Alchemint Monthly Progress Report (Aug. &Sept. 2020)

Sorry for the delay in the August monthly report, caused by our mistakes in our work. In the future, we will keep publishing monthly reports on time.

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.

July 2020
Sept 2020
NEO/USDT Aug~Sept 2020

Research & Develop

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!

The Migration Portal will use https://neo.alchemint.io/.

When the stats have been finalized, we will publish a step-by-step migration instruction.

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.

Alchemint is the NEO ecosystem’s stable coin.