Algomint Mainnet launching on Nov 22, 2021
After months of anticipation from the Algorand and blockchain community, Algomint Mainnet will be launching on November 22nd, 2021. The Algomint platform will allow users to enjoy the inherent benefits of the Algorand protocol with other popular digital assets beginning with BTC and ETH. By minting goBTC and goETH users can transform their favourite assets to take advantage of investing, trading, sending/receiving, spending, borrowing/lending, staking, and yield farming in the Algorand ecosystem with 46,000 transactions per second and 0.001 Algo per transaction.
How it works
Algomint users bridge their assets by locking their BTC or ETH in Copper, a secure custody vault, and minting goBTC or goETH on a 1:1 ratio (initially capped at 1 BTC and 10 ETH per transaction). This will allow bridged assets the ability to partake in Algorand DeFi activities.
The Journey to get here
It has been quite the journey to get to mainnet launch, with community-building initiatives taking place as early as May this year. Since then, we have cultivated a flourishing, passionate community across a number of channels, including Twitter, Telegram, Medium, LinkedIn, and YouTube. Our $USD 1.5 mil seed round was completed in June, with strategic partnerships with leading blockchain investment firms, including Borderless Capital, Valhalla Capital, Meld Ventures, GSR, LD Capital, Cluster, NGC Ventures, Ellipti, Kosmos, TBB Foundation, Bitfwd Capital, and 8186.
In August, our security audit was completed through Vantage Point with our testnet launching shortly thereafter in September. The testnet marked a huge milestone for Algomint as our loyal community had their first opportunity to use the platform with over 5,000 unique user sessions. This exercise was proved hugely useful with the developer team identifying numerous upgrades that were able to be implemented for mainnet. September also saw Algomint building extensive partnerships with other DeFi platforms including Pact, Folks Finance, AlgoFi, xBacked, Payscript, and Meld Gold, opening huge growth opportunities in the near future.
“Everyone here at Algomint is ecstatic to be pushing play on the mainnet. We can’t wait to see it live and how it will impact users,” said Algomint co-founder Michael Cotton.
“I would like to thank the team for all their hard work in getting us to this point, as well as our wonderful community who have been steadfast in their support throughout the entire journey.”
The Road Ahead
While the mainnet launch is a big milestone for both Algomint and its community, this is only the first chapter on our platform’s exciting future.
Our governance token is set to be released in Q1/2022 aiming to strengthen the decentralized nature of the platform, which all also be listed on centralised exchange MEXC during this period.
Algomint will continue to enhance the user experience, focusing on overhauling the platform’s UI and introducing DeFi incentives programs. Future versions of the app will further decentralize the platform by moving custody of BTC and ETH on-chain with Smart contracts and reassessing the platform’s KYC requirements. The development team is also working on bridging other popular assets, including ERC20 tokens, USD, gold tokens, and more.
Algomint has ambitious plans of aggregating Algorand DeFi platforms to the bridging interface and developing stablecoin basket swapping and arbitraging capabilities. This will not only provide an extremely compelling value proposition to all stakeholders, but also redefine what a bridge can be in the multi-chain world.
“We view the Algomint platform as a vital gateway in unlocking the full potential of the wider Algorand DeFi ecosystem,” said Borderless Capital CEO David Garcia.
“A bridge between traditional digital assets like BTC and ETH and Algorand is really a game-changer and great credit must be given to Algomint for bringing this product to market.”
Free Minting for first three months
To celebrate our mainnet release, Algomint will be offering users fee-free minting for the first three months after launch. This means no Algomint fee will apply when converting assets into ASAs. Transaction fees associated with blockchains including Ethereum gas fees and Algorand transaction fees will still apply. Algomint burning fees will also apply.
About Algomint
Algomint empowers the next generation of DeFi by bridging popular assets like BTC and ETH to Algorand, a FutureFi blockchain protocol with robust technology and pure proof-of-stake consensus mechanism to deliver high speed and low transaction cost. Algomint is built by Meld Ventures founders, Michael Cotton and AJ Milne , who aspire to create a decentralised future of financial inclusion and freedom.
🌍 Website
