Meld token12/20/2023 The goal here is to make these DeFi products lucrative in terms of investment while simultaneously making them accessible to both native and non-native crypto users. To increase the rate of adoption of Cardano by developing a suite of DeFi products for the Cardano community.The partnership between MELD and CardWallet promises to offer the following solutions for the aforementioned challenges: Because, for example, while smart contract functionalities are expected to hit Cardano only by the end of 2021, some competitors have already long implemented these capabilities. That assessment is certainly not void of substance. In other words, the possibilities are endless, but Cardano is still pretty much a “work in progress”, as a recent Bloomberg study claimed. This is so because the increasing capabilities of a network attract more real-world applications, which in turn, leads to an increase in adoption. In the current context, for example, by drawing more and more community-focused projects, Cardano will likely find itself in a good spot to inspire mass adoption at scale. Capabilities: Capabilities of a blockchain ecosystem has a direct correlation with its rate of adoption.While several rival chains have emerged, Ethereum still finds itself in a dominant position.Īnd with Ethereum 2.0 now on the horizon, these rival chains including Cardano will have to up the ante to eat more into Ethereum’s market share. You could partially attribute this status-quo to Ethereum’s popularity, among other factors.Īs an early-mover into the decentralized digital space, Ethereum has traditionally been the go-to destination for most decentralized applications and DeFi platforms. Adoption: Cardano, just like pretty much all third-generation blockchains out there, is struggling to inspire mass adoption on a scale that its proponents would have liked. That brings in the question, where is Cardano lacking despite offering a clear edge on multiple fronts? Two major issues with the Cardano ecosystemĪccording to the MELD-CardWallet alliance, two major issues are confronting the Cardano ecosystem at present. That’s way-way higher than the transaction speed on the original Ethereum blockchain (up to 20 TPS). These are:įor perspective, Cardano’s Ouroboros system promises a transaction speed of up to 257 TPS. The Cardano blockchain uses a proof-of-stake consensus mechanism to resolve three of the major issues confronting first and second-generation blockchains such as Bitcoin and Ethereum 1.0. It is, after all, a third-generation blockchain promising to help get rid of many of the shortcomings in the previous-generation blockchains. The significance of the Cardano ecosystem and the challenges confronting itĬardano has been creating ripples in the broader blockchain ecosystem right since its debut in Sept. Let’s start with the major pain points in the Cardano ecosystem that MELD and CardWallet have set their sight on. And that is precisely the main topic of discussion in this article today. One of the main goals of the MELD-CardWallet alliance is to create a joint research and development group to tackle the challenges confronting the Cardano ecosystem. Rather, it seems quite organic and based on a set of shared values and specific objectives. The important thing to note here is that the alliance between the two entities didn’t come out of thin air. The mission of CardWallet is to create a “ Defi in your pocket” app for the Cardano ecosystem.ĬardWallet is available on both Google Play and Apple App Store and the company will soon release a web version with Chrome extension. Sponsored The birth of a new strategic allianceįor those out of the loop, MELD Labs is the platform that developed the first decentralized, non-custodial protocol for borrowing and lending fiat and cryptocurrency.ĬardWallet, meanwhile, is a non-custodial Cardano-centric wallet also supporting Bitcoin and Ethereum.
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