The Adadao team has been unwavering in its commitment to bolstering the security and innovation of the protocol. We have executed the successful deployment of two comprehensive testnet versions, V1 and V2, both of which have received widespread acclaim for their robustness and functionality. These testnets have served as critical testing grounds, allowing early adopters to provide invaluable feedback and helping us fine-tune the protocol.
In Testnet V1, we introduced a PAB-based system that enabled users to explore and evaluate the various features and capabilities of the Adadao protocol. This initial version laid the foundation for subsequent iterations, providing a solid base for further development.
Building on the success of V1, Testnet V2 marked a significant milestone in the protocol’s evolution. In this version, we made substantial improvements by removing the PAB and integrating a Light wallet, starting with the seamless integration of the testnet with the widely acclaimed Nami wallet.
Testnet V2 brought forth a host of powerful features, meticulously developed and made readily available to our users. These features include:
- Stablecoin Issuance ($AUSD): Users can experience the issuance of Adadao’s stablecoin, $AUSD, and explore its stability and utility within the platform.
2. Vault Creation, Activation, and Closure: This feature allows users to create, activate, and close vaults, enabling them to manage their stablecoin holdings securely and efficiently.
3. Collateral Deposit, Lending, and Withdrawal: Users can engage in collateral deposit activities, initiate lending transactions, and withdraw their collateral when necessary, providing them with a comprehensive understanding of the lending mechanism.
4. Simple Oracle Functionality (Single Source): The testnet offers users the opportunity to evaluate the platform’s simple oracle functionality, which relies on a single data source for providing $ADA/Usd price feed data to the Adadao ecosystem.
5. Liquidation Functionality: Users can test the liquidation process, exploring how it functions and understanding its role in maintaining the stability of the Adadao platform.
6. Deposit to Stability Pool and Rewards Functionality: This feature enables users to deposit funds into the stability pool and assess the associated rewards mechanism, gaining insights into the overall incentivization structure of the Adadao platform.
Access to the Adadao testnet is readily available through our dedicated platform at https://test.adadao.org/. We encourage users to explore the various features and functionalities, providing us with invaluable feedback to further improve the protocol.
Features being developed before Mainnet
As we progress towards the Mainnet launch, we would like to update the community on the features that we are currently developing and will be integrating into the protocol. Post Mainnet launch, Adadao will continue its development and maintenance. Initially, the Mainnet will be launched with essential functionalities required for the secure and effective operation of the protocol. Subsequently, additional features will be incorporated through version updates.
The ongoing development includes the following key features, designed to enhance the protocol’s performance, security, and user experience:
1. Code Refactoring:
Code refactoring is an ongoing process aimed at optimizing the code flow, eliminating complexity and redundancy. The following tasks have been completed to improve security and reduce redundancy:
- Parametrization of scripts: All scripts have been made secure, with the on-chain part being protected. This ensures that even if someone tries to communicate directly with Adadao scripts (bypassing our off-chain part), they will encounter the same validations as when using the off-chain part.
- Removal of unnecessary steps: Steps such as activating vaults in the borrowing part and applying for withdrawals in the receipt part have been removed.
2. Integration of other Light wallets
To ensure broad compatibility, it is essential for the Dapp to support leading light wallets. We are pleased to announce the successful testing of integration with light wallets beyond Nami. The pre-production version of the project now supports Lode, Eternl, and Flint light wallets. Please note that the Gero and NuFi Pre-Production networks are currently unavailable.
3. Emergency Shutdown (Partial)
To address unforeseen circumstances or system vulnerabilities, the development of a mechanism for partial emergency shutdown is underway. While a complete emergency shutdown module will not be implemented before the Mainnet launch, we will establish a list of steps and mechanisms to prevent any unforeseen circumstances. However, two critical scenarios that need to be addressed before the Mainnet launch have been identified and will be part of the emergency shutdown feature:
a. Closure of Old Scripts: Since scripts in the Cardano blockchain are immutable, the introduction of new features or bug fixes requires the creation of new scripts. This means that the old scripts remain active without the new features, resulting in two active protocols. To prevent this, the old scripts need to be closed, preventing users from opening new vaults or borrowing $AUSD with old scripts.
b. Safe Protocol Migration: When the protocol is updated or a new protocol is created, users may have opened vaults with locked or unlocked collateral and unpaid debts. Additionally, there may be $AUSD tokens in users’ wallets. Currently, when the protocol is updated, users lose access to their vaults, and the AUSD tokens’ currency symbol changes. To ensure a smooth transition, a safe protocol closing and migration process is needed, including the migration of vault information and assets.
4. Oracle pool:
To enhance data security and reliability, we recognize the need to transition from relying on a single oracle source to a more robust system that incorporates multiple data sources. This will ensure the reliable and secure functioning of the Adadao protocol.
5. Security Audit:
Prior to the public launch, it is imperative to subject the protocol to a comprehensive security audit conducted by a reputable and credible firm. This audit will provide an additional layer of assurance and help identify and address any potential vulnerabilities.
These features, combined with the existing functionalities on the testnet, position Adadao as a pioneering force within the Cardano ecosystem. Our team remains dedicated to delivering a platform that is both technologically advanced and user-centric.
These features represent our current priorities for implementation before the Mainnet launch. However, please note that this is a work in progress, and we may add or remove features as necessary to ensure the secure and smooth operation of the Adadao protocol on Mainnet.
Features to be developed post mainnet
In addition to the aforementioned features, we have identified additional features that will be added to the protocol post Mainnet to further enhance stability and user experience. More detailed specifications for these features will be provided in due course.
- PSM (Peg Stability Mechanism) and Redemption Mechanisms: Assessing mechanisms that maintain the stability of the pegged stablecoin and enable users to redeem their stablecoin holdings as needed.
2. Auxiliary Liquidation Approaches:
Exploring additional methods for handling liquidations, such as debt auctions and redistribution mechanisms, to ensure the stability and integrity of the platform.
3. Emergency Shutdown (complete):
Implementing a mechanism for emergency shutdown to address unforeseen circumstances or system vulnerabilities.
4. Governance Contract and Onchain Staking: Developing a governance contract and onchain staking capabilities to enable community participation and decision-making within the Adadao ecosystem.
5. Liquidation Epoch Crossing: Examining the ability to seamlessly transition liquidation epochs, ensuring the efficient and timely execution of liquidation processes.
We are fully committed to delivering a resilient and user-centric platform. As we continue to evaluate and develop these features, we will maintain open communication with our community through Medium articles and other channels. We greatly value your ongoing support and feedback as we work towards the successful launch of Adadao on Mainnet.
ADADAO ($ADAO) is a decentralized finance (DeFi) protocol on the Cardano blockchain that enables the creation of fully collateralized stablecoins, utilizing Native Cardano Assets. ADADAO operates as a Decentralized Autonomous Organization (DAO). The protocol features a unique design, incorporating the following key attributes:
- It is interest-free. Once the user pays a one-time fee for protocol usage, they may keep the loan as long as the collateral is maintained.
- Liquidations are processed through the stability pool, a collection of AUSD stablecoins staked by users to facilitate liquidations at a fixed price. The penalty from liquidation is proportionally distributed to the stakers.
What problems does ADADAO solve?
To date, there are no on-chain collateralized stablecoins on the Cardano blockchain. Moreover, current protocols on other blockchains require users to pay high interest rates on borrowed assets, resulting in substantial risks in leveraging. The liquidation process is often unclear and involves an internal auction mechanism, which obligates protocols to initiate liquidation at a higher liquidation ratio to compensate for the uncertainty in realizable value.
ADADAO Official Socials
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