Akamon Status Update
A new endpoint for Akamon and a sneak peek at the MELDapp
Akamon is a native gateway being built on Cardano. The objective of Akamon is to leverage the highly scalable and efficient infrastructure of the chains it connects to. For MELD, this brings more liquidity, token choices, and DeFi integrations from other chains to Cardano, and exposes MELD products and services to more potential customers. In short, MELD users can develop and establish standards on promising new ecosystems, while still having exposure to liquidity, DeFi integration, and many users from proven chains.
Initially, it was built to operate between Cardano and Polygon for transferring assets between the two networks (such as ETH and BTC on Cardano), as well as automating smart contracts integration from both ends.
Akamon is a community-driven bridge that is open to everyone, with an emphasis on decentralization, and permissionless and trustless custody.
Akamon ➡ Avalanche
Stablecoins on Cardano with Akamon
👨💻 Akamon Design
The Akamon gateway was designed with the main core MELD lending and borrowing products in mind — ultimately to maximize capital efficiency for our users by allowing them the most options for asset utilization within the protocol. On top of this, we are designing the gateway to be one of the cheapest and most secure options available to transfer assets between chains — with further benefits to those who use the MELD token for payment 💸
Akamon has been updated to support the new hard fork and will push it to the new public testnet asap! We also performed other infrastructure-related updates:
See here: MELD Dev Diary 01
⛩ Akamon ➡ Avalanche
Akamon was initially designed with only Polygon in mind, but we have seen some opportunities relating to our core products/services and decided to expand Akamon’s horizons and are now looking to add Avalanche as a new endpoint for users to transfer liquidity to/from Cardano to Avalanche!
Note: Avalanche is in addition to Polygon*
Having a gateway that has access to multiple chains is important for many reasons, such as gaining access to new assets to be used within MELD’s DeFi tools and services, and allowing MELD users to do/go where they please with their value.
To start the ball rolling, we are in discussion with Ava Labs to begin the integration of Avalanche into Akamon as a new endpoint. Stay tuned for more info…
Avalanche is an amazing blockchain fostering many great dApps. With over 250+ projects being built currently, and a market cap of over $5.6b USD the Avalanche ecosystem is only getting bigger day by day. We think having an endpoint to Avalanche will open the door to new opportunities and creations that will benefit our MELD holders/community.
And with their speed and cost of transactions — we may even look to build something of our own on there one day 😉
💰 Stablecoins on Cardano with Akamon
Cardano has no real stablecoin solution at the moment… As a result, all native tokens on Cardano are being traded against ADA and all transactions in Cardano have to be paid in ADA. The lack of a stablecoin has a direct consequence to the Cardano ecosystem: while most major trading pools and lending pools involve stablecoins, token holders tend to move away from Cardano to trade their assets elsewhere.
USDT will be integrated into the Cardano ecosystem via Akamon. Users will be able to wrap USDT across Akamon into Cardano.
Transferred assets are always backed by the original assets on the original chains, i.e. a wrap model instead of a synthetic or another model. Wrapping stablecoins via Akamon will be cheaper, more stable, and offer higher liquidity.
For more info on our stablecoin implementation see:
Akamon: a Solution For Stablecoins On Cardano
⚙️ MELDapp Developments
The MELDapp is still under development on both Desktop and Mobile. Below you can see one of the latest designs for our lending and borrowing service.
Users will be able to see all of their most important financial information on the main screen and monitor their position with ease. You can keep track of:
Your positions Health: The current state of your borrowing position. Will be higher or lower depending on the value of the assets lent/borrowed
Lending Power: How much value you are lending compared to the total value held.
Borrowing Power: How much value you are able to borrow based on the amount lent
APY: The value you are earning for supplying assets to borrow is displayed in annual percentage yield
Also, we included dark mode! (One of the most requested features for the app 😉)
We will be having some more unique UI/UX images and videos for you all soon. Look out for upcoming content we will be sharing over the next weeks such as:
Demos of the prototyping
Screenshots of various views
Screen recording of interactions
It’s very tricky creating a decentralized protocol connected to a real-world fiat financial system — with some licenses costing over 500k USD paired with 6–12 months of wait time, we’ve had to find workarounds and more efficient routes to bring the protocol to fruition.
Akamon allows its users to transfer liquidity to and from other chains, fundamentally allowing users to hold whichever asset they choose while still gaining access to the MELD products and services paired with state-of-the-art crypto to fiat lending and borrowing. We are positioning MELD to be the most trusted and integrated lending and borrowing protocol that crypto has ever seen.
It’s a long-term game, and we have an extensive roadmap ahead to get real-world legislators on our side. Thank you all for your continued support and patience while we bring TRUE financial freedom to the masses — In the end, this is all for you. You guys are the best 🤗 ❤️️
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.