Sundae and Liqwid Outline Pools Combining Trading and Lending on Cardano

Sundae Labs CTO Pi Lanningham presented plans for pools combining token swaps and lending with Liqwid at Cardano PRIME’s first Builders Call on October 27. Representatives of eight projects joined the AlphaGrowth-organized discussion. PRIME targets more than $200 million in additional total value locked, or TVL, in Cardano DeFi.

How the Proposed Pools Would Use Liquidity

The design builds on the recently launched Sundae v4. Lanningham explained that it supports swaps across multiple pools and interactions with other protocols within a single Cardano transaction. Developers can also customize pool behavior, providing the basis for the lending integration.

In his example, a pool holding ADA and the USDM stablecoin could deposit 80% of its liquidity into the corresponding Liqwid markets. It would receive qADA and qUSDM, tokens representing those deposits, while retaining reserves for smaller trades. A larger swap could withdraw liquidity from Liqwid within the transaction to complete the trade.

Liquidity providers would own a proportional share of the pool’s underlying assets and deposit tokens. Lanningham described an emergency withdrawal in which they would receive that mixture. The proposed pool would also support concentrated liquidity, allowing providers to allocate capital within selected price ranges.

Lanningham presented the pool as planned development without announcing a release date. He noted that developers customizing v4 pools would be responsible for securing the components they changed.

Liqwid technical lead Kylix outlined the lending infrastructure under development in V3: isolated markets and curator-managed vaults with separate asset and risk settings. He connected those features to support for tokenized real-world assets and yield-bearing tokens.

Financing Demand and Access to Capital

ReBond’s proposed fixed-rate bonds would connect Cardano investors with companies seeking financing. CEO Nik Green described a process in which a company requests a bond, a curator conducts due diligence, and investors fund it under published terms. Its initial use case concerns medical stop-loss insurance for self-funded U.S. health plans, covering eligible healthcare costs above agreed thresholds.

Access to capital on other networks was another focus. Sundial’s Sheldon Hunt described work on bridges and vaults connecting Bitcoin and Cardano. VIA Labs outlined AnyToAny, a planned tool for comparing bridge and token-swap routes by cost and speed. VIA distinguished that service from its existing cross-chain messaging infrastructure.

Dial and Sig Network addressed how users would interact with blockchain services. Dial’s representative outlined communications and payments linking phone numbers with blockchain addresses. Sig’s DMD described plans to connect Cardano DeFi with private user records on Midnight, identifying faster transaction finality and wallet support for private positions as priorities.

Asked how they would assess demand after PRIME incentives end, Kylix prioritized borrowing activity and revenue for lenders, curators, and the protocol. Hunt emphasized retained users and stable revenue. Dial’s representative argued that some products could need a year or longer to establish sustained use.

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Security Reviews and Launch Plans

PRIME’s organizers described infrastructure development as the first stage, followed by incentives and initial funding for vaults. They also discussed shared audit services with TxPipe and involving security reviewers earlier in development.

TxPipe’s Santiago Carmuega advocated defining a protocol’s intended behavior and the rules it must preserve before implementation begins. He explained that incomplete specifications force auditors to reconstruct what software was meant to do. TxPipe had redesigned its audit procedures over the preceding six months to incorporate automation and AI under human supervision, he reported.

Discussing V3, Kylix estimated that roughly two-thirds of Liqwid’s budget had gone toward security, including testing and formal modeling. He also argued that lending protocols need at least two reliable oracles, which supply information such as asset prices to smart contracts, to reduce dependence on a single source.

The teams reported different stages of readiness at the time of the call:

• ReBond was operating on a test network. Green expected an audit to begin that week, followed shortly by a Cardano mainnet launch.

• Sig Network reported that Nightmode was available on Midnight Stagenet with Ethereum connectivity. Its Cardano connection was not yet available.

• VIA Labs planned to release the first AnyToAny testnet version in the following weeks.

VIA Labs identified integrations with other protocols as the next step after building AnyToAny. The team intends to make cross-chain routes available inside partner applications, allowing those services to incorporate transfers into their deposit and DeFi workflows.