The election for the best DeFi project of the year 2021 took place on November 16 in Malta. The ADA Finance project won the “palm of gold”! This is a project that brings together many decentralized financial services (loan, yield farming, trading, etc.). His particuliarity ? This project is built on the Cardano and Avalanche blockchains.
DeFi projects are multiplying and always opening up more opportunities for lovers of decentralization! When it comes to blockchain, DeFi has often been synonymous with Ethereum! It is true that the Ethereum blockchain is a leader in the field. But many other blockchains are coming to this niche. The proof with the best DeFi project of 2021 which is hosted on the Cardano and Avalanche blockchains!
The election of the best DeFi project 2021
Each year the election for the best DeFi project takes place. The election was held in Malta on November 16, 2021 during the AIBC Summit.
- The following six projects were eligible for the title:
- ABEY Foundation;
- ADA Finance;
- GoldFinX;
- SafeMoon;
- openware.com;
- Woonkly.
The ADA Finance project was voted “best DeFi project” for 2021. Interestingly this project is not built on the Ethereum blockchain. Let’s find out more about the winner of the competition!
What is the DeFi ADA Finance project?
The ADA Finance project is hosted on the Cardano and Avalanche networks. Concretely, ADA Finance is an application that offers all kinds of financial services. With ADA Finance, everything is grouped together one platform. DeFi users therefore do not have to use several applications depending on the service sought.
In fact, ADA Finance offers the following services:
- Borrowing and loan. You can obtain a financial loan or make your funds work by lending them (maximum daily rate of 2%).
- Yield farming. Conventionally, users who participate in the liquidity of the platform are rewarded.
- Margin trading via the ADAFI Swap platform.
- IDO Launchpad. It is a platform that allows the financing of new crypto projects. Concretely, the user has preview access to new tokens with high potential.
The platform’s native token is called ADAFI. By holding this token, users have some level of control over the protocol and receive rewards.
The potential of ADA Finance has caught the attention of several large investors. This is the case for example of Roger Ver, Bitcoin investor since 2011 and former CEO of Bitcoin.com. Roger Ver is also known for having invested in the past in various projects such as Ripple, Kraken, Shapeshift or even Bitpay.
With the prize for “best DeFi 2021 project”, the ADA Finance platform is getting a good spotlight. There is no doubt that the application has not finished talking about it since its IDO is scheduled for mid-December 2021!