Aada Finance Releases One of Few Public Smart Contracts on Cardano

On February 1st, Aada Finance released their first smart contract as part of their token swap feature. The feature allows users to exchange their AADA V1 tokens for the newly-minted V2 ones at a 1:1 rate. So far, the code is also one of the first public smart contracts on the Cardano network.

“It was a great opportunity for us to test the Plutus smart contract for the first time. The event will certainly give us a deeper understanding of how the programming language works. Also, the public release is fully intact with our vision for full transparency in our work.”, says Rytis Andriuska, Co-founder of Aada Finance.

While the token swap wasn’t part of their roadmap, the Aada Finance team naturally needed the feature. Due to changes in the tokenomics, the protocol’s native asset saw a token supply reduction from 100,000,000 to 29,500,000 AADA tokens. Apparently, the Cardano burning mechanism is still in the works, so the team had to mint a new batch of V2 tokens.

Of course, the old tokens are still official but won’t be eligible for use on protocol launch. Thanks to the AADA V1 token swap feature, the protocol supporters will quickly switch to the new tokenomics. The service will be available until users swap all V1 tokens.

What is $AADA?

The $AADA token’s primary purpose is to serve as a utility source and governance for the Aada Finance protocol. The native Cardano asset aims to facilitate the growth of the ecosystem and community by providing different use cases for the protocol users. Perhaps, the most common ones include trading, staking and providing liquidity. What’s more, users will be able to take advantage of their $AADA tokens for lending and borrowing on the platform.

About Aada Finance

Aada Finance is a pioneer Automated Market Maker (AMM) protocol on the Cardano blockchain. It essentially operates as an intermediary in the lending and borrowing process through an innovative NFT-bond strategy. Consequently, the protocol mints an NFT-bond in the form of a digital agreement between the lender and borrower. Moreover, users can use the platform for pooled lending, staking, or taking under collateralized loans, a.k.a flash loans. The protocol utilizes Cardano’s ultra-low transaction fees and the PAB contract security as the platform’s main perks. Ultimately, Aada Finance aims to provide a safe and user-friendly financial solution to the entire Cardano system.