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- ADAlend winded its recent seeding round in just an hour
- Seven angel investors acquired 1.8 million ADAL tokens worth $540k in the seeding round
- The seeding round was oversubscribed by more 400%
- Those were left to make into the funding round have been whitelisted by ADAlend
ADAlend is a native decentralized finance (DeFi) protocol of Cardano. The ADAlend.finance brings decentralized lending to the world’s third-largest crypto project in terms of market cap as per CoinMarketCap. The Cardano native DeFi protocol has recently tended to sell its private sale. Notably, within just an hour, seven private angel investors purchased the entire seeding round. It is known that the seeding round consists of 1.8 million ADAL tokens worth $540k.
ADAlend seed round was oversubscribed
The binding of a seeding round in just an hour reflects the huge demand for high-quality AdaLend projects. It is observed that the seeding round completed its private sale of ADAL tokens with the launch of the ADA smart contracts era with the Alonzo upgrade. It is significant to note that the ADAlend seed round was oversubscribed by 400%. Moreover, those who were unable to make it into the funding round have been whitelisted by the protocol for the private sale.
Why is ADAlend’s demand outstanding?
ADAlend is based on a pure Cardano native token ADAL. The DeFi protocol is working to create a scalable and decentralized lending protocol on Cardano’s network. Notably, the project is governed by the Decentralized Autonomous Organization (DAO). Ahead of the establishment of ADAlend, protocols based on Ether blockchain like Aave used to dominate the decentralized industry. However, the team behind the Cardano native protocol acknowledges that the exact time is favorable for a changing of the guard.
On the other hand, the team behind the protocol observed that the incredible pace of transactions with lower fees on Cardano made the perfect network upon which to develop a democratic lending platform. Whereas, on the Ether chain, the gas fees are way high in comparison to Cardano. Hence, ADAlend on the underlying chain behind ADA has become a platform for anyone willing to borrow fiat without spending their cryptocurrency or earning a market-beating yield on their holdings.
Power to the latest storming financial markets
When it comes to Proof-of-Stake mining consensus, Cardano is seen as the industry leader. The blockchain consists of a collection of protocols for economic assistance to billions of individuals. Over the past decade, the DeFi sector has evolved rapidly with the crypto market. Indeed, now the ADAlend protocol will power the new flood of nimble monetary demands by offering a layer for instant loan approval, automated collateral, trustless custody, and liquidity.
