ADALend is a scalable and decentralized lending protocol managed by a decentralized autonomous organization (DAO). So, what are the purposes of this protocol using Cardano Blockchain?
What does ADALend offer?
ADALend will offer a variety of features that will provide its users with decentralized financial tools accessible to anyone with internet access, without the complex Customer Identification (KYC) requirements of the mainstream banking system. The protocol will increase the capital efficiency of crypto assets by enabling retained assets to finance multiple loan pools. The protocol will use Cardano Blockchain to unlock the potential of DeFi as a viable alternative to the traditional financial industry.
A green blockchain is aimed
Blockchains of the future will need to operate efficiently without consuming huge amounts of energy to have a lower impact on the environment and remain operational. Cardano has been one of the most energy efficient blockchains in the industry.
Its energy expenditure is 1.6 million times lower than Bitcoin and well below the average consumption of high market cap coins. Cardano also announced its partnership with Veritree, which created “The First Global Cardano Impact Challenge,” an initiative aimed at investing donations in planting trees around the world.
How is the security of the ADALend platform?
The Cardano codebase was developed in Haskell, a hugely popular programming language that was clearly chosen for its ease of control. The Cardano Blockchain will offer a protective layer of security for the ADALend protocol to work without fail, unlike many DeFi protocols that suffer due to the complexity of the Blockchain.
ADALend is considered one of the most efficient and stable DeFi platforms on the market. ADALend will also benefit from developments in Cardano Blockchain made by Input Output Hong Kong (IOHK), which has a very strong team always working to further improve its Blockchain.
Conclusion
In reality, the above items are the two main factors to consider when looking for future financial instrument providers. Efficiency and security will be the top concern for users in 2022 and beyond. The mainstream banking system will not change overnight, but change will happen with the continued implementation of stable alternatives that would be considered the end of traditional financial services.
Earlier last month, ADALend held a seed round and was in great demand. As the coins offered for sale in the private sale round are also rapidly depleting, many investors are rushing to secure their place in the private sale. To learn more about ADALend, visit their website and read their whitepaper.
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