The Cardano ($ADA) network has recently seen the launch of a new decentralized lending protocol for the unbanked called Meld. Over the last three days, after the protocol launched, users staked 100 million MELD tokens on it to earn interest while insuring its activities.
According to an announcement Meld made on Twitter, the milestone was made shortly after the decentralized finance protocol was launched. The staked tokens are now locked for a specific period. The locked tokens allow users to take out fiat currency loans collateralized with crypto.
According to VentureBeat, Meld raised funds through an initial stake pool offering (ISPO) to allow people to use cryptocurrency as collateral for fiat currency loans. Meld raised $45 million through its ISPO and a private token sale.
Speaking to the news outlet Ken Olling, CEO of Meld, claimed that the protocol already has about 40,000 MELD token holders. Olling started Meld in late 2020, and the company launched its ISPO in July of last year, completing the process in December.
Cardano users staked more than 620 million ADA during the ISPO, allowing MELD to raise $10 million. An additional $35 million were raised through the private token sale. The ISPO saw users stake ADA in exchange for yield in MELD tokens, while Meld receive funds from the staking pools’ rewards. MELD is used for governance of the Meld protocol.
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