Algomint, Algorand’s Minter of Digital Assets, ready for Q3 2021 – Explica .co
In a press release this week, the Algorand team announced that Algorand, the ‘golden bridge to the Algorand DeFi ecosystem’, will hit the market in the third quarter of 2021. The platform will provide liquidity and unlock greater DeFi potential in the Algorand network.
The Algomint platform will allow users to invest, trade, send and receive, borrow and lend, bet and earn returns with 46,000 transactions per second and fees of 0.001 USD per transaction.
Algomint will allow users to trade bitcoin in the Algorand DeFi Marketplace by asking them to hit goBTC on the platform, while also locking the original bitcoin at a 1: 1 ratio in a third-party vault. Users will burn goBTC in the same proportion when they withdraw bitcoins from the network. Algomint will use this same functionality for other crypto assets, such as ETH and USDT. With a product launch in the third quarter, the platform will initially offer goBTC and goETH as the first core assets to serve the ecosystem. Algomint will also look to engage with users via a governance token, goMNT, which is also slated to launch in the third quarter of 2021. In the following quarter, the team plans to launch goUSD while introducing programmable liquidity through the decentralized exchange balancer of the team.
Related reading | pNetwork and Algorand launch a partnership to create cross-chain connections
The Algomint team is led by the founders of Meld Gold, Michael Cotton and AJ Milne. Meld Gold leverages the Algorand protocol to increase the efficiency and accessibility of the gold supply chain.
The Algorand team clearly sees the potential around the DeFi explosion and the applicable use case with the Algorand protocol. The press release cites DeFi’s annual growth at a rate of 7,500%, despite Ethereum’s challenges regarding speed and transaction costs. The statement also notes that only 1% of Wall Street’s capital inflows this year is applied to the DeFi network, hinting at substantial potential in the market.
$ ALGO seeks to continue its efforts in the DeFi landscape. | Source: ALGO-USD on TradingView.com
What is said
In the press release, Algorand COO Sean Ford said that Algorand “will provide a necessary bridge for digital assets to enter Algorand’s growing ecosystem” and that he is excited about the corresponding opportunities for users of s ‘to hire. get involved in the platform. “Tools like Algomint serve as the building blocks for the incredible expansion of DeFi in Algorand that we are currently witnessing,” he added.
And the partners echoed that sentiment. Apollo Capital CFA and Chief Investment Officer Henrik Andersson added to the statement that Algomint would “essentially open up the rapidly growing Algorand network that we see elsewhere in DeFi markets.” Andersson considered the value proposition to be particularly valuable, noting that “having the ability to take advantage of transaction speeds of 4 seconds and costs below $ 0.001” would provide the market with “a very different proposition”.
Related reading | OKEx Announces Support for USDT and USDC Stable Coins on Algorand Blockchain
Featured image from Pixabay, charts from TradingView.com