Avalanche has announced that MELD will join its ecosystem. This is discovered after MELD decides to construct its financial products on the Avalanche network. The products fall under the Web3 and Financial categories, with the intention of fostering financial independence in the decentralized finance space.
The mission is to bridge the gap between the two separate worlds of finance, namely cryptocurrency and traditional finance. Exports have longed for a point where the traditional financial system and cryptocurrency can intersect to facilitate inclusion across the globe. MELD is attempting to do that in partnership with Avalanche by leveraging its subnet technology.
A set of benefits that MELD looks forward to by building its subnet on Avalanche covers security infrastructure with better control, opportunities to customize the offerings, enhanced performance, and scalability without compromising the aspect of interoperability. What makes this collaboration interesting is the fact that MELD will also expand the utility of MELD tokens. These will be used to settle the transaction fees for the Avalanche Network.
AVAX was last seen exchanging hands at $17.12 with a total volume of 162.8 million. MELD tokens being used to settle the transaction fees are less likely to affect the AVAX coin price prediction which estimates the value to touch the mark of $36.46 by the end of the current year, which is 2023.
Assuming all the factors align together, the growth could inch higher by the end of 2024, with a maximum limit of $44.28.
It suffices to state that using MELD tokens to settle transaction fees is a better deal for the native community and has no effect on the Avalanche Network or its token. The MELD community has additional benefits, most notably a greater degree of control over the security infrastructure.
Ken Olling, the Chief Executive Officer of MELD, has said that they are thrilled to be building with Avalanche to further the mission of financial inclusion by leveraging its powerful subnet technology. Ken has also stated that the collaboration will enable them to offer a better user interface and a seamless experience to users looking to manage their assets more effectively.
MELDapp is also live, allowing customers to borrow fiat currency against their digital assets. This does not require them to sell their assets or provide custody to third parties in any way. USD and EUR can be borrowed simply by placing their digital assets on the table.
MELDapp currently supports Avalanche, BSC, BTC, Cardano, and the MELD network. Support for more networks will be added to MELDapp as it moves forward.
Ken has said that they believe that fiat and cryptocurrency can complement each other. Hence, they have launched the idea of MELD to provide financial services to everyone, irrespective of their background or geographical location.