In Press release This week, Algorund’s team has announced that “the golden bridge of the Algorund defi ecosystem”, coming to market in the third quarter of 2021. The platform will bring in liquidity and unlock further DFI capability in the Algorand network.
The Algomint platform will allow users to engage in investing, trading, sending and receiving, borrowing and lending, betting and fielding, with 46,000 transactions per second and $ 0.001 fee per transaction.
Algomint will allow users to trade bitcoins on the platform via the Mint GOBTC in the Algorund Defy marketplace, while locking the original bitcoins in a secure third party custodial vault at a ratio of 1: 1. Users will burn GOBTC in the same proportion as they go on bitcoin withdrawal from the network. Algomint will use this functionality for other cryptocurrency assets, such as ETH and USDT. With the Q3 product launch, the platform will initially offer goBTC and goETH as the first main assets to serve the ecosystem. Algomint will also try to connect with users through a governance token, GoMNT, which is expected to be launched in the third quarter of 2021 as well. In the next quarter, the team hopes to launch goUSD, introducing programmable liquidity through the team Balancer decentralized exchange.
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The Elgomint team is led by Mel Gold’s founders Michael Cotton and AJ Milne. Meld Gold leverages Algorund’s protocol to add efficiency and access to the gold supply chain.
Algorand’s team sees clear potential in terms of the explosion of DeFi and the use implemented with Algorand’s protocol. Despite Ethereum’s challenges around speed and transaction costs, the press release cites an annual Defy increase at a rate of 7,500%. The release also stated that only 1% of Wall Street capital inflows are being implemented in the Defy network this year, indicating sufficient capacity in the market.
$ALGO looks to continue efforts in the DeFi landscape. | Source: ALGO-USD on TradingView.com
What is being said
In the press release, Algourand COO Sean Ford said that Algomint “will provide an essential bridge for digital assets to enter the growing Algorund ecosystem” and is excited for the related opportunities for users to engage on the platform. He added, “Tools like Algomint serve as fundamental components to Defy’s incredible expansion on the Algorund that we are currently seeing”.
And the partners echoed that sentiment. CFA and Apollo Capital chief investment officer Heinrich Anderson said that Algomint “will basically open the Algorund network to the rapid growth we are seeing elsewhere in the Defy markets”. Anderson saw the value proposition as particularly valuable, stressing that “the ability to leverage a 4-second transaction speed and cost less than $ 0.001” would give the market “a very different proposition.” .
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