Each blockchain has its own ecosystem. Communities built on Non-Fungible Tokens (NFT), Decentralized Exchanges, Lending platforms, and a wide variety of applications. Bitcoin and Ethereum are popular tokens whose value can be stored cross-chain. Algomint’s bridge allows you to unlock the value of Bitcoin/Ethereum on the Algorand Network.
Algorand is a carbon-negative layer-1 blockchain that has minimal fees to send transactions across the platform. Algomint offers a service of creating an Algorand cryptocurrencies. Minting synthetic tokens, goBTC and goETH, locks the liquidity on Algorand network. This is the beginning of minting value from other blockchains while Algomint explores additional ERC-20, tokens, goUSD (USDT) and other tokens to expand their asset portfolio. If you would like to close your token, you unlock it via the Algomint platform so that the synthetic token can be burned, and liquidity returned to originating blockchain. Once a token is minted through Algomint, you can take advantage of the speed of the Algorand network bypassing miners and validators that can delay processing of your trades.
After utilizing Algomint to bridge BTC or ETH to goBTC or goETH, these synthetic versions can be used in decentralized finance. Algofi provides a lending protocol to supply and borrow against your collateral. Supplying your goBTC/goETH allows you to take a loan that can be used for staking, liquidity pools, or creating synthetic short/long positions.
Pact and Tinyman are Automated Market Makers that allow users to exchange their wrapped tokens for other Algorand Standard Assets (ASA’s) in seconds. They connect users to their favourite platforms where they can extend the value of your goBTC/goETH to Algorand or other assets. Users can also provide liquidity to earn a percentage of fees for using the pool, connecting you to community projects on the Algorand blockchain.
An incentive to using bridge programs early is being rewarded for participation. Algomint is working on their Decentralized Autonomous Organization (DAO) governance token goMINT. goMINT offers users the ability to oversee distribution of the treasury which collects revenue from minting and unlocking wrapped tokens on their platform.
When do you make the swap? Deciding whether to participate in a green blockchain, that can process transactions in seconds, allows you to move capital efficiently cross-chain is up to you. Algorand has had zero downtime, a robust ecosystem of NFT, trading and yielding platforms. The opportunity to make your Bitcoin and Ethereum work for you is unlocked with Algomint.