Algomint Collects $1 5M in Its Seed Round for Algorand DeFi

The press release cites annual DeFi growth at a 7,500% rate, despite Ethereum’s challenges around speed and transaction costs. The release also notes that only 1% of the Wall Street capital inflow this year is being applied in the DeFi network, alluding to substantial potential in the marketplace. Being able to mint another cryptocurrency on Algorand is a fascinating and important concept. You can now hold other crypto and diversify your portfolio, but still enjoy the technical benefits of the Algorand protocol – avoiding high transaction fees and slow transfer times. The Algorand network was designed from the ground up to be a low energy consuming platform, built for a long term, sustainable future. To further ensure that Algorand is the optimal choice for innovators who wish to build in a sustainable way, the Algorand blockchain has committed to being carbon negative today and into the future.
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Users can retrieve original assets at any time by burning the wrapped asset. “Tools like Algomint serve as foundational components for the incredible expansion of DeFi on Algorand that we are currently seeing”, he added. In yet another recent tweet, the platform notified its users that the exploit on the pools continues. Moreover, around $2 million worth of various digital assets in the pools still remained stuck. Tinyman once again advised everyone to remove their liquidity as soon as possible. It also warned https://www.beaxy.com/exchange/eth-usd/ that any lost funds after 9 AM UTC on January 4th will be user responsibility. As with all DeFi products, users should always do their due diligence and proceed with caution when putting their assets to work on the blockchain. We have a support team that helps with refunds to help minimise your operational risk from using the Algomint product. Check out the Security part of this guide document for further risk and mitigation information. 1) never post contract address in chat, instead help people find it.

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→ Modular blockchain talk has been all the hype recently. People talk about these chains when Polygon is developing better. → BTC plummets as Poetin orders russian troops to move into the sovereign country of Ukraine. Lets light a candle for the people of Ukraine and lets light a wick for BTC and the market as a whole. I like “lock up” periods to get the the as it stops me from selling when the markets fluctuate and emotion comes in, and its nice to have a say in a project I really believe in. Those interested in the Algomint platform should express their interest by getting in touch via joining Algomint’s Telegram group and speaking with the helpful moderators. Algomint is excited to release our incentive plan as a part of the Aeneas Liquidity Program by Algorand Foundation. This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution.
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A month later, the crypto lender Celsius Network, which operates like a bank, announced that it was suspending withdrawals, thus preventing its customers from having access to their money. With the funds confirmed and finalized in the escrow account, you will receive the listed BTC/ETH and the transaction status will change to COMPLETED. Go into your Algorand testnet wallet (wallet.myalgo.com) that you added to algomint and hit SEND. Want to switch back to ETH or BTC and transact within their blockchains and pay on average $2 or more again to do a transaction? No problem (zzZzZ…), just follow the next steps. With the funds confirmed and finalized in the escrow account, you will receive the listed goBTC/goETH and the transaction status will change from CONFIRMING to COMPLETE. This market contains unverified assets and hasn’t been reviewed by the Nomics team.

Learn how to navigate Algofi like a pro to redeem free ALGOs!

After I commit to governance, I keep whatever else I add in CoinBase to get the 4%. I’ll move that to my algo wallet for the next gov round. May not be the best option but that’s what I’ve been doing. I’ve already earned as much as I did in the last governance period by being involved in these DeFi incentives since January.

  • This means they act as a bridge between blockchains allowing users from one network to use their crypto tokens on another network.
  • Most Premium members for a reason focus on SPOT only.
  • You can start from the basics and progress to more complex topics later on.
  • This is necessary in order to comply with money laundering laws.

The attacker exploited a vulnerability in the Tinyman pools’ contract code that allowed them to receive the same token twice after a burn rather than two different tokens. This was to their advantage because it allowed the attacker to extract twice as much gobtc instead of a mix of gobtc and ALGO tokens. Since gobtc is much more valuable than ALGO, this allowed the attacker to make a significant profit and drain approximately $3 million in gobtc and goeth from the Tinyman pool over multiple transactions. These tokens were then swapped in pools for stablecoins and withdrawn to other exchanges and wallets. Algomint is a digital asset bridge built on the Algorand blockchain. Payscript is thrilled to announce an exciting new partnership with the pioneering decentralized digital asset minting platform, Algomint.

