ADALend is a scalable, decentralized lending protocol governed by an autonomous decentralized organization (DAO).
ADALend will offer several features that will provide its users with decentralized financial instruments accessible to everyone with internet access, without the complicated KYC requirements of conventional banking.
The protocol will improve the capital efficiency of digital assets by allowing accumulated assets to finance multiple loan pools. The protocol will use the blockchain Cardano to develop the potential of DeFi as a viable replacement for the traditional financial sector.
In this article, we will discuss:
Green Blockchain
The block chains of the future will be forced to have a smaller impact on the environment, working efficiently without consuming huge amounts of energy to remain operational. Cardano has been one of the most energy efficient block chains in the industry. 1,6 million times smaller than bitcoin and well below the average level of large market cap currencies.
Cardano also announced its partnership with Veritree creating “The First Global Cardano Impact Challenge,” an initiative aimed at reinvesting donations in replanting trees around the world.
Platform security
The Cardano codebase was developed in Haskell, a widely popular programming language explicitly chosen for its auditability. The Cardano blockchain will provide a protective layer of security for the ADALend protocol to work flawlessly, unlike many DeFi protocols that suffer from issues due to their blockchain complexity. ADALend is considered one of the most efficient and stable DeFi platforms on the market.
ADALend will also build on further developments on the Cardano blockchain carried out by Input Output Hong Kong (IOHK), which has a very strong team that is always working to further improve the blockchain.