New DeFi Protocol Launches World’s First ISPO
MIX is a Cardano-based banking protocol that successfully launched the first Initial Participation 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 with MELD tokens. In the ISPO, you never transfer or buy anything, which minimizes the risk. The MELD ISPO has been very successful collecting over 220 million ADA in its stake pools in the last 13 days!
The rise and problem of crypto
The almost $ 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 with the age-old traditional system that creates barriers and erodes wealth, the use of cryptocurrencies has never been more important.
Today, DeFi (Decentralized Finance) represents a financial ecosystem powered by blockchain technology and characterized by the ability to work without human interference to replicate existing financial services and create new ones. The wave of interest saw an estimated $ 88 billion invested in this space at its peak.
The immense increase in value, ease of use and at the same time, independence from the traditional fiat-based economy has fueled the adoption of cryptos over the past couple of years. However, there are still issues to be resolved. This is where MELD comes in and shines.
Investors and crypto enthusiasts face several challenges. The first and most important is how crypto is isolated from the real world. To use the value you have amassed in crypto, you must realize it in fiat (USD, etc.), which means you must sell your assets, which triggers the capital gains tax.
As the market matures and prices rise, more and more people want to keep their crypto rather than sell. But this presents a problem with an unusable locked value. One solution is to use crypto-backed loans, but current solutions offering this service are centralized and prone to inefficiencies and heavy commissions. This is made even worse by the fact that the cryptocurrency keys are handed over, which gives all custodial rights to the borrowing platform.
MELD is a Cardano based on a banking protocol designed to make the crypto-economy as seamless and frictionless as possible. It offers a range of services that are easy to use and unleash the true potential of crypto-banking needs:
- Instant loans: There is no longer any need to liquidate the cryptos because MELD offers instant loans with a competitive APR.
- Line of credit: Users can open a line of credit by depositing crypto. This is used by the MELD debit card.
- Loans with negative interest rates: Deposit ADA, borrow fiat at a negative interest rate, and watch your loan pay off over time!
- Transparency: Leveraging the power of smart contracts, MELD offers a completely transparent system that guarantees fairness for all.
- Staking: Put your crypto assets on the line for stable returns and MELD tokens.
- Borderless: MELD is not limited to any geographical area and is immune to changes in regulations, such as the latest ban by china on the Binance central exchange.
Using a single token launch event, the ISPO gives everyone a unique chance to invest to get MELD tokens, but without spending their assets on staking. Launched on July 1, the first pool was filled in one day with 64 million ADA wagered. As of July 5, there were four pools with a total of 133 million ADA, or roughly $ 90 million. And just 13 days after launch, they managed to get over 220 million ADA delegates to their ISPO! It just shows how the world has accepted MELD, the ISPO model, and its unique methods of generating financial opportunity.
The MELD protocol comes from a team of different experts, 8 of them are Haskell programmers, who have contributed to Cardano and the wider Haskel ecosystem for years. The team loves Haskell because the unique coding language provides a purely functional environment with no technical side effects.
Using Cardano, a blockchain designed from a purely scientific aspect and which is one of the most scalable ecosystems, gives MELD unprecedented speed and scalability, ensuring more security and speed as the platform is developing. There are so many good things for MELD at the moment, given the state of their ISPO and the recent partnerships they have managed to achieve, it should be interesting to see how MELD fares in Q4 with the launch. of their platform!