MELD [OLD]Price

(MELD)

MELD is a decentralized finance project that was originally established on the Cardano blockchain. Its primary goal was to create a non-custodial banking protocol that bridges the gap between traditional fiat currencies and the cryptocurrency ecosystem. The project focused on providing a platform where users could lend their digital assets to earn interest or use those assets as collateral to borrow fiat currencies like the United States dollar or the Euro without having to sell their crypto holdings. The MELD OLD token refers to the initial version of the project's native utility and governance asset. This token was first distributed through an Initial Stake Pool Offering on the Cardano network. It was designed to allow holders to participate in protocol governance and earn rewards through staking. In 2023, the project underwent a major transition to expand its capabilities and improve performance. This involved migrating from the Cardano network to its own dedicated Layer 1 blockchain, which was built using Avalanche technology. As part of this evolution, the team initiated a token migration process where holders of the original Cardano-based MELD tokens were required to swap them for a new version of the token compatible with the updated network. This migration was intended to support cross-chain functionality and provide the infrastructure for a more comprehensive Web3 banking experience. The MELD ecosystem featured several core components, including the MELDapp, a non-custodial multichain wallet, and a regulated neobank entity based in Lithuania. These tools were designed to allow for seamless movement between digital assets and traditional bank accounts, offering features such as debit cards and crypto-backed credit lines. In late 2024, reports emerged indicating that the project faced significant operational difficulties. Information from various community sources and developers suggested that the project had decided to halt the development of its specific blockchain and wind down many of its primary services. As a result, the project's status became a subject of concern within the DeFi community, marking a shift from its initial phase of growth and migration. The OLD designation now serves to distinguish the legacy tokens from any later versions or the updated infrastructure created during the project's active development period. Learn more

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