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Every signal I give comes with a RISK. And when we talk about risk, it’s imperative you are in agreement with… You understand, accept and are aware that there is no such thing as a sure investment. Every coin I give or a series of coins can go to full ZERO. Read our comparison of 50 different crypto casinos.

AlgoFi will also be rewarding Algo based on the TVL on lend/borrow on their platform by the end of the month. AlgoMint will award anyone for minting BTC and Eth into goBTC/goETH. The latest numbers show this to be about 282 Algo for each (minting more than the minimum doesn’t give you more rewards). Are you leaving it in your ALGO Wallet? Staking it on Yieldy or somewhere else? Before the change which happened some time ago it made sense to just leave it all on the native wallet, now that doesn’t seem like the best option if you DCA more into ALGO. In a bid to control the intensity of the damage, Tinyman urged liquidity providers to pull out all their liquidity from all the protocol-related contracts. In addition to that, all liquidity routes in the web app were blocked and were replaced with warning signs to protect the community. Algofi has created a vault product that allows users to participate in DeFi while governing the Algorand blockchain.

Algofi offers a lending protocol, automated market maker, and stablecoin integrated in one seamless user experience. Algofi is planning to offer traditional banking services like savings accounts and credit cards that will be powered by Algorand’s growing DeFi ecosystem. Investors include Union Square Ventures, Arrington XRP Capital, and Pillar VC. To learn more, visit The value proposition for using the Algofi vault is compelling. In the last governance period, Algorand governors earned 11% APY for their participation. Moreover, the ongoing Aeneas Liquidity Program subsidizes the cost of borrowing assets on Algofi and further incentivizes participation across the Algorand ecosystem. In recent months, the Aeneas program has contributed to over 250% growth in ecosystem TVL to roughly $185mm.

DeFi Algorand Based Platform Tinyman Lost $3 Million During an Exploit – Yahoo Finance

DeFi Algorand Based Platform Tinyman Lost $3 Million During an Exploit.

Posted: Mon, 03 Jan 2022 08:00:00 GMT [source]

It is riskier but if we go into a bear market we’ll lose money anyway and if the market holds up then defi will definitely be a big win. According to the platform, this was favorable for the perpetrators as the “gobtc asset” was significantly more valuable than Algorand’s native token ALGO. They immediately swapped against it to rake in more funds and carry on with the exploit. The Tinyman hack was enabled by a flaw in the project’s smart contract code. When a user calls the protocol’s burn function, they should receive two different types of tokens in exchange. The amounts of each token depend on the amount stored within the protocol. On January 1, 2022, some of the Tinyman project’s pools were attacked. The attacker exploited an unknown vulnerability in smart contract code to extract approximately $3 million in tokens from the contract’s pools. We talk to Benedetto Biondi, CEO of Folks Finance. Folks is a money market and liquid governance protocol built on the Algorand blockchain.

The Algorand Foundation has also shown their support for the Algomint project by committing to provide grant support for the cost of these carbon credits. While apologizing for the entire event, Tinyman assured that all affected users will be reimbursed and that the team is currently working on compensation plans. However, it also mentioned that they could not obstruct any kind of transaction on the blockchain due to the permissionless nature of the contracts. As Algomint intends to play a central role in the growth of the Algorand DeFi ecosystem, we are working with below partner projects in the coming months. We will continually update in this article and also in our Guide document. We talk to Peyton from the “big pey” YouTube channel. He is a leading figure in the Cardano community and founder of Bloom Pool and Mycelial Gallery. He is one of the organizers of a large Cardano event “Rare Bloom” happening this October.
If you want to try Algomint out, then head over to the Algomints Webpage and press “Launch App”. From there you can now create an account, which you can then connect with your Algorand Wallet. Note that you can always try it out on the Testnet first. Now imagine BTC also having a transaction cost of mere $0.001 ALGO, a transaction speed of 4.5. Seconds, and instant transaction finality. As you can see the potential is immense.
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This value must exceed 0.01 ETH or .001 BTC. Go to Bridge tab and ensure that the Mint tab is selected. Minting process converts your existing ETH or BTC into the respective ASA version goETH or goBTC. Read more about crypto price calculator here. The above steps can take up to 15 minutes, but normally take about a minute. Once it is completed your dashboard in Algomint will say “KYC Verified” within the KYC tab.

