MELD Private Testnet is Live
MELD launches private testnet on Cardano for 500 whitelisted users
The MELD Testnet has arrived! 🥳️🎉
The last year and a half have been a hell of a ride for the MELD team. From completing the world’s first ISPO to hiring a world-class tech and financial team to deliver on the MELD promise. We have worked tirelessly on building out our infrastructure, creating innovative products, and fostering a vibrant community.
We are excited to announce that MELD is soon to offer game-changing financial tools to users globally and the launch of our private testnet launch is the first step — Which can be accessed through https://testnet.meld.com/
We promised to bring you unique protocol functionalities like the negative interest rate genius loan, crypto-to-fiat loans, a line of credit with a debit card, and a few other offerings. While we are still working to get all of these things operational, we need to make sure that the core foundation of the protocol functions as it should. As such, the testnet will begin with just pool-based lending and borrowing on Cardano and evolve gradually over time.
About the Testnet
MELD will be taking a slightly different approach to the testnet launch. Providing access to a small group of pre-selected participants who will help perform a series of functionality tests while sharing their insights on usability and user experience over the course of the next few weeks.
We had close to 4000 applications and have selected an initial 500 of those to interact with the app and perform tests on the protocol. We have sent an email to all those chosen including a one-time-use access code to enter the testnet. We are sorry to all those that applied and weren’t selected, please stay tuned for our public testnet!
The private testnet begins today Thursday, January 19th, during which the MELD team will be making constant improvements, answering questions, addressing concerns, and compiling bugs in preparation for the public testnet in a few weeks.
The private testnet participants will be testing the following protocol functionalities:
- Setting up a wallet and accessing the lending and borrowing protocol interface
- The supply/borrowing of assets
- Performing a DEX swap on Wingriders testnet
- Winding up and leveraging position
- Shorting a token by borrowing it and swapping it for USD
- Being as degen as possible 😉
The MELD team will also be simultaneously carrying out rigorous tests to ensure we are delivering the optimal parameters for safe operation and a better user experience. Some of the tests the MELD team will perform on the protocol during the testnet are:
- Adjust pool and protocol parameters
- Measure the impact of different risk parameters
- Load testing all components of the system
- Add pools
- Add new features to the protocol (bank managers)
- Liquidation bot testing
- Whale manipulation
This is v1 of our testnet and does not include all of the functionalities that will be offered in the MELDapp. The testnet will continuously evolve, bringing in more features and upgrades as we go along.
We will have more details in the next couple of weeks about when this will open to the general public. Until then, stay up to date with our Twitter account as we will be posting updates, screenshots, and interesting interactions as people try to break the protocol!
MELD — Be Your Own Bank
We think it’s essential for everyone to gain control of their financial lives and have equal access to financial instruments used by professionals, not just centralized institutions, governments, or the 1%. We want to provide financial freedom and control to the masses, including the unbanked.
We have a long-term goal to enable the $15 trillion that is currently locked out of the global economy, including 2 billion individuals worldwide that are either underbanked or have no access to banking services whatsoever, access to these tools. These are the people that are paying the highest fees, and getting the worst customer service, and they are the ones that are having the most problems.
Our 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, we strive to provide our users with the functions they need to manage their own financial lives.
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