Cardano Native DeFi Protocol ADAlend Sells Out Seed Round in 1 Hour
ADAlend.finance, a protocol that is bringing decentralized lending to the Cardano blockchain, has just sold out its private sale in less than one hour. Seven private angel investors have purchased the entire seed allocation of 1.8 Million Cardano native ADAL tokens for $540,000.
Seed round oversubscribed 400%
As a reflection of the huge demand for high-quality Cardano native DeFi projects, and the perfect timing with the launch of ADA smart contracts around the corner with the Alonzo upgrade, the ADAlend seed round was 400% oversubscribed, and those who did not make it into the seed stage have been whitelisted for the private sale.
ADALend is governed by a DAO
ADALend is building a scalable and decentralized lending protocol on Cardano, governed by the DAO and based on a pure Cardano native token ADAL. Until now Ethereum based platforms like Aave have dominated the DeFi lending space, but the team at ADAlend believe the time is right for a changing of the guard.
The speed and low transaction costs of Cardano (compared to the extortionate gas fees on Ethereum) make it the perfect blockchain upon which to build a democratic lending platform for anyone in the world who wants to borrow dollars without spending their crypto, or earn a market-beating yield on their digital assets.
The Adalend protocol will power the new wave of flexible financial markets
Cardano is the market leader in PoS as a collection of protocols for economic support to billions of people. Over the last decade, the decentralized Finance (DeFi) space has been forced to evolve to keep pace with the development of the digital asset market. The Adalend protocol will power the new wave of flexible financial markets by providing a layer for instant loan approval, automated collateral, trustless custody, and liquidity.
To learn more about the ADAlend vision and mission please visit: https://adalend.finance/
To learn about the ongoing private sale, and how you can apply for an allocation, please email our team on [email protected]Source