Lending & Borrowing Live on Cardano - Aada Finance Tutorial!
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- Опубліковано 3 сер 2024
- Going through the Aada finance lending and borrowing platform on Cardano which went live today. I cover what Aada is and how their P2P (peer to peer) lending platform works. I go over all the different elements like loan amount, collateral, interest rates and health factor. I also show some of the loan I took out on the platform.
🔗 Links
Aada Platform - app.aada.finance/market
Gitbook Guide - aada.gitbook.io/aada/
⏲️ Timestamps ⏲️
0:00 Lending and borrowing on Cardano
0:41 intro to aada finance
1:33 How Aada Lending and Borrowing works
3:23 Why would you take a loan on aada
5:19 My first loans on aada finance
7:48 Submitting a loan request on aada finance
10:20 Summary of aada finance launch
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Disclaimer: Everything in this video is my own opinion and is not financial advise as I am not a financial advisor. I am just a random guy on the internet with a big passion for crypto - Розваги
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All links mentioned are in the video description
great vid thanks Paul, amazing to see this on Cardano, was big user of Anchor and so very excited to see how lending and borrowing will increase utility and adoption. Hadn't really used P2P lending and borrowing before so looks really interesting.
Thanks Philip, ya good to have some options now. I think once we get Ardana, liqwid and stable coins then DeFi can really grow and bring lots of opportunities
seems a cool way of doing business and very safe since it's on the blockchain
Excellent tutorial!
personally, I can't wait for PulseChain
Ty Paul wanted to learn more on this
Cheers Daniel
Thx Paul!
So when you request a loan and someone fulfils it, does an NFT bond get generated and put into your wallet? You can then sell that NFT to someone else and then they'll have the option to repay it correct?
Yes when I created the loan I got an NFT into my wallet but I haven't looked at options on selling them yet
Yes, you can even transfer this lend/ borrower nft to another wallet. There will be a marketplace soon for trading this loan obligation nfts like bonds in the real fiat world!👨🏻💻💼
Perfect thanks for the response. Seems like a missed opportunity though not mentioning this feature in the video.
I don't understand crypto loans. The purpose of a loan is to borrow money you don't have. So why would anyone want to borrow 1k ADA is they already have 1k ADA?
Well, if you need a loan you usually go to a bank. Let us assume you need 100k USD, the bank will look for some collateral, right? You say that you have a house. The bank will say that it will take the house, but only if the house is worth at least 150k. So you are giving more than you get. The thing is that you wanna keep the house and not sell it, so you use it as a collateral in hope that you will make money with the loan and pay your debt to the bank. The ideal situation is that you will get back the house, pay the debt and that you made some money. Same goes for crypto, maybe you have 1 btc but you are not willing to sell it because you have a plan to make money with your crypto loan. So if you make money, you will get richer and you will get back your 1 btc.
hi Paul, when you set how much interest rate you'r willing to pay when you take a loan for 6 days or 6 months. Do you then pay interest rate for everyday for 6 days or every month for 6 months or how does this really work?
Yes looks like you pay that interest no matter how long the loan is
@@CardanoWithPaul thanks mate
Question!! I just finished my first loan on AADA, it says I can withdraw the loan + interest but when I try to do that it says "You do not have collateral set in your wallet" What do I have to do next?
Has anyone heard whether the DeFIRE Aggregator project still being developed. Haven't heard anything re this for a looonngg time. I bought some tokens on Uni a while ago
No haven't heard anything from them in a long time, its not a project I ever really looked much into though
Does this app have it own wallet? Do I just send ADA from my Daedalus wallet to this app in order to lend?
Never experienced it before, but what will happen to the collateral when a loan is defaulted? Will the borrower get some back? Thanks
No with Aada / Lenfi the lender gets all the collateral
@@CardanoWithPaul All? wow. Thanks
I made a loan, paid back & my collateral has gone! Help 🤦🏽🤷🏼♂️
Can ADA used as collateral still be staked by the borrower?
Not for now anyway as it is sent into a smart contract. Would be good to see it added though as then the borrower would still earn staking rewards so could offer higher interest rates to lenders
I was expecting AAVE like. I found it underwhelming :( I'm a bit disappointed.
Ya I'm looking forward to that type of platform too. We will need to wait for Ardana and Liqwid to bring them features