What is Algomint?
Algomint is a piece of core infrastructure on the Algorand blockchain, enabling asset interoperability, which means people holding various crypto assets can easily bring them to different ecosystems and use cases.
That means you can send and receive your Bitcoin or Ethereum on Algorand in a split second, at a tiny fraction of a cent, instead of waiting for hours for the transaction to be confirmed on the network, paying expensive transaction fees (can range from $2 - $200 or higher depending on the network congestion).
This single change can enable many utilities which otherwise wouldn't be viable, from frequent payments to high volume trading. This is the kind of initiative that truly liberates the enormous value of crypto and blockchain and changes people's lives.
There are two products Algomint provides:
Algomint enables Bitcoin and Ethereum holders to wrap their coins into goBTC and goETH on a 1:1 basis, so they can enjoy the fast speed and low transaction cost on Algorand while keeping the value of those bluechip assets. The original BTC and ETH are locked away in secure vaults and can be redeemed at any time.
goBASKET enables users to wrap like-for-like assets into a single destination token that is accepted widely on Algorand with DeFi and payment utilities. The first is the USD goBASKET which accepts USDC, and very soon USDT and BUSD. Algomint is also going to build goBASKETs for BTC, ETH, and GOLD. It will enable merchants to accept a wide range of assets with solid value, and as the network and liquidity builds up, greatly improve capital efficiency and convenience.
The destination tokens of goBASKET will be goUSD, goBTC, goETH, goGOLD, some will integrate with our existing bridges to open up to assets from their original chains too.