Categories
Cryptocurrency Finance

Meld’s Revolutionary Breakthrough: 100M Tokens Staked in Record Time on Cardano-based DeFi Platform

In only three days, Meld, a new decentralized financial system that emerged on the Cardano (ADA) blockchain, managed to stake 100 million of its native currency MELD.

Meld announced the milestone on Twitter, with the achievement contributing to the DeFi protocol’s goal of providing services for staking bitcoin as collateral for fiat loans.

According to Meld, it aims to reach the world’s unbanked, while depending on Cardano to target nations with a large crypto population.

Meld’s approach requires customers to deposit cryptocurrency that will be locked in the account before borrowing loans backed by Cardano based on the locked collateral.

In the case of Cardano, you do a soft link of the asset from your wallet to the stake pool. So you’re pledging or you’re voting with your tokens. Your tokens always stay or your coins always stay in your wallet, but they’re locked up and they can’t be used for anything else,

Ken Olling, CEO of Meld

Meld permitted token holders to commit over 620 million ADA, almost $1 billion, in order to create the groundwork for the system. As a result, the platform was able to raise $10 million through a private token sale as part of a fundraising round.

Meld also used the ISPO crowdfunding model, with the staking pool quickly filling up with 64 million ADA. Within five days, the ISPO had four additional pools opened that filled up with 133 million ADA.

Users will be open to choose between a six-month lock or 12 months with a 12 percent and a 15 percent annual percentage rate, respectively.

Meld has also worked with Tingo, an African mobile operator, to incorporate the app.
In addition, the DeFi protocol is collaborating with Polygon, Vent Finance, and ADAmatic to link the Polygon and Cardano blockchains.

By Edward Fitz Abucay

"How long is forever?"

I'm a software engineer with a passion for innovating and creating products, especially for startups in the web3 and blockchain space. I'm always excited to learn and work with new technologies, and I'm committed to delivering high-quality solutions that meet the needs of my clients or users.

In my free time, I enjoy listening to music of all genres, but classical music holds a special place in my heart. I find it both inspiring and calming, and it helps me to stay focused and creative. I'm also an avid reader of books and manga, and I enjoy discovering new authors and stories.

As a software engineer, I have a strong technical background with experience in various programming languages, frameworks, and tools. I'm always striving to improve my skills and stay up-to-date with the latest trends and best practices. I love working with startups, especially those in the web3 and blockchain space, because I believe that these technologies have the potential to revolutionize the way we live and work.

Overall, I'm a dedicated and driven individual with a wide range of interests and skills. I believe that my passion for software engineering, combined with my love of music and reading, makes me a well-rounded and adaptable professional.

Leave a Reply

Your email address will not be published. Required fields are marked *