in a Press release This week, the Algorand team announced that the “golden bridge to the Algorand DeFi ecosystem” Algomint will be available in the third quarter of 2021. This platform will bring liquidity and unleash the DeFi potential in the Algorand network.
The Algomint platform will allow users to engage in the fields of investment, trading, sending and receiving, lending, staking and income, with 46,000 transactions per second and a fee of US$0.001 per transaction.
Algomint will allow users to trade bitcoins on the Algorand DeFi market by minting goBTC on the platform, while at the same time locking the original bitcoins in a secure third-party vault at a ratio of 1:1. When users withdraw Bitcoin from the network, goBTC will be burned at the same ratio. Algomint will use the same function for other cryptocurrency assets such as ETH and USDT. With the release of the product in the third quarter, the platform will first provide goBTC and goETH as the first core assets to serve the ecosystem. Algomint will also seek to interact with users through the governance token goMNT, which is also expected to be released in the third quarter of 2021. In the next quarter, the team is expected to launch goUSD while introducing programmable liquidity through the team’s currency. Balancer decentralized transaction.
The Algomint team is led by Meld Gold founders Michael Cotton and AJ Milne. Meld Gold uses Algorand’s agreement to improve the efficiency and accessibility of the gold supply chain.
Algorand’s team sees the explosive growth of DeFi and the obvious potential of the use cases for which the Algorand protocol is applicable. Although Ethereum faces challenges in terms of speed and transaction costs, the press release cited DeFi’s annual growth rate of 7500%. The press release also pointed out that only 1% of Wall Street’s capital inflows this year was used for DeFi networks, which implies the huge potential of the market.
$ALGO looks to continue efforts in the DeFi landscape. | Source: ALGO-USD on TradingView.com
In the press release, Algorand Chief Operating Officer Sean Ford stated that Algomint will “provide the necessary bridge for digital assets to enter the evolving Algorand ecosystem” and he is excited about the corresponding opportunities for users to participate in the platform. He added: “Tools like Algomint are fundamental components of DeFi’s incredible expansion on Algorand,” he added.
Partners also expressed this view. Henrik Andersson, chief investment officer of CFA and Apollo Capital, added that Algomint will “actually open up the Algorand network to the rapid growth we see in other parts of the DeFi market.” Anderson believes that the value proposition is particularly valuable, and he emphasized that “the ability to take advantage of a 4-second transaction speed and a cost of less than $0.001” will provide the market with “a very different proposition.”
Featured image from Pixabay, Charts from TradingView.com