Proposal: Add MELD as a collateral asset to Lenfi

Graveyard
1

Proposal Description

I would like to add the $MELD token as a collateral asset in Lenfi.

Short Summary

The MELD project is a decentralized and non-custodial DeFi banking protocol for lending & borrowing fiat & cryptocurrency with the stated goal of banking the unbanked. The MELD token is the governance token for the protocol.

Motivation

Who is posting the proposal?

I am a member of the community who has been watching MELD build make progress on their goals. I think we should enable LENFI users to leverage their MELD tokens as collateral for borrowing ADA and other assets.

Description

I am proposing adding the MELD governance token as a collateral option to LENFI, to join the ranks of other borrowing protocol governance tokens such as LQ and LENFI as collateral options. MELD has a higher market cap than LENFI or LQ, and currently occupies 7th place in terms of the market cap of Cardano Native Tokens. MELD can already be borrowed on LENFI, and should also be useable as collateral.

Utility

The MELD token’s utility includes:

  • Governance of the MELD protocol
  • Staking on the MELD protocol
  • Liquidity farming on DEX’s

Token data

  • Tokenomics
  • Market cap: 85,041,194 ADA
  • Circulating Supply: 3.75B (93.7%)
  • Total Supply: 4.00B
  • Daily Volume 99,129 ADA

Conclusion

MELD would fit in well with existing collateral options on LENFI, and if it’s added LENFI will have a new collateral option giving users more options to use tokens they already own as collateral.

References

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1 Like
2

naaa this needs to be a proven project