Recently, The Cardano ($ADA) network has witnessed the introduction of a decentralized lending protocol for the unbanked tagged Meld.
For the past three days, when the protocol launched, users staked a hundred million MELD tokens on it to gain interest in the course of ensuring its activities.
MELD has made an announcement on Twitter that the milestone was reached just after the decentralized finance protocol was released.
The staked tokens are currently on lock for a particular period. The locked tokens permit users to withdraw Fiat currency loans utilizing crypto as collateral.
Cryptocurrency Collateral For Fiat Currency Loan
VentureBeat has reported that Meld gathered funds through a previous stake pool offering (ISPO) which permits people to utilize cryptocurrency as collateral for loans on fiat currencies. Meld was able to raise $45 million by means of the ISPO and sales of the private token.
In an interview with news outlets, Ken Olling, the CEO of Meld, stated that the protocol already possesses about 100,000 holders of the Meld token.
Olling launched Meld as of late 2020, and the firm released its ISPO as of July last year, rounding up the procedure in December.
Cardano users staked over 620 million ADA in the time of ISPO, thereby permitting MELD to gather $10 million. An extra $35 million were collected through the sales of private tokens.
The ISPO witnessed users stake ADA in return for gain in Meld tokens, while Meld acquired funds from the rewards of staking pools. Meld is utilized for the administration of the Meld protocol.
Along with Polygon, The company has made a partnership with African mobile provider, Tingo.
The partnership has witnessed Meld’s application already uploaded on mobile devices by Tongo, hence making it convenient for Access by new users.
Apart from rendering Fiat currency loans and cryptocurrency-backed services, Meld Also makes it possible for users to create “Melded Assets” That are essentially tokenized editions of several other assets on the Cardano blockchain.
Reports have it that Cardano Developers, Input-Output had suggested incrementing the network’s block size by 11%, which means from about 72KB to 80KB after the network load increased by over 90% with the introduction of popular DeFi platform SundaeSwaps.
Cardano’s Network load went over 90% after SundaeSwaps release, while the summed up value locked on it went over 9000%.
New users have been coming to the network, as the latest asset reports by CryptoCompare show that, as of December, the number of addresses bearing Cardano increased to a new all-time high of about 4 million.
More giant holders retain notably over doubled their holdings after ADA’s rating dropped in the midst of a broader crypto market sell-off as of this year.