Alchemint Stablecoin Issuance Platform Status
The Crypto market is steadily moving up for the past 2 months.
Neo released their Defi platform http://flamingo.finance/. Neo price moved up from $12 to $26 in the middle of September.
Comparing 2 tables, although there is lless SNEO collateralized due to Neo price going up, the Overall Mortgage Rate has declined. Total SDUSD Issued increased.
The Total SDUSD Issued has reached over 60K in early September. Due to people moving their NEO to participate in FLM mining the Total SNEO Collateralized declined and the Total SDUSD Issued did not increase by a lot.
~Sept 2020Research & Develop
Flamingo Assistance
Before NEO announces their Defi platform https://flamingo.finance/.
In the second half of August, we were invited and visited Neo office, and knew about Flamingo as the first batch of people.
During the meeting, we exchange our thoughts on DeFi, share our opinions on different blockchain ecosystems, TVL on different platforms, AMM, user experience, etc.
After the meeting, we studied Neo’s Polynetwork, it will play an important role in our future plan.
In September, we shared our experience with NEO to SNEO, and notified Neo about the issue we had for the conversion back.
SDS partially migrating to ETH Plan
Based on recent research, we believe while we keep developing our NEO platform and empowering NEP-5 SDS, migrating SDS partially to ETH network (ERC-20) will be best for Alchemint and SDS holders.
ETH will allow us to connect to a bigger user base. With more permissionless projects/ protocols SDS will have more use cases on Ethereum.
For NEP-5 SDS, we will keep developing our staking and governance module, and we will study and research what we can do to benefit from Flamingo Finance and PolyNetwork.
The migration to ERC20 will not stop the development of NEO.
We will have our feet in both blockchains!
Migration Portal
The Migration Portal will use https://neo.alchemint.io/.
When the stats have been finalized, we will publish a step-by-step migration instruction.
ERC20 SDS Business Development
We have already started business development for ERC20 SDS, since we will use a new stable coin issuance method, and need time to develop it. Before the new issuance platform is developed, we also want to empower it to allow it to have more use cases.
FLM Airdrop to Alchemint Community
For Neo Defi and Alchemint long-time supporters, we prepared some FLM to airdrop, people who issued SDUSD or holding SDS may all be eligible for the airdrop.
The rules of the airdrop will be announced soon.
