The Algomint USD Basket is now live on Mainnet, to get started visit www.gousd.algomint.io
Over the last few months, the team at Algomint has been working tirelessly on a number of surprises and have now launched the Alogomint USD Basket on Mainnet, more information can be found on the V1 Litepaper.
For those who missed the previous article regarding to the USD Basket, please see the recap below.
At its core, Algomint is a bridge, and bridges have traditionally sacrificed capital efficiency for the certainty of interoperability. Algomint solves this by building a cross-chain liquidity network as an asset operator, combining bridging, basketing like-for-like assets, stable swaps and multi-chain aggregation. This enables anyone to bridge at low cost, with truly dynamic asset entry and exit options.
Users can safely and securely optimise capital efficiency in cross-chain transactions in a powerful web of interconnected blockchain ecosystems, therefore removing the liquidity dead end that occurs through siloed bridges.
This protocol will eventually be governed by goMINT token holders through the Algomint DAO. A portion of fees and arbitrage generated by the platform will be delivered to the DAO treasury and controlled through the DAO governance.
Having built the BTC and ETH bridge on Algorand (now operating close to 200 BTC and 2,700 ETH), Algomint is now focused on expanding the Algomint user network and product utility by building their multi-chain USD stablecoin basket. The Algomint USD stablecoin basket is just the beginning, as future iterations of the unique basket will be replicated for BTC, ETH, and gold.
The goBASKETS will include qualified collateralised USD pegged stablecoins from various chains. The coins will be held in native DEX stable swap pools. This will create revenue for the Algomint protocol, additional native TVL and will increase utility through deeper in market liquidity.
This opens our doors to a wide range of users across multiple ecosystems and enables Algomint’s current customers to freely swap stablecoins locally, cross-chain or wrap into goUSD.
To achieve the optimum outcome for our consumers, relative exchange rates of each token and depth of liquidity will be monitored and adjusted dynamically. Due diligence on the stablecoins is tightly performed to control systemic risk and protect Algomint’s users, with the ability to remove tokens from the basket if necessary.
The goBASKETS’ major technical components include:
1. A mint and redeem of goUSD for USDC smart contract, along with a website front end. This is presently deployed to testnet awaiting sign-off for release to mainnet
2. A workflow for minting and withdrawing smart contracts with various security features, currently under development
3. Collateral roadmap to build the multi-coin aggregation basket. This will include USD pegged tokens across Algorand and other blockchains
As Stage 3 nears, the participating ecosystems will see value flows and activities increase, generating fee revenue, increasing DEX liquidity and creating a TVL multiplier. They will share in what will be a significant move towards blockchain mass adoption through stablecoin consolidation and automated aggregation.
These moves will benefit the user-owned internet by empowering a prosperous ecosystem with less friction, consisting of innovative projects that further blurs the borders among chains, and between blockchain and the rest of the world. The user-owned internet means nothing unless the daily life billions can benefit.
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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 cost transactions. Algomint is built by Meld Ventures founders, Michael Cotton and AJ Milne, who aspire to create a decentralised future of financial inclusion and freedom.
