Adadao, a decentralized stablecoin platform, is proud to announce the release of its first version of testnet. Testnet will go live on Friday, 10th Feb 2023 15:00 UTC.
This testnet will allow users to test the platform’s stablecoin issuance, deposit, withdrawal, liquidation, Stability pool and rewards functionality. It will also provide valuable feedback to the Adadao team to further improve the platform before its mainnet launch.
How to Participate
Though this testnet was was initially created for internal and a very closed testing. But due to community request we are releasing this in public domain so that COMMUNITY can get their hands on what we have been developing and how their user experience would be with Adadao protocol.
A detailed user’s guideline have already been released in our previous Medium article which can be viewed here.
Testnet website link, user login credentials and system script addresses will be shared with the launch.
Limitations of testnet
It is important to understand that this is a very first version of testnet and has its own limitations and short comings-
- Vey limited number of users- As this testnet is PAB based and uses Cardano wallet. Running more PABs requires high server usage besides PABs cause large memory leaks. Using PABs and Cardano wallet makes it quite difficult to raise number of users.
- Also due to limited numbers of users you might experience multiple people testing the testnet with same login and password this might override your previous executions.
- Slow executions- You might observe transactions delays on pre production testnet. SO, if you get the error like “Cannot read properties of undefined” this probably means that blockchain hasn’t seen the result of a previous transaction. Wait for a while and try again.
- Unstable environment- Since PAB works really unstable, as there is kind of memory leak and due to this we have configured regular automatic updating within certain time period. If transaction doesn’t go through for the first time , wait a few minutes and try again. If after several attempts the transaction still doesn’t go through , please let us know and we will restart the PAB manually.
- Typos and weird error messages- Our focus were mainly to make the code work. You might see error messages which are not relevant or some typos here and there. Please ignore it, these are cosmetic changes and you won’t see them in final release.
By the time we were developing the protocol , tools for working with light wallets on testnet were not available so we decided to work with PAB and Cardano native wallet. But now a solution has appeared on Cardano and it would allow us to remove PAB and Cardano wallet from the app and make it work with browser wallets like Nami etc. Our next step is to launch testnet v2.0 with browser based wallets and remove PAB. This will make the dapp more scalable and user friendly. We have already started working on this and we will be sharing updates regarding this development in our weekly technical reports.
We encourage users to join our testnet and help us build the future of stablecoins.
The Adadao team is dedicated to providing a secure and decentralized stablecoin platform for users and we look forward to your participation in our testnet.
ADADAO ($ADAO) is a DeFi protocol on Cardano blockchain which facilitates creation of fully collateralized stable coins leveraging Native Cardano Assets. ADADAO functions as a DAO (Decentralized Autonomous Organization).
The protocol has a unique design with the following salient features:
- It is interest free. There is a one time fee for use of the protocol and then the borrower can keep the loan as long as he wants , provided that he maintains the collateral.
- Liquidations happen through the stability pool. It is a pool of AUSD stablecoins staked by users which facilitate the liquidations at a fixed price. The liquidation penalty realized during the process is distributed to the stakers proportionally.
What problems does ADADAO solve?
There is no working on chain collateralized stablecoin on Cardano yet. Even on other chains, current protocols incur high interest rates on assets borrowed from users making leveraging very risky. There is a vague liquidation process based on an internal auction mechanism which forces protocols to initiate liquidation at higher liquidation ratio in order to be able to compensate for the uncertainty in the realizable value.
ADADAO Official Socials
To find out more about the project and keep up with its latest developments, follow their official channels.