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First lending platform on Cardano launches

The first platform to lend out its crypto for yield has launched on the Cardano network.

By Finst News
• 2 min read
First lending platform on Cardano launches

The first platform that lends out its crypto for yield has launched on the Cardano network. "Aada Finance V1" announced the mainnet launch in a blog post.

The first users of the platform will have a chance to receive an AADA tokens airdrop to celebrate the mainnet launch. Aada has marked a first on the Cardano network. Unique to the platform is the use of NFTs in combination with loans.

With the platform launch, Cardano's still-young DeFi ecosystem expands further and joins the list of existing applications. These applications are expected to benefit on September 22 with the implementation of the Vasil hard fork, the next major update for Cardano.

The Vasil update is expected to further scale the blockchain and enable faster transactions, which in turn is beneficial for the DeFi sector.

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