Cardano’s First NFT Lending Platform Announces $25,000 Bounty Before Mainnet Launch

Aada FinanceCardano’s first NFT lending and borrowing protocol is hosting a bug bounty competition ahead of its online network launch scheduled for September 13.

🎉 @AadaFinance has announced their $25,000 Bug Bounty Program.
🏆 Your contribution to finding bugs will ensure the safety of users’ funds and for the prosperity of Cardano DeFi as well as the entire ecosystem.
✅ pic.twitter.com/Qlfjg4lN5J

— Cardano Daily (@cardano_daily) 9 September 2022

As mentioned in a blog post, the reward size is $25,000 for a critical smart contract vulnerability.

After months of public testnet use, Aada Finance, a digital asset lending platform, is now prepared to launch Aada V1, which will enable users to lend and borrow assets between each other using a special non-fungible token (NFT) bond technique.

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Aada Finance intends to launch ahead of the Vasil upgrade which is expected to happen on 22 September. In a recent tweet, Cardano founder Charles Hoskinson talked about the upcoming Vasil as something that would enable the launch of new dApps.

“This is an example of the power of Vasil coming this month. The new features dramatically improve many different dApps and enable new dApps like Djed to be deployed on Cardano. This is just the beginning. EUTXO and Plutus are the gifts that keep on giving,” he wrote.

According to recent updates from IOG, 50% of the top 12 exchanges by liquidity, namely Binance, MEXC, Bitrue, AAX, WhiteBIT and BKEX, have indicated Vasil readiness. Coinbase and three other exchanges in the top 12 are in the process of updating their nodes. Ten other exchanges have indicated readiness for Vasil, while several are in the process of updating their nodes. Almost 50% of the top Cardano dApps have the status “tested” in preproduction while others remain “in testing.”

Cardano Founder Praises Crypto Community’s Loyalty

Cardano founder, Charles Hoskinsonwas recently drawn to data shared by social intelligence platform LunarCrush, which indicated that cryptocurrency social contributors fell by 0.71% over the past six months, suggesting little to no growth in crypto market participants.

This is indeed an unprecedented statistic. When you see a massive decline in a marketplace, you’ll typically see a double-digit decline in engagement and contributions. The fact that it remains stable means that the crypto community as a whole is loyal and has a long-term mindset

— Charles Hoskinson (@IOHK_Charles) 9 September 2022

Hoskinson thinks that’s something to be commended as most massive market declines are usually followed by double-digit declines in engagement and contributions. He added that “The fact that it remains stable means that the crypto community as a whole is loyal and has a long-term mindset.”

At press time, ADA was trading up 4.48% to $0.513.