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In this post I want to introduce you to MELD, explain its system and ISPO (Initial Stakepool Offering).
What is MELD?
MELD is the first DeFi, non-custodial, banking protocol. You can securely lend & borrow both crypto and fiat currencies with ease and stake your MELD tokens for APY.
So how does it work?
- Take out a loan: Using the MELDapp, choose how much cash you’d like to borrow. Add your crypto as collateral (2x the amount you’d like to borrow) and lock it into a MELD smart contract.
- Get your cash: Once the smart contract is in place, your loan is electronically transferred to your bank account anywhere in the world.
- Earn yield on your crypto: Your crypto collateral is added to MELD’s liquidity pools to generate yield and work for you for the entire lifespan of the loan.
- Pay back the loan: Make monthly payments to pay back the interest and principle of your loan. Once the loan is paid off, your collateral is released to you.
- Earn all the time: Regardless if you are borrowing, lending, staking or Hodling you are always earning yield from the crypto in your MELDapp. So basically its a safe, decentralized way to get loans while taking crypto as collateral WITH an system giving you yields as usual.
Initial Stakepool Offering (ISPO)
"The MELD Initial Stakepool Offering or ISPO is a new and unique method for fundraising that is community oriented and safe for all parties involved. To participate, you simply delegate your ADA in your Yoroi or Daedalus to the MELD staking pool and 100% of the rewards go towards funding MELD. Based on the amount of rewards generated and duration your ADA is staked you will be airdropped MELD tokens on launch. We are launching the ISPO before the private sale to give everyone the opportunity to join in early and reap the rewards." - meld.com
There are, right now, 5 pools available to delegate your ADA to. Some pools are set 100%MELD, some are 50%MELD / 50%ADA. This means your staking rewards are either going 100% into funding MELD which gives you 0.065 MELD each ADA you stake every epoch (5days) or 50% into MELD and 50% into ADA staking rewards. On 8th of December the MELD token will be airdropped to the delegation wallet. How to participate?
The only risk you take in this ISPO are the staking rewards (if MELD would go to 0), you cant loose your staked ADA anytime because its regular staking.
I think its a great opportunity for ADA hodlers and stakers to easily participate in a token launch. There is only the risk to loose your staking rewards - in my eyes its a revolutionary way to fund a new token. The Cardano blockchain great base for projects like MELD.
If you have any questions feel free to ask in the comments! :)
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