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ADALend on the Cardano blockchain is the future of DeFi



ADALend is developing a scalable and decentralized lending protocol as part of the Cardano ecosystem, which is regulated by the Cardano community.


The ADALend protocol introduces a new generation of flexible financial services for digital assets. The protocol forms the basis for fast lending, automatic hedging, reliable custody and liquidity.


Why Cardano?

The Cardano blockchain platform (ADA) has several functionalities that offer many advantages for the ADALend protocol. In order to create a scalable, transparent and resilient cryptocurrency, Cardano (ADA) uses state-of-the-art technology. The platform is a publicly accessible blockchain network and is currently one of the best-known cryptocurrencies.


With Input Output Hong Kong (IOHK), Charles Hoskinson laid the foundation stone for what is undoubtedly the most important third-generation blockchain asset in 2017.


Cardano (ADA) has a well organized team and a clearly defined plan for the future development of the company. Due to the great scaling potential and the possibility of decentralized applications, the blockchain is exactly right to meet the requirements.


ADALend drives DeFi development

ADALend uses Cardano as the primary blockchain for the DeFi system. In contrast to AAVE, which is based on Ethereum , with Cardano it is significantly cheaper to create, send and receive contracts. In 2021, the Ethereum price skyrocketed. This made the high fees a serious problem for anyone using the AAVE protocol at the time.


There are reports that the average transaction costs in 2020 and 2021 were up to $ 80 in some cases (BitInfoChart). However, Cardano's fees are still low compared to other cryptocurrencies. This can primarily be traced back to the dual design of the network, which separates calculation and payment processes from one another.


The Ethereum network is still using a Proof-of-Work (PoW) blockchain. This makes the network inefficient compared to the Cardano blockchain, which is based on a proof-of-stake (PoS) system. In contrast to the Ethereum blockchain, the Cardano blockchain also enables significantly more transactions to be processed.


More security and efficiency

The Cardano blockchain also works at a much higher speed. To make auditing easier, the Cardano code base was written in Haskell. Haskell is a widely used programming language specially chosen for this purpose.


In contrast, Solidity is a particularly specialized programming language that was created by the Ethereum developers. Only a small number of programmers use this language and it is not subjected to rigorous peer review. However, the greater the number of engineers who can review the code, the more secure the entire system becomes.


In other words: The Cardano developers want the blockchain to be as free of code errors as possible in order to avoid future security risks.


ADALend uses Chainlink and Ergo to offer customers more security and efficiency. The use of Ergo's Oracle pools is more flexible than the architecture of Chainlink oracles and relies on many individual data sources. AAVE only uses Chainlink oracles.


Cardano uses the Ouroboros algorithm, a proof-of-stake system. Since ADA owners can secure the network with their assets, network resources can be used more efficiently. The result is a significantly less resource-intensive system than Ethereum . A network primarily operated by miners who require large amounts of electricity to operate.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.


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