Backd is now Mero
Today we are saying goodbye to Backd and welcoming our new brand name, Mero (pronounced mair-oh). Since our early stages of development our team, community, and vision have evolved to a point where we have outgrown our original name, Backd. By rebranding to Mero we can build a brand that better represents our values and effectuates our long term vision.
The idea for Backd was first incepted out of a need to make borrowing in DeFi more efficient. In our early stages of development we were solely focused on solving this problem by developing Backd’s first Action, collateral top-ups, which enables users to use their funds as backup collateral for their outstanding debt (hence making Backd a suitable brand name). Capital efficient borrowing in DeFi still remains an important problem that Mero collateral top-ups will fundamentally improve by offering higher returns for any borrower’s collateral. However, as we continued to build Mero we realized that we were establishing the infrastructure for something far greater than just collateral top-ups.
Mero’s first Action, collateral top-ups, exists at the very tip of the iceberg that is reactive liquidity. The Mero protocol’s two pillar structure of liquidity pools and Actions enables any user to:
- Deposit funds to earn high yields from Mero strategies
- Register Actions to have their provided liquidity delegated to other positions when it is more efficient
By providing liquidity and registering Actions, Mero users can sit back and relax while their assets are automated to earn yield up until the very moment they are more efficient elsewhere (e.g. a collateralized debt position). This protocol structure of reactive liquidity can be applied to virtually any category of DeFi to create a more efficient and automated user experience.
As we continue to expand upon our vision and add more Actions (e.g. debt management, limit orders, imbalance protection, etc.) we will grow towards making Mero’s reactive liquidity a key part of DeFi. Over the past three months Mero has undergone three additional audits. Key findings have been implemented to secure the protocol and pool deposit caps are ready to be removed (look out for an announcement to be made soon). Following our new uncapped pools we will launch our first Action (collateral top-ups) and then deploy the MERO governance token.