News10 September 2021

DeFi Protocol ADALend Seed Round Sells Out In 1 Hour

ADALend Sells Out Seed Round in Under 1 Hour

Summary

  • Cardano’s ADAlend.finance sells out seed round in less than an hour
  • The seeding round was 400% oversubscribed
  • ADALend hopes to become a leading lending protocol

Cardano-based DeFi lending protocol, ADAlend.finance has sold out its private sale in under one hour. The seed round saw participation from leading DeFi angel investors who managed to buy the seed allocation of 1.8 million ADAL tokens worth $540,000. The seed round was 400% oversubscribed, reflecting the huge demand for Cardano DeFi projects. Investors who did not make it to the seed round have been whitelisted for the private sale.

ADALend aims to build a decentralized and scalable lending protocol on the Cardano platform under a DAO. The protocol will be 100% based on ADAL, Cardano’s native token. In the past, the DeFi lending space was dominated by Ethereum-based platforms like Aave. The ADALend team strongly believes that this Cardano project will be a game changer.

Cardano stands out mainly due to its easy-to-use platform and low transaction costs. This makes it the ideal blockchain for building a more user-friendly lending platform for digital currency investors from all over the world.

Kibet Elikana
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