The decentralized lending/borrowing protocol MELD made an important announcement today. MELD has confirmed their goal of launching products on the altcoin Cardano (ADA).
MELD is a decentralized protocol for lending and borrowing cryptocurrencies. Ken Olling, the founder and CEO of the protocol, denies rumors of altcoin Cardano (ADA) leaving the ecosystem. It also sheds light on the next big milestones for its product.
MELD has no plans to leave altcoin Cardano (ADA)
The decentralized finance protocol MELD continues the partnership. It continues to build on Cardano, the second largest proof-of-stake (PoS) blockchain. It will also launch a local sidechain on its base. Why did this statement come up? There was a discussion on Twitter between altcoin Cardano (ADA) enthusiasts and staking pool operators. Accordingly, an enthusiast directly asked MELD founder Ken Olling on Discord about his work with Cardano (ADA).
Olling confirmed that IOG’s blockchain remains the technical foundation for the development of its product. It also confirmed that MELD is building its own L1 sidechain in parallel with the Cardano-based service. Recently, MELD’s codebase has become open source. The team is in the middle of a third-party security audit of its technical design, edited by Vacuum Labs. On the other hand, researchers are stress-testing MELD’s multi-sig on altcoin Cardano (ADA).
team working
Olling also highlighted that his team is working directly with Input Output Global, one of the organizations behind Cardano’s (ADA) technical progress:
“We are working with IOG. Also, if we weren’t building on the altcoin Cardano (ADA), we wouldn’t be working with IOG. It’s actually a simple logic.”
As we have previously covered as cryptokoin.com, MELD has been working on various DeFi solutions for the Cardano (ADA) ecosystem since 2021. On the other hand, the total value locked in Cardano (ADA) DeFi ecosystem has exceeded the milestone with 450 million ADA As featured on the official MELD website, the product also includes altcoin Ethereum (ETH), BNB Chain (BSC), Avalanche (AVAX), Polygon Network (MATIC). It will also support the blockchains of the major EVM ecosystem, including ) and others.
Over the past few days, the Cardano (ADA) DeFi protocols ecosystem has witnessed an unprecedented increase in the total value (TVL) locked in ADA. As shown in the DefiLlama dashboard, the net TVL of Cardano’s DeFis is over 452 million ADA. This figure is 125% higher than at the beginning of 2023. The five biggest Cardano-based apps have a significant percentage here. Accordingly, Minswap, Indigo, Wingriders, Djed and Liqwid are responsible for over 80% of the net TVL of altcoin Cardano-based dApps. Also, Minswap is the biggest DEX.
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