Algomint, Algorand’s Digital Asset Minter, Set To Arrive Q3 2021 – NewsBTC

Algomint, Algorand’s Digital Asset Minter, Set To Arrive Q3 2021.

Posted: Fri, 21 May 2021 21:08:39 GMT [source]

This is the same process you’d go through if you wanted to claim or unstake your rewards as well. Once you’re at the Staking menu, you can choose which pool you’d like to participate in. Please note the STBL-USCB Liquidity Pool was reopened yesterday after being shut down temporarily due to the Tinyman hack. If you choose to participate in any LPs, proceed with caution in the first week or so of Tinyman’s relaunch as pools will be more unstable than usual. If you minted goETH during Part 1 of this guide, you can supply it here for a 0.10% APR. If you’re still interested in participating in this program , please proceed with our guide below.
https://www.beaxy.com/
The “Jakarta Initiative” talks about different solutions for the issues faced by the majority of fresh maritime students across the world regarding not getting the necessary training onboard ships. The Algorand Foundation will distribute 2M ALGO tokens in Q through the Aeneas Liquidity Program, according to an Algofi blog post on Wednesday. At the horizon there’s goUSD as well as goMINT, both which will unlock new possibilities for participants in the Algorand ecosystem. Furthermore Algomint helps pull capital into the Algorand ecosystem. This is one of the more important points in terms of further expansion of Algorand – Algomint really outdid themselves here.

Other assets that will be added in the future include ERC20 tokens, HNT, and other popular blockchain coins and tokens. Official community for Algorand – World’s first open source, permissionless, pure proof-of-stake blockchain protocol designed for the future of finance. Founded by Turing Award-winning cryptographer Silvio Micali. Algorand runs on a highly energy-efficient network and is carbon neutral. The Algomint platform will allow users to engage in investing, trading, sending and receiving, borrowing and lending, staking, and yield fielding with 46,000 transactions per second and $0.001 fee per transaction. Go Coin Me uses the blockchain technology to provide a cryptocurrency fundraising platform. It offers a cryptocurrency based on Private Instant Verified Transaction technology where a user can raise funds with GoCoin, Bitcoin, Litecoin, Ethereum, Monero, etc. It caters to both individual and businesses. Although staking is not listed under the eligible actions users can take to be a part of Algofi’s incentive program at this time, we figured we would show you how this process works while you’re here. The Algorand Foundation announced the launch of the Aeneas Liquidity Program, which is the second phase of its $300 million Viridis Fund, back in December 2021.
Cooper and Benedetto discuss liquid governance, current market conditions, rampant liquidations, and why Algorand’s superior tech matters.. Once you send goETH or goBTC to the escrow account, you must wait for the ethereum or bitcoin blockchains to finalize the transaction (zZzz….). #GOBTC #GO broke down from ascending support line, and price is above the nearest support zone around 50sats. If break down this zone next support is around 24sats. In bullish trend price may hold the support zone and break above the long term descending resistance line, as MACD shows lower highs and lows , I think #GO have potential to jump and increase to… We show you the providers so you can make an informed wallet choice to store your bitcoin, ether or crypto currency of your choice. I don’t have same psychology when I trade other people’s money like when I’m trading with my own money. Starting in Jan. 2022, Algofi users will earn ALGO rewards when they borrow and lend ALGO, STBL, USDC, goBTC and goETH on the Algorand (ALGO-USD) network.
Algomint will useNettle Zeroin order to achieve this, which involves CO2 removal activities in Europe. At the point where Bitcoin then exists on the Algorand blockchain as goBTC it will be carbon neutral as a result of the Algorand protocol operability itself . In Part 2 of 2 of this guide, we will explain the Aeneas Liquidity Program, Algofi & their incentive program, and how to navigate Algofi like a pro to secure your rewards. After you read this guide, feel free to check out Part 1 in which we review the Algomint platform. Tinyman alleged that the attackers also swapped pools with stablecoins to fish out the most value and withdraw these assets to other on-chain wallets and known centralized cryptocurrency exchanges. The technology of choice for more than 500 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. Algomint is regularly looking for ways to expand its pool of assets, with USDC set to be integrated next.