ADAlend.finance , a protocol that is bringing decentralized lending to the Cardano blockchain, has just sold out its private sale in less than one hour. Seven private angel investors have purchased the entire seed allocation of 1.8 Million Cardano native ADAL tokens for $540,000.

Seed round oversubscribed 400%

As a reflection of the huge demand for high quality Cardano native DeFi projects, and the perfect timing with the launch of ADA smart contracts around the corner with the Alonzo upgrade, the ADAlend seed round was 400% oversubscribed, and those who did not make it into the seed stage have been whitelisted for the private sale.

ADALend is governed by a DAO

ADALend is building a scalable and decentralized lending protocol on Cardano, governed by the DAO and based on a pure Cardno native token ADAL. Until now Ethereum based platforms like Aave have dominated the DeFi lending space, but the team at ADAlend believe the time is right for a changing of the guard.

The speed and low transaction costs of Cardano…

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Source: https://news.bitcoin.com/adalend-is-building-a-cardano-native-scalable-and-decentralized-lending-protocol/