General FAQ

What is MELD?

MELD is an innovative decentralized finance (DeFi) protocol that built for Web3 finance. Unlike traditional finance, MELD is non-custodial, meaning that users have full control of their assets without the need for intermediaries. MELD offers a variety of services such as cross-chain lending, borrowing, and staking, all of which can be easily accessed on the MELD blockchain.

How does Meld work?

MELD supports the six leading blockchains, namely Bitcoin, Ethereum, Cardano, Avalanche, Polygon and Binance Smart Chain. This means that users can seamlessly transfer their assets from one blockchain to another without worrying about compatibility issues because bridging is integrated into the MELDapp. Moreover, MELD also offers integrated fiat banking services through MELD Finance, which allows users to exchange between fiat and crypto as well as deposit and withdraw and spend funds using their local currency. Overall, MELD is a comprehensive DeFi protocol that empowers users to take control of their finances and access a wide range of services through a single platform.

Can you mention some of the interesting features of MELD?

MELD offers a comprehensive set of Web3 tools to securely put your fiat and cryptocurrency to work for you. As a cross-chain DeFi protocol, Meld lets you unlock the value of our assets through lending, borrowing, trading, and generating various types of yield. The MELD ecosystem includes a layer 1 blockchain designed for high capital efficiency, a Neobank, a cross-chain non-custodial wallet, a lending and borrowing protocol and the $MELD tokens is natively cross-chain trading on 7 blockchains.

What are the future plans for MELD?

Have a look at the roadmap on www.meld.com.

How about security in MELD? Do all users have to KYC before they can access the features? How about attacks or hacks from outside? Does MELD also allow bug hunters?

Security is definitely our number one factor. We have qualified in-house security engineers, been working with world-class security researchers and going to hire the best auditors in the scene. We're doing very careful security design, operations, and implementation to secure all end users, devices, stake pool servers, cloud infrastructure, smart contracts and economic models. We're constantly attacking ourselves to find vulnerabilities from attackers' perspectives. Also subscribed to all the latest news, seminars, courses and other resources from top security researchers to always stay up-to-date. Very serious stuff. Users don't have to do KYC to use crypto-only functionalities of the MELDApp. Only required for fiat services.

Security & Audits

What are the ways I can make a profit with the MELDapp? How can I "earn all the time"?

There are many different ways to make a profit on MELD. As a lender, you can provide fiat or crypto to the lending pool to earn interest and yield. As a borrower, you yield farm on your deposited crypto collateral to pay back the interest. So in a bullish market (why you stay long on the crypto), you're going to have a negative interest on your loan! You can also deposit assets to a stability pool to earn a net positive on a liquidation event. All these participation scenarios are further incentivized with MELD tokens from the treasury pool. That you can stake to earn even more MELD reward as a further revenue stream. Protocol fees mainly come from trading fees on our deep liquidity pools by traders, and MELDing fees on our MELDed asset service, in exchange for exposure to a diverse asset class's deep liquidity. So now it's not too good to be true, it's a well-designed protocol that benefits all users.

What is different in MELD?

MELD is different in that we operate in fiat in a very tax-efficient way. So once your crypto collateral is deposited and locked on-chain, the fiat loan will be automatically wired to your bank account. This doesn't risk a capital gain tax event like when you cashing out on borrowed crypto. And the fiat loan interest is tax-deductible in many jurisdictions as well!

What type of user data is required to register on MELD?

For the crypto-side, there is no data required and any information you provide is optional.

For the fiat-side, users must undergo a Know-Your-Customer process.