Ahead of its September 13 launch, Cardano-based Aada Finance is offer a $25,000 bug bounty contest; those who can spot critical smart contract vulnerabilities and provide suggestions for fixing them will be eligible for the prize.
Aada Finance is the first protocol 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 full control.
Combat the challenges of theft and system failure
The contest prize amount is $25,000, but payments will be made in AADA tokens.
It mainly aims to address two challenges, the theft of tokens and the shutdown of the whole (or parts of) the platform.
One can create NFTs on the Cardano blockchain through native third-party services or by using the native node. Cardano charges fees for each transaction – minting, buying and selling NFTs or tokens. It also facilitates the creation of a marketplace where NFTs can be minted, traded, and stored.
First protocol to bring NFTs to Cardano
Aada Finance intends to launch ahead of the Vasil upgrade scheduled for September 22. This is an example of Vasil’s power coming this month.
The new features greatly improve many different DApps and allow 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 app to bring NFTs to the Cardano platform. Aiming to take advantage of the first mover advantage, he also wants to follow Vasil’s update. Users can lend and borrow NFT peer-to-peer using the unique NFT bond strategy.
Its Aada 3-Node Liquidation Oracle helps lenders liquidate their loans in the event of a rapid drop in loan health factor.