The decentralized application blockchain, Cardano, has just announced an innovation it has built on its ecosystem for NFT enthusiasts and users. The blockchain network is set to launch a new feature/platform that allows the non-fungible token to be borrowed or lent out to its users.
Cardano Launches Lending and Borrowing Protocol
The Cardano blockchain network has undergone many changes and system upgrades in the past few months. The blockchain network upgrade has been made known by the founder, Charles Hoskinson, since late 2021.
There have been announcements and plans of upgrading and a possible Vasil hard fork upgrade on the network. However, the upgrade has been postponed severally due to hitches and bugs on the blockchain network. Although there are speculations that the upgrade will happen soon, the upgrade still seems surreal.
Before the Vasil hard fork upgrade, the blockchain added a new protocol to its network to allow the lending of NFTs. The latest protocol, Aada V1, is well known digital assets platform that lens out virtual currencies and assets to its users.
The Aada V1 protocol will be added to the Cardano (ADA) network on the 13th of September. The latest update was made known by the lending platform, Aada V1’s official Twitter handle.
Excerpts from the tweet “Aada V1 Audit, completed by Vaccum Lab. Our lending platform may be different”. The lending platform also announced an airdrop for interested users.
SPOs Should Move To Mithrill – Cardano Founder
Cardano blockchain network founder Charles Hoskinson has asked Single Pool Operators (SPOs) to test and use Mithril, an efficiency scheme. According to the founder, Mithril enhances and helps the productivity of the synchronizing nodes on the chain.
Charles Hoskinson, via his Twitter handle, accosted all SOPs to engage in the scheme as it’s still open-sourced. This will improve the security and interoperability of the DApp blockchain network.
After the launch on the testnet, users can borrow, give or lend assets from fellow users via NFTs. Following the protocol launch, Defi will get introduced to the blockchain network in September.
The Cardano IOG teams developed the Mithril signature scheme to scale up the productivity and interoperability of Cardano. The POS (proof-of-stake) decentralized application (DApps) run platform is the first mover of such platform or innovation globally. With the launch of the application, Decentralized Finance (Defi) will be introduced on the blockchain.