Expanding the MELD horizon with an Avalanche Subnet
With multi-chain comes increases in scale, and reach to new communities and audiences who are more comfortable using their preferred blockchain. By having a functional DeFi protocol on multiple blockchains, we can ensure that users have the best possible experience with MELD regardless of where they hold their tokens.
Going multi-chain fulfills a goal MELD has had from its inception; to bring liquidity together and use it efficiently. We want users to be able to draw from their bags, whether it be Bitcoin, Cardano, Avalanche, or Ethereum. You can bring your assets to the MELD protocol and start earning yield using a simple and straightforward interface in the MELDapp.
One of the first steps, and as a part of our EVM initiative towards implementing support for more blockchains outside of Cardano, we are launching the MELD protocol as a Subnet on Avalanche. This Subnet will allow us to customize the network and optimize performance to our platform’s needs and that of our users.
A big benefit of building on an EVM-compatible blockchain like Avalanche is composability. The majority of liquidity is held within these EVM protocols and there can be different opportunities, such as integrations, that can open by using the same programming language that these protocols are using.
We are working on creating an AVAX Subnet using EVM technology that will allow us to customize how the network behaves and optimize performance to our needs. Using EVM will ensure composability and compatibility with development and user tools with years of battle-tested usage.
The development of a web-based non-custodial wallet that allows users to seamlessly interact with a wide range of networks, abstracting the complexity of bridging and offering an integrated experience with all of our products.
We want to assure everyone that this change does not affect the supply cap of the MELD token. We will have more details in regard to the MELD token when we are closer to deploying on Avalanche.