MELD is a Cardano based banking protocol that has successfully launched the first Initial Stake Pool Offering (ISPO). This is a unique method of community participation where people can support MELD by delegating ADA (Cardano) to the MELD ISPO staking pool and are rewarded MELD tokens. In the ISPO you never transfer or buy anything, minimizing the risks. The MELD ISPO has been very successful having collected more than 220 million ADA in their stake pools in the past 13 days!
The Rise and Problem of Crypto
The nearly $1.5 trillion market today is a testament to the financial power that cryptocurrencies present to the world. A financial model that goes on a tangent to break away from the centuries-old traditional system that creates hurdles and erodes wealth, the use of cryptocurrencies.has never been more important.
Today, DeFi (Decentralized Finance) represents a financial ecosystem that is powered by blockchain tech and characterized by the ability to work without human interference to reproduce the existing financial services and create new ones as well. The flurry of interest saw around $88 billion being invested in this space at its height.
The immense rise in value, ease of use and at the same time, offering independence from the traditional fiat-based economics has fueled the adoption of cryptos in the last couple of years. However, there are still problems that need to be solved. This is where MELD comes in and shines.
There are several challenges that crypto investors and enthusiasts face. The first and foremost is how crypto is isolated from the real world. To use the value you have amassed in crypto you need to realize it in fiat (USD etc), which means you need to sell your assets which triggers capital gains tax.
As the market matures and prices rise, more and more people want to hodl their crypto rather than sell. But this presents an issue with unusable, locked value. A solution is through crypto collateralized loans, but the current solutions offering this service are centralized and prone to inefficiencies and heavy commissions. This is further compounded by the fact that the cryptocurrency keys are handed over, giving full custodial rights to the borrowing platform.
MELD is a Cardano based banking protocol that is designed to make crypto-economics as seamless and frictionless as possible. It offers a range of services that are easy to use and unlock the true potential of crypto banking needs:
- Instant Loans: There is no more need to liquidate cryptos as MELD offers instant loans with competitive APR.
- Line of credits: Users are able to open a line of credit by depositing crypto. This is utilized by the MELD debit card.
- Negative interest rate loans: Deposit ADA, borrow fiat at a negative interest rate and watch your loan repay itself overtime!
- Transparency: Leveraging the power of smart contracts, MELD offers a completely transparent system that ensures fairness to all.
- Staking: Stake your crypto assets to earn stable yields and MELD tokens.
- Borderless: MELD is not limited to any geographical area and is immune to changing regulations, such as the latest ban by China on the centralized exchange Binance.
Using a unique token launch event, the ISPO gives everyone a unique chance to invest to get MELD tokens, but without spending their holdings through staking. Launched on the 1st of July, the first pool was filled in a day with 64 million ADA staked. By July 5, there were four pools with a combined 133 million ADA, approximately equal to $90 million. And just 13 days after the launch they managed to get over 220 million ADA delegated to their ISPO! This just goes to show how the world has accepted MELD, the ISPO model, and its unique methods of generating financial opportunities.
The MELD protocol is arriving from a team of different experts, 8 of these are Haskell programmers, who have been contributing to Cardano and the wider Haskel ecosystem for years. The team loves Haskell as the unique coding language offers a purely functional environment free from technical side effects.
The use of Cardano, a blockchain that is designed from a purely scientific aspect and is one the most scalable ecosystems, gives MELD unprecedented speed and scalability, ensuring more strength in security and speed as the platform grows. There’s so many good things going for MELD right now, considering the state of their ISPO and the recent partnerships they’ve managed to attain, it should be interesting to see how MELD performs come Q4 with their platform launch!