Meld Gold founders launching Algomint, Algorand’s Digital Asset Minter
What is Algomint
Finally, Algorand will welcome its preeminent digital asset minter, Algomint, in Q3 2021. The platform, built by Meld Gold founders Michael Cotton and AJ Milne, will bring vast liquidity to the network to unlock the limitless potential of the Algorand DeFi ecosystem.
DeFi has experienced explosive growth by 7,500% per year since early 2020 and is not slowing down, yet it has been restricted by slow speed and high transaction costs of the mainstream Ethereum network. During 2021 we have seen a huge amount of Wall Street money pouring into Bitcoin. Only 1% of this capital inflow is working in the DeFi network, signifying enormous room for growth.
Next generation blockchain protocols like Algorand can revolutionise the DeFi game with ultra high speed and low transaction costs, especially when combined with the ability to conveniently trade Bitcoin and Ethereum on these networks. This is exactly what Algomint was built for.
How does it work
To trade Bitcoin in the Algorand DeFi marketplace, simply mint goBTC on the Algomint platform while locking your original BTC on a 1:1 ratio in a secured 3rd party custody vault, and burn goBTC by the same ratio when you withdraw BTC. Algomint will also enable the same functionality for a group of other mainstream assets like ETH, USDT, etc.
Imagine investing, trading, sending/receiving, borrowing/lending, staking, and yield farming with 46,000 transactions per second and $0.001 per transaction? This is what DeFi will look like on Algorand. With these features, individuals will now be able to take full advantage of crypto assets without prohibitive transaction costs or trading slippage. This enables a range of benefits including; high frequency trading strategies, utilising BTC to buy a coffee and performing atomic swaps.
Algorand is a true proof-of-stake blockchain protocol designed by Turing Award winner, Dr Silivio Micali. It comes with superior technical features like lightning fast transaction, finality of transaction with zero uncertainty, no forking possibility, and carbon neutrality.
Currently there are 500 DApps built with over 500,000 transactions daily, with a number of DeFi projects on the brink of launching which is set to ignite wild growth as the ecosystem is enriched and empowered by these projects.
It is also the most financial market friendly protocol, with in-built regulatory compliance features that meet critical requirements of large financial institutions taking interest in crypto assets.
With on-chain mainstream assets boosting its DeFi activities, Algorand is becoming a promising blockchain protocol.
About the Founders
Algomint’s founding team Michael Cotton and AJ Milne, have a track record of successfully founding and operating Meld Gold, a digital gold asset minter that has streamlined and tokenised the global gold supply chain, breathing blockchain into this age-old asset.
After Meld Gold brought the traditional gold industry into the future with several institutional titans of the gold industry joining the Meld ecosystem, the founders are now set to transform the Algorand DeFi landscape.
Voice from Partners
“Algomint is essentially opening the Algorand network to the rapid growth we are seeing elsewhere with the DeFi markets,” said Henrik Andersson, CFA, Chief Investment Officer of Apollo Capital, a leading Australian crypto fund. “This is a significant opportunity and the potential for impact is huge. As Algorand users access the platform, having the ability to take advantage of transaction speeds of 4 seconds and costs of less than $0.001. Suddenly the market has a very different proposition.”
“We are excited to see Algomint providing a necessary bridge for digital assets to enter the growing Algorand ecosystem and the opportunities that will be opened up for users,” said Sean Ford, COO of Algorand. “Tools like Algomint serve as foundational components for the incredible expansion of DeFi on Algorand that we are currently seeing.”
To eventually achieve decentralised governance, Algomint will issue its governance token, goMNT, in Q3 2021. Product launch is expected to take place during Q3 with goBTC and goETH as first core assets on Algomint that will serve the Algorand DeFi ecosystem. In Q4, goUSD will come online, whilst the Balancer Decentralised Exchange will also launch on Algorand. From early 2022, the goMNT staking will go live, allowing token holders to start earning rewards.
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Telegram Official Announcements: https://t.me/algomint1
Telegram Chat Group: https://t.me/Algomint2