Project:Algomint:
Details about Project:
Algomint pioneered the bridge for $BTC and $ETH to Algorand, in addition we have established a robust platform incorporating $BTC, $ETH, and $USD baskets for seamless swaps and trading of like for like assets. By leveraging the Algorand Blockchain, Algomint enables round-the-clock operations with lightning fast transactions executed in a matter of seconds for minimal fees.
Summary
Algomint received 815,250 $ALGO from the Algorand Foundation DeFi Reward initiative. All rewards were distributed to goASSET pairs via PACT pools excluding 40,000 $Algo which were retained for the x-NFT series (as seen here), this was utilised for onchain costs related to x-NFT (minting NFT’s, loading HONE contracts etc) and remuneration for the artist. The distribution and spends can be traced via the following wallets; Algomint receiving wallet : Here
During this rewards period we aimed to maximise liquidity inflow via Algomint bridges and baskets, growing TVL and trading activities of incentivised pools and goASSETS. Observations of the blockchain data show the following for pertinent assets:
Results:
For all future reports we will be including key stats from period to period to clearly show activity generated during each rewards cycle.
$goBTC:
Prior to the release of the gov period 8 rewards the unique daily senders was ~ 83 peaking at 187 and returning to the long term average 1 month in. Average user count at onset of the rewards period was ~ 33,000 with ~ 110 Active Addresses, rising to a peak of 33,239 users and 252 active addresses during the early stages of the incentive period. This heightened activity continued through the July period and similar spikes were seen across; tx counts, onchain volume and daily unique senders.
$goETH:
As seen with $goBTC, prior to the release of the gov period 8 rewards the average unique daily senders # of $goETH was ~ 80, rising to a peak of 187 during the early stages of the incentive period and settling back to ~ 68 one month in. Similar spikes were seen across; average user count, active addresses, tx counts and onchain volume during this period.
$goUSD:
Diverting somewhat from the peaks and troughs seen with goBTC/goETH, goUSD has been experiencing a steady growth of users rising ~ 21% during this incentive period. Unlike goBTC and goETH goUSD has not experienced the declines to previous levels. Although some increase in usage can be attributed to incentives the general trend of goUSD with regard to tx count, volume and users has been positive since conception.
X-NFT:
X-NFT is a new asset in the Algomint family and has received wide support from the community. The project was brought to mainnet during this period so there is little data to draw from. We can see however that X-NFT participation has been strong for the current market with ~ 22,000 total transactions, ~55 unique daily senders/receivers and an increasing number of users over the period, rising from ~150 at the onset of mainnet to ~400 during the current period.
Achievements
x-NFT
- First NFT project to use onchain randomness creating a fully onchain experience.
- The first to bring NFT’s and DeFi rewards together, allowing DeFi users to earn NFT’s.
- Delivered $16,822 of rewards to DeFi, 21,966 transactions (to date) for 40,000 ALGO (approximately $4,000) signifying a strong return on investment.
Baskets
- xUSD added to the goUSD basket.
