Dear NMKR community,
Post Vasil upgrade, Cardano's performance benefits particularly decentralized finance (DeFi) applications.
We are joined by Lukas, a member of aada.finance to discuss their thoughts on DeFi applications and their efforts to educate the community on the use cases.
The newly-enabled Aada launch V1 is a lending and borrowing protocol built on the Cardano blockchain that works in an order book style.
NMKR: What inspired you to start developing aada.finance? Please tell us what makes it so special.
Lukas: We were always interested in how humans cooperate with the trade and origins of money. DeFi was the tipping point that connected our passion (money market) and our profession (developers). Therefore, AAVE and Stani liquidity protocols were great examples and inspirations we wanted to follow.
We suppose having a working Dapp is something special. The fact that we are a team of devs gives us an edge as well.
NMKR: What are the major challenges you're facing right now?
Lukas: We don’t see high user engagement and liquidity on the lending side. We are spending time on education and sharing use cases for lending. Another issue is the Cardano TX size limitations that we all have to live with. Inventing new solutions and rewriting the code will solve that one too. The last problem (and a big one) is Oracles. There is no reliable Oracle solution built on Cardano yet. We kinda solved it by building our own liquidation oracle.
NMKR: What are you doing to get people to use or invest in your project?
Lukas: We don’t care about investing - we care about users. As mentioned before, we are investing time in education. We are sharing use cases, and projections to show users why to borrow assets.
NMKR: What do you think about NMKR? Tell us what we can do for you in the long run so we both win!
Lukas: It’s hard not to know NMKR when you are surrounded every day by Cardano field. We’ve been tempted to make an NFT collection using your tools, but currently, we are focusing more on our own development and leaving this idea for the future.
NMKR: What's your vision for the future of blockchain/decentralized technologies like Cardano? Please tell us what you're doing to make that future a reality.
Lukas: I think the Cardano Foundation should clearly define its work practices and ethics. There are many community versus the Cardano Foundation dialogs that should never happen in an open organisation.
NMKR: If our readers would like to contact you or follow the latest on aada.finance, where can they find you?
NMKR: Thank you for sharing your ideas with our community. Beyond applications like DEXs and NFT Marketplaces, we are confident that DeFi on Cardano will grow in popularity in the near future. We'll be sure to keep an eye on aada.finance, and we wish you the best of luck!