In Just 3 Days, The Cardano-Based Defi System Has Attracted 100 Million Native Tokens

• In just 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 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 its staking pool quickly refilling with 64 million ADA. The ISPO had 4 more pools open in five days, with a total of 133 million ADA

Meld Managed To Stake 100 Million Of Its Native Currency 

MELD is the world’s first decentralized protocol to include fiat loan functionality in the cryptocurrency ecosystem. MELD allows for low-friction trades among crypto and fiat holdings while keeping consumer ownership over their digital assets. In just 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 cryptocurrency 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 frozen in the account before borrowing loans backed by Cardano based on the locked collateral.

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In the case of Cardano, you create a soft link between the asset and the stake pool in your wallet. So you’re making a pledge or casting a vote with your tokens. Your tokens or coins will always be in the wallet, but they will be locked and unable to be utilized for anything else, stated Ken Olling, Meld’s CEO.

Users Will Be Able To Choose Among A Six-Month Lock Or A 12-Month Lock, With Annual Percentage Rates Of 12% And 15%

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 its staking pool quickly refilling with 64 million ADA. The ISPO had 4 more pools open in five days, with a total of 133 million ADA.

Users will be able to choose among a six-month lock or a 12-month lock, with annual percentage rates of 12% and 15%, 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