After the December crash, cryptocurrencies are experiencing exponential growth once again. They are well on their way to recovery and have been steadily gaining more supporters than ever. With the whales also purchasing more on the dip.
With many institutional investors aboard the crypto train and many people also adopting it is time to get into the nitty-gritty of things. Crypto lending has become increasingly popular since its launch in October last year. It, as the name suggests, lets the owner of the digital asset lend it to someone and accrue interest in that time period.
But the Lend feature has been riddled with technical difficulties and this is where AdaLend comes into the picture. It is a scalable and user-friendly Layer-1 platform that can instantly approve loans, automate collateral and augment lending liquidity too. It is built on the Proof of Stake(POS) blockchain by Cardano.
Adalend says that they used Cardano because it is cost-effective and very versatile. They aim to build the next generation of crypto platforms focused on lending. With Cardano being 47k X much more energy-efficient than BTC it is a great long term investment. With a gas fee of $0.35, it is more than a 100 times lower than that of Ethereum.
Cardano is constantly being updated and has a robust community that votes on many things. Its blockchain has also been up and running for years and offers more security than the others. Not only that it is not prone to technical problems like Bitcoin and Ethereum.