BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Cardano-based Meld Reassures Community of its Financial Strength

by Abimbola Adu
Nov 25, 2022 - 12:00 am
in Blockchain
Cardano-based Meld Reassures Community of its Financial Strength

 On November 24, 2022, the borrowing and lending protocol Meld, announced that it was still in a position of strength regarding its finances and reserves.

We are not exposed to anything tied to the FTX saga and the company developing the MELD protocol does not have any VC funding, we only have funding from a small number of Angel private investors. We would also like to again draw attention to

— MELD (@onMELD) November 24, 2022

The Cardano-based platform announced this information to the public in the afternoon to quell any potential unrest in the minds of their users.

There is legitimate unrest brought on by the collapse of FTX and its sister platform Alameda and the damage it has done to the networks they heavily borrowed from or invested in.

When the platforms crashed, several people lost millions of dollars, and platforms like Solana and the Oxygen protocol took a big hit among all the DeFi protocols affected.

FTX was one of Solana’s significant investors, supporting nine projects on the platform; Oxygen Protocols, on the other hand, saved over 90% of their tokens with the exchange, and both platforms are currently on the brink of bankruptcy.

Lending protocols like Genesis were also severely affected; the platform suspended withdrawals on November 16 and recently hired an investment banking expert, Moelis & Co., to help them shore up their liquidity so that they can attend to their customers’ needs.

In their tweet, Meld has assured their customers that they are in no way affected by or tied to the FTX contagion that is rapidly spreading like wildfire in the crypto industry.

They went further to say the company behind their protocol has no VC funding but is funded by some angel investors.

To prove that they have nothing to hide, they plan on getting an EMI, which is part of the process of proving reserves at places like industry giants, the Binance exchange, and the Ethereum network.

According to the tweet, their reserve is enough to carry them for 2 years non-stop. Also, they presented a link to their developer diary updates for users who are not satisfied or curious to check out what their developers are currently doing. 

For more clarification, they plan to release an updated version of their Dev Diary, which will include UI clips and screenshots.

Finally, Meld expressed gratitude to the community for continuing to support their protocol.

The damage done by the FTX crash has made many lose faith in CeFi organizations and brought about increased activity in the DeFi sector. Nevertheless, the contagion has continued to spread, and no one knows who is next to be hit.

The best option is to wait out how events will unfold themselves. However, Meld has put itself in the clear with this recent announcement.

Tags: DeFiFTX
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Interactive Strength partners with Fetch.ai to launch a $500M AI token treasury

Interactive Strength Launches $500M AI Token Treasury in Landmark Fetch.ai Deal

June 11, 2025

Interactive Strength launches $500M AI token treasury with Fetch.ai, aiming to boost shareholder value and bring decentralized AI...

Uniswap price chart displaying breakout from inverse head-and-shoulders pattern with bullish momentum indicators

Uniswap Breaks Out of Inverse Head-and-Shoulders Pattern, Eyes 37% Upside

June 11, 2025

Uniswap breaks out of inverse head-and-shoulders, targets $10.40. Daily volume up 150%, user activity surging amid bullish DeFi...

blockchain

Circle’s Stellar IPO Fuels ProShares and Bitwise ETF Filings Tied to CRCL Shares

June 10, 2025

Circle’s explosive IPO drives ProShares and Bitwise to file CRCL-linked ETFs, reflecting rising institutional demand for stablecoin-linked equities.

Brian Quintenz speaking at his Senate confirmation hearing for CFTC chair nomination

Trump’s CFTC Nominee Brian Quintenz Calls Blockchain a Society-Shaping Force

June 10, 2025

Trump’s CFTC nominee Brian Quintenz says blockchain will reshape society and urges Congress to act on clear rules...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise