ADADAO: The World’s First Interest-Free Stablecoin Protocol
In a matter of years, cryptocurrencies have evolved from digital novelty to trillion-dollar technologies capable of upending the global financial system. Hundreds of other cryptocurrencies are becoming increasingly popular as investment vehicles. With the advent of popular cryptocurrencies such as Bitcoin, Ethereum, Tether, and Cardano, the world has abruptly begun to dig into its digital devices and vigilantly monitor the benefits and disadvantages of cryptocurrencies.
One prominent cryptocurrency and fast-growing blockchain network in the digital era is Cardano. As a third-generation public blockchain, Cardano is built into a decentralized application development platform (DApp) with a multi-asset ledger and verifiable smart contracts. It aims to provide the scalability, interoperability, and sustainability required for real-world applications.
Cardano’s ecosystem continues to grow as it develops secure, long-term blockchain solutions for real-world use cases. Several Dapp categories exist, including DeFi, identity management, voting, games, and more.
There is a new protocol in the DeFi space that adopts the proof-of-stake consensus mechanism of the Cardano blockchain. This Defi protocol facilitates the creation of fully collateralized stable coins leveraging Native Cardano Assets. Introducing the world’s first interest-free stablecoin protocol built on Cardano — the ADADAO.
ADADAO is a decentralized and completely trustless protocol based on smart contracts It is the first stablecoin project based on interest-free borrowing. Because it’s on the Cardano blockchain, it is scalable, interoperable, and sustainable, bringing volatility-free, mobile, and accessible stablecoin to the DeFi environment.
ADADAO functions as a DAO or Decentralized Autonomous Organization. The ADADAO is a utility and governance token abbreviated as ADAO, which rewards holders with profits and allows those stakeholders and users to decide how the protocol functions. As a governance token, ADAO holders have the power to add a new collateral asset type with a unique set of risk parameters, choose the set of oracle feeds, emergency oracles, trigger an emergency shutdown, upgrade the system.
The ADADAO protocol’s stablecoin is called AUSD. The AUSD stable coin is a soft-pegged cryptocurrency that may be saved, stored in wallets, or used on decentralized platforms. It is a permissionless technology, and all issued stablecoins are backed by excess collateral on-chain. This makes AUSD easier to generate, access, and utilize. The ADADAO Protocol allows users to earn AUSD by depositing collateral into ADADAO Vaults, which is how AUSD is circulated and users can access liquidity. AUSD can be transmitted to others, used to pay for products and services, or used to buy more ADA to create a leveraged position. Once generated or received, AUSD can be used just like any other cryptocurrency: it can be distributed to others, used to pay for products and services, or used to purchase additional ADA to leverage a position.
Along with its smart contract infrastructure, the ADADAO protocol is reliant on several key external actors to keep things operating. Among these external forces are Keepers, Oracles, and Global Settlers, as well as members of the ADADAO community. Keepers profit economically from the protocol, Oracles and Global Settlers are external participants who have been granted specific permissions in the system by ADAO voters, and ADADAO community members are individuals and organizations that supply services.
To ensure that the ADADAO protocol operates seamlessly, the development side of the project is managed by highly-skilled people with solid experience in business and information technology. These professionals include Obaid UI Ahad who serves as CEO, Murshid Alam as CTO and blockchain developer, Irfan Khan as CMO, Rizwan Khan as Haskell Developer, Md Danish Alam as Community Manager, and Brecht Malfait as Marketing Lead. Further, the development team is backed up by strategic partners, including Kryptonite, Crypto Vietnam, MH Ventures, FF Capital, Crypto Kingdom Ventures, Spirit Ventures, AB Ventures, Empire Venture Capital, and Insiders Ventures. Also, ADADAO partnered with Launchpad companies, including Cardence, Kick, Solster, Adax, and Coinswap Space.
Coinswap Space, an active decentralized exchange (DEX) platform, acknowledges the importance of stable soft-pegged and permissionless cryptocurrency in the DeFi community. As a result, Coinswap Space has become a launchpad partner of ADADAO. This collaboration will likely benefit and expand the platform’s users and holders.
ADADAO will be released on the Coinswap Space platform and will conduct an AMA: Ask Me Anything event, allowing crypto enthusiasts and film players worldwide to interact with the ADADAO and CSS team.
Please join us for this highly anticipated event. We’ll see you all at the next AMA on February 21, 2022, at noon UTC. The IDO will officially launch very soon on the Coinswap Space ~ spacePad.
Do you want to know how to join their upcoming IDO on spacePad? It’s easy! All you need to do is to create a Cardano Wallet thru Yoroi! Here’s how you do it!
Yoroi allows for instant initial setup and quick and easy operation. It runs on Chrome (https://chrome.google.com/webstore/detail/yoroi/ffnbelfdoeiohenkjibnmadjiehjhajb) , Edge (https://microsoftedge.microsoft.com/addons/detail/yoroi/akoiaibnepcedcplijmiamnaigbepmcb) , FireFox (https://addons.mozilla.org/en-US/firefox/addon/yoroi/) , Android (https://play.google.com/store/apps/details?id=com.emurgo&hl=en) , IOS (https://apps.apple.com/us/app/emurgos-yoroi-cardano-wallet/id1447326389)
Step 1: To begin, go to https://yoroi-wallet.com/ (or just Tap on the above Blue names of your choice) and click “Download.” We’ll be using the Chrome extension for this tutorial. Once you have agreed to the terms and conditions, the extension is automatically installed. Open up the extension, choose your preferred language and then click “Next.”
Step 2: You will now have the option to choose between Yoroi Wallet’s basic or advanced versions. Choose the one that best meets your requirements. We shall be using the “simple version” in this tutorial.
Next, select whether or not to allow Cardano to use payment URLs. Remember that Cardano or the Yoroi Wallet will never share or store any of your personal information without your permission.
Step 3: You must now choose one of the following three options: “Create a wallet,” “Connect a wallet,” or “Add hardware wallet” to continue. In this case, we will be creating a new wallet.
After you have clicked on “create a wallet,” select “Cardano” in the following pop-up. Then, select “Create Wallet” once again.
Step 4: You will now be prompted to enter your wallet name, password and validate your identity. After that, you will need to make a note of the 15-word recovery phrase. It is vital to keep this safe to recover the wallet.
Step 5: Now select “Receive” from the top menu and Copy your $ADA address, this is Your Cardano/ADA Address. Paste it to purchase the window box.
After that, you’re ready to go!