Updates from Meld DeFi Protocol on Cardano, Testnet Launched

Episode by Peter Bui on February 14th, 2023

On this interview, we discussed Meld’s latest project progress and updates with the team. We touched base on their imminent testnet phase, as well as other aspects they have been working diligently on – such as the Cardano-Polygon two-way bridge that is set to bring an array of assets and liquidity to the Cardano blockchain.

Keen to discover more about Meld? Join their Discord community and follow them on Twitter so you can stay up-to-date with the latest advancements in crypto-backed loans for Cardano.

About Meld

Meld Borrowing Lending DeFi Protocol on Cardano
Screenshot of the Meld Borrowing Lending DeFi Protocol on Cardano Website

Meld is a decentralized finance (DeFi) protocol that enables users to borrow and lend cryptocurrency securely. Meld is built on the Cardano blockchain, providing an efficient and reliable platform for digital asset management. Meld’s mission is to make it easier for people around the world to access financial services by leveraging the power of blockchain technology. Meld offers crypto-backed loans where users can get fiat currency with their crypto collateral, as well as innovative products such as DeFi yield farming and staking rewards.

At this time, Meld has launched its first stage private testnet in preparation for its mainnet launch later this year, while also working on a bridge between Polygon and Cardano networks and complying with regulations in Europe to make DeFi Crypto backed loans possible to fiat currencies.

About the Meld Testnet

Meld Tesnet app
Meld Tesnet app

After carefully reviewing more than 4000 applications, the testnet phase was limited to just 500 individuals. These participants are tasked with providing feedback and testing different aspects of the protocol. Following this round of assessment, the testnet will be made available for use by everyone else.

We are looking forward to getting access to experience what DeFi crypto loans with Meld will be like.

Meld Polygon Bridge, Akamon

Meld DeFi Ploygon Cardano Bridge Akamon
Meld DeFi Ploygon Cardano Bridge Akamon

Write a paragraph about Meld’s 2-way Polygon Bridge Akamon

In 2022, Meld announced and launched the alpha tesnet of their two-way bridge, Akamon, that will enable users to transfer assets between Cardano and Polygon (formerly Matic) networks. This bridge, powered by a Meld smart contract, is the first of its kind in the DeFi space, allowing Meld users access to additional asset liquidity and bridge tokens such as ADA & MATIC. The Akamon bridge will also facilitate the transfer of Meld’s native token, $MELD.

Next Steps

The Meld team is actively working to ensure full compliance with the applicable regulations in Europe and elsewhere, making Meld crypto loans possible to fiat currencies.

Meld is striving to build an environment that will allow individuals to take back financial authority through the provision of the necessary services and tools for managing money based on their own terms. Users can easily create a collateralized debt position (CDP) with digital currency, get an interest return from lending fiat currencies to borrowers, or join in reward incentive programs – all intended so they have full control over their finances.

We look forward to Meld’s mainnet launch and all the exciting new features that it will bring. With Meld’s upcoming products and services, we can expect to see an even brighter future.

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