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. We will migrate 50% of the total supply, 500,000,000 SDS to Ethereum network. We will post the migration instruction soon.
The original plan when we started the project back in 2017 was to use NEP-5 SDS indefinitely. We build the platform from scratch to what it is now, we deployed our platform on NEO blockchain at the end of 2018. We made major updates in 2019 and also this year, the updates contain performance improvements and a better user experience.
We always believe in Neo’s potential. We believe NEO ecosystem is getting more and more developed everyday, with more DeFi project build on NEO, SDUSD will have more use cases. We also appreciate Neo’s recently launched http://flamingo.finance/, we already shared our developing experience with them.
With NEO’s small current user base we believe partially migrating 50% of the total supply 500,000,000 SDS to ETH network (ERC-20) will be best for Alchemint and the SDS holders while we keep developing our NEO platform and empowering NEP-5 SDS.
How to Migration?
The Migration will use https://neo.alchemint.io/
The Migration will started at October.
We will post more details step-by-step migrate instruction soon.
NOTICE: It will be IRREVERSIBLE, if you choose to migrate your token to ERC20, you can’t migrated it back to NEP-5!
After Migration / What will happened in the Future?
ETH not only has a lot of stablecoins, but also a lot of collateral-based stablecoins.
Maker Dai is dominating the ETH decentralized stablecoin market.
There is more and bigger competition on Ethereum, but we already have a few ideas of the new design of the stablecoin. When the research is finished, we will share it with the community.
ETH will allow us to connect to a bigger user base. With more permissionless projects/ protocols SDS will have more use cases on Ethereum.
From BD perspective, it will be easier to have a ERC20 token. We already finished a negotiation with a project which will allow usage of ERC20 SDS for yield farming.
For NEP-5 SDS, we will keep developing our staking and governance module, and we will study and research what can we do to benefit from Flamingo Finance and PolyNetwork.
The migration to ERC20 will not stop the development on NEO.
We will have our feet in both blockchains!