Users can either lend their coins or borrow third-party coins, as is already the case on platforms such as Celsius or Nexo.
This enables lenders to make a profit. Borrowers deposit security in cryptocurrencies and receive money in return. This way, you can avoid paying out the cryptos.
In the best-case scenario, the market continues to rise, which means everyone involved makes a profit—platforms like ADALend work Trustless. No user has to trust the other. Instead, everything happens automatically.
Such platforms swear by decentralized control. Governance tokens of the project can be acquired, through which the participant can influence the platform. There is no central management.
The Cardano developer Input Output Global classifies ADALend as an essential project. The lending platform is not limited to ADA. Various cryptocurrencies are to be offered.
In the future, ADALend would like to use the Plutus application backend and thereby multiply the possibilities. Such platforms are also important for Cardano to gain further importance for the DeFi market.
Cardano blockchain has significant advantages
ADALend wants to conquer the market with definite advantages. Since the project is based on Cardano, all fees are very low. In addition, the transactions happen at a tremendous speed. Waiting times are a thing of the past.
In addition, the Cardano developers insist that their code is more robust and reliable. This claim will only prove the practical test.
Thanks to the proof-of-stake algorithm, Cardano is a more environmentally friendly alternative to competitors such as Ethereum. Cardano says it uses a selection of reliable oracles.