Cardano DeFi banking protocol MELD has announced that it will be utilizing the Force Bridge as a way to increase liquidity for its platform.
The MELD platform, built on Cardano, recently made headlines for attracting more than $1 billion worth of staked Cardano (ADA) to its protocol. It will be looking to increase liquidity even further thanks to the ADA to CKB Force Bridge which is still in development.
The Force Bridge, which went live on mainnet in October to support cross-chain transactions between Nervos and Ethereum will also offer additional ross-chain support for Cardano, Bitcoin, TRON, EOS, and Polkadot in the near future.
In June, IOHK and Nervos announced they were teaming up to build the bridge between Nervos and Cardano. Once completed, this pioneering cross-chain bridge will enable users to transact assets between the two blockchains. The end goal is to foster greater interoperability while expanding the global reach and utility of both Nervos and Cardano.
Now, MELD has also seen the benefit of the Force bridge and the potential liquidity it can add to the Cardano network by allowing an easy way to move assets across chains.
Nervos and Cardano have been working closely together for a number of months now, first announcing a research partnership aiming to reduce the security risks that smart contracts present to the growing DeFi space back in December last year.
More recently, Nervos joined forces with IOHK and others as part of the UTXO alliance which aims to facilitate cross-ecosystem initiatives to extend the capabilities of UTXO in terms of smart contract functionality.
MELD’s vision is to create an ecosystem that empowers individuals to regain financial control by providing them with the tools and services they need to manage their money on their terms. Whether that be creating a collateralized debt position (CDP) with cryptocurrency, earning an interest return for lending fiat to borrowers, or even participating in reward incentive programs, MELD strives to provide its users with the functions they need to manage their own financial lives.
The Nervos Network is a collection of protocols and public blockchain ecosystem aiming to solve the biggest challenges facing blockchains like Bitcoin and Ethereum today.
The Nervos Common Knowledge Base (CKB) is the layer 1, proof of work, public permissionless blockchain protocol of the Nervos Network. It allows any crypto-asset to be stored with the security, immutability, and permissionless nature of Bitcoin while enabling smart contracts and layer 2 scaling. Its unique crypto-economic model is designed to better align the interests of users, developers, and miners as compared to first-generation blockchains.
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