Ahead of its launch on 13 September, Cardano-based Aada Finance is offering a $25,000 bug bounty competition; those who can spot critical smart contract vulnerabilities and provide suggestions on fixing them will be eligible for the prize.
Aada Finance is the first protocol set to offer NFT lending and borrowing services on the Cardano blockchain. It aims to build a platform where users can maintain their requests in an order book with complete control.
Fighting challenges of theft and system failure
The prize amount for the competition is $25,000 though the payouts will be made in AADA tokens.
Primarily, it aims to address two challenges, theft of tokens and shutting down of the whole (or parts of) the platform.
One can mint NFTs on the Cardano blockchain through either native third-party services or self-minting using the native node. Cardano charges a fee for every transaction- minting, buying, and selling of NFTs or tokens. It also facilitates building a marketplace where NFTs can be minted, traded, and stored.
First protocol to bring NFTs to Cardano
Aada Finance intends to be launched in advance of the Vasil upgrade scheduled on 22 September. This is an example of the power of Vasil that’s 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,” tweeted Charles Hoskinson, co-founder, and CEO of Cardano.
Aada Finance is the first DeFi application to bring NFTs to the Cardano platform. Aiming to leverage the first-mover advantage, it wants to keep up with the Vasil update too. Users can lend and borrow NFTs in a peer-to-peer manner using the unique NFT bond strategy.
Its Aada 3-Node Liquidation Oracle helps lenders liquidate their loans if a rapid loan health factor downfall occurs.
