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Tag: ada

Meld A Cardano-based DeFi Gets 100M Staked Tokens

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.

Whales Seen Accumulating Cardano (ADA)

Despite the recent price movement for ADA, according to on-chain analytics firm IntoTheBlock, Cardano millionaire addresses are aggressively acquiring. After falling to $0.92 on Jan. 22, ADA has been trading sideways. ADA was trading at $1.06 at the time of publishing.

In just the first month of 2022, the amount owned by addresses with 1-10 million ADA has climbed by 40.65 percent, according to IntoTheBlock. These addresses now possess 24.87 percent of the circulating supply, which is at 33.57 billion ADA, according to the report.

Diverse levels of whales appear to be accumulating in ADA. Since mid-December 2021, the number of Cardano addresses having a balance of 10,000 to 1,000,000 ADA has surged by a whopping 15,000 percent. In late January, these group of investors increased their holdings by $53.6 million in tokens.

Pavia Metaverse Project Debuts On Cardano (ADA)

The Metaverse is currently in its early stages. While Ethereum-based metaverse games like The Sandbox have exploded in popularity, investors are also interested in developing applications on secure PoS networks like Cardano. One of the distinctive triggers for ADA’s recent climb is its inclusion, which is interesting.

Pavia, a Cardano-based metaverse project, is identical to Decentraland but for one major difference: it is based on Proof-of-Stake (PoS).

Pavia’s admission into the Cardano ecosystem comes at a time when its own crypto-asset, ADA, has been under constant negative pressure as a result of the market-wide downturn.
However, the NFT activity on top of the network gave the token a much-needed boost, and it now trades at $1.55, up over 14 percent in the previous 24 hours.

Pavia, the Cardano blockchain’s freshly released gaming application, has huge aspirations for this year. At least 100,000 “land parcels” have been released so far, each of which is minted as a unique numbered Cardano NFT (CNFT) based on coordinates. In October and November of last year, more than 60% of the land lots were pre-sold. The remainder will be available in the current quarter.

Pavia has around 8,300 landowners, according to the official website. They cannot, however, visit or install any material into their separate land parcels at this time. The staff was working “to offer the in-game Pavia experience,” according to the website.

Pavia, like other metaverse projects, includes an in-game money called PAVIA that is utilized for usefulness inside the metaverse ecosystem.
After a blockchain snapshot in December 2021, Pavia NFT landholders received a 25% airdrop of this native coin.

Pavia has recently announced a partnership with readyplayer.me, a cross-game avatar platform for the metaverse, to allow users to create their own avatars that are interoperable with over 700 applications and games outside of the Pavia ecosystem.

Pavia plans to bring liquidity to Cardano decentralized exchanges [DEXs] and investigate cross-chain liquidity in the first quarter of 2022.

It also intends to investigate on-platform assets, gamification, and other topics. The project’s goals for the next quarter are to collect all comments and “start building for the in-game Pavia.io experience look and feel,” as well as to double down on interoperability, cross-chain, and cross metaverse. Pavia Plaza will host the first live event in the third and fourth quarters, and Pavia portal testing will commence.

Cardano’s (ADA) ERC-20 Bridge To Ethereum (ETH) Network Already Live In Testnet

The launch of Cardano’s first-ever ERC-20 converter has been announced. With the support of IOG, the Cardano developer, the project that had been in the works had now reached its launch milestone. The converter is currently available on the testnet, allowing users to transfer AGIX tokens from Cardano to Ethereum and vice versa. AGIX transactions will be possible on a network with better transaction capacity and lower costs as a result of this.

One of the first DEXs in Cardano, was just launched. On Monday, SundaeSwap was launched to considerable excitement, allowing people to experiment with the project, which is currently live on the testnet.

Cardano is witnessing what is turning up to be an exciting start to decentralized finance on its network, but there are still some problems to sort out. The developer expressed his gratitude to the community.