Algomint awarded bridge grant from Algorand Foundation
Algomint is honoured to announce that we have been awarded the Algorand SupaGrant from the Algorand Foundation. Having recently launched on mainnet both the grant and wider ongoing collaboration with the Algorand Foundation provides a significant boost to the long-term growth potential of the product.
What’s Algorand’s SupaGrants Program?
The Supagrants program targets experienced developer teams and organizations to build secure and high-quality solutions for bridges in the Algorand ecosystem that will connect it with other high-potential blockchain platforms.
In particular, grant recipients must have the ability to commit to maintaining the bridge solution long-term and quickly respond to security and non-security issues that may arise.
Why was Algomint awarded the grant?
Having recently released Algomint mainnet protocol v1, we will allow users to mint and burn goBTC and goETH on a 1:1 basis.
We have also formalised DeFi partnerships with leading projects such as Tinyman, PACT, Folks Finance, xBacked, PayScript, Meld Gold, to integrate ASAs in the DeFi workflow. We are also going to be generating liquidity across DEXes as well CEXes like MEXC.
The Algomint governance token goMINT will be launched on Tinyman at the beginning of 2022. Algomint v2 launch is slated for launch in early 2022. In the future, we will decentralize the platform and move the assets towards on-chain custody with smart contracts.
The road ahead
Eventually, Algomint is working to add functionality for bridging more ERC20 tokens and high yield assets like HNT, and create USD, and Gold baskets with USDC, USDT, BTC, WBTC, RENBTC, goBTC, PAXG, XAUT, MCAU, and more. This list may vary as we adjust according to market and ecosystem needs, as the goal is to deliver anything that the market needs.
The future of DeFi bridging
In addition to building out the basic bridging as described above, we are exploring functionalities to further improve capital efficiency and create a seamless user experience across various Algorand DeFi platforms. While such innovation is a natural extension of bridging as a liquidity gateway, we are hoping to shape and redefine what ‘bridging’ means in DeFi.This includes the addition of trade aggregation and arbitrage yield with more detailed announcements to be made in the coming months.
What does the grant include, and what does it mean for Algomint?
As a result of the grant, funding will be distributed in phases. The first is $50,000 USD in ALGO tokens upon signing the contract, the second is $200,000 USD in ALGO tokens when delivering the bridge to the testnet and the last is additional funding once launched on mainnet.
Algorand Foundation also provides projects with additional funding to maintain, support, and further develop the project on a long-term basis, with an initial agreement for two years to make sure the bridge solution operates securely and reliably.
How will the grant be used?
As a result of the grant, Algomint will have access to an expanded pool of resources. This will provide numerous benefits including the facilitation of a Smart contract audit, which will assist when on-chain custody is enabled. The Foundation will also be able to assist in an advisory capacity for marketing and project growth strategies.
All of Algomint’s current and future plans are geared towards generating ‘free liquidity’ from high-cost ecosystems and bringing in ‘sticky liquidity’ into the Algorand ecosystem, where users can participate in a booming DeFi ecosystem that offers the best-in-class technology and cost-efficiency. For this vision to be achieved, collaboration with both Algorand Inc and Algorand Foundation is integral — and we look forward to continuing work together, and with all the other members of this amazing ecosystem, to build the future of finance on the Algorand network.