Business Model
Algomint offers two types of tokens:
- 1.Asset tokens that are wrapped assets on Algorand, including goBTC, goETH, with more to be added later, such as goUSD, etc. These tokens are minted via locking the original BTC and ETH on a 1:1 basis with our selected custody partner, and will be burnt when unlocking the original assets. The goBTC and goETH asset tokens will be made available with the product launch, and more asset tokens will be released over time as we expand our asset portfolio.
- 2.goMINT governance token. In the long term, goMINT token holders will govern the DAO which will oversee the distribution of the DAO treasury which will be fueled from excess minting and burning fees (see fee explanation). To be eligible for rewards goMINT token holders will need to stake their tokens and vote on key decisions for Algomint as we decentralize the governance over time. By staking, users are also putting their goMINT at risk as they will form a bond to secure the underlying assets being stored on the Algomint network.
How to acquire tokens?
Asset tokens can be acquired via minting designated assets in the Algomint App. For security purposes, in the v1 product release, the maximum amount of tokens to be minted per transaction is 1 BTC and 10 ETH. If you wish to mint more tokens in bulk, please email [email protected] to discuss.
Additionally, we are seeking [liquidity partners] to provide Algomint asset tokens on [centralized exchanges] where the assets are listed on [decentralized exchanges] on Algorand.
goMINT tokens can be acquired publicly in a number of ways:
- Initially, through Algomint's selected lauchpad partner;
- Purchased in the secondary market once the token is released;
- Earned through DeFi partner incentive programs (details to be released as they become available);
- Earned through Algomint ad-hoc incentive programs (e.g. memes competition, sticker competition, AMA participation lucky draw, bug bounty, etc.).
Testnet tokens: As of 3rd September 2021, we have made a few Testnet tokens available:
Name | Asset IDs |
|---|---|
goBTC | 19386116 |
goETH | 19386452 |
goMNT | 19386785 |
See the Algomint Testnet section for further details on how to add these tokens to our testnet Algorand Wallet
Mainnet tokens: As of 22nd November 2021 for goBTC and 29th November 2021 for goETH, we will make them as mainnet tokens available:
Name | Asset IDs |
|---|---|
goBTC | 386192725 |
goETH | 386195940 |
See the Mainnet Wallet Preparation Guide section for how to add these tokens to our Mainnet Algorand Wallet.
Users will pay two types of fees:
- 1.When minting tokens:
- 0.2% minting fee charged by Algomint.
- Plus a mining fee to cover sweeping costs.
- ETH Transactions 0.0025 ETH
- BTC Transactions 0.0001 BTC
- 1.When burning tokens:
- 0.2% burning fee charged by Algomint.
- Plus a mining fee to cover delivery costs.
- ETH Transactions 0.0025 ETH
- BTC Transactions 0.0001 BTC
Where the Algomint charged fees go:
100% of the fees go the Algomint DAO treasury.
Last modified 9mo ago