The partnership of the WingRider, a decentralized exchange built on the Cardano blockchain network, and AADA Finance, a lending protocol that runs on the same Cardano chain but is backed by NFTs was made known on their official Twitter handle.
As a result of the collaboration, the users can now swap their collateral to ADA if loan liquidation is initiated.
Facts About The WingRider
It is good to know that the WingRider is the largest decentralized exchange on Cardano with a $52 million total value locked. The mode of operation is also explained in a graphic video attached with the updates and it explains as follows:
- There are two ends in the operation and the center
- On one end, there is a Rider representing the WiingRider customer
- At the center, there is an AADA Finance loan taken by the customer
- On the other end is the WingRider system.
- Having understood the above steps, the Riders start a liquidation of their collateral which is then transported to WingRiders and the Riders receive ADA in their account.
It is good to know that the ADA is the native crypto coin used in the Cardano blockchain and gives the Rider proximity to the “global” currency of the Cardano ecosystem and leeway to do other things with it. Users can now buy with these ADA NFTs and they can stake it as well.
The partnership will drive the users towards ADA and also increase the use cases of the coin. In the long run, it will have a lasting effect on the price of the coin.
Cardano Celebrates Over 1000 Projects On Its Blockchain.
The number of actively developed applications in the Cardano ecosystem is now above 1000 as stated by the Essential Cardano website. The notable statistics on the infographic is the number of recently developed solution and applications on Cardano and the increase in the amount of Plutus scripts.
Djed Gets Another Partnership
As stated by the COTI’s Twitter handle, the overcollateralized algorithmic stablecoin, Djed entered into another partnership with RealFi start-up thrift.
Through this new partnership, the Djed is now the official stablecoin of all thrift projects which includes a P2P platform, wallet, fiat off-ramp solution, and thrift protocol.