The Avalanche team announced via a Medium post on Wednesday that MELD is launching its suite of financial and web3 products as an Avalanche Subnet in an effort to bridge the gap between crypto and traditional finance and empower financial independence in the DeFi ecosystem.
By launching as an Avalanche Subnet, MELD will have more control over its security infrastructure, opportunities for customization, and increased scalability and performance without sacrificing interoperability. The MELD Subnet will use the MELD token to pay for transaction fees. MELD enables users to borrow fiat currencies (USD and EUR) against their digital assets, without having to sell their digital assets, expose their private keys, or provide custody of their assets to a third party.
Avalanche is an open-source platform for launching Decentralized Finance (DeFi) applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem.AVAX is up by 2% so far today and currently trades at $17.07 per coin.