Alchemint has started migrating 50% of its SDS token supply to the Ethereum blockchain. To avoid confusion with the NEP-5 token, the ticker symbol of the ERC-20 version is ALM.
Alchemint announced its plans to migrate half of its tokens to Ethereum in September, with a goal of increasing cross-chain usage. To incentivise swaps, Alchemint committed to airdropping 1 FLM token to users for every 25,000 SDS converted. A migration portal was opened on November 5th.
The first round of swaps occurred on November 25th, with approximately 14.5 million tokens converted. The migration will conclude on December 31st.
Users who migrate tokens from NEP-5 SDS can expect to wait two weeks before receiving the newly converted ERC-20 ALM.
Alchemint is a platform for issuing digital mortgage-backed stablecoins. The SDS token is used to pay for service fees.
The new ALM token contract can be found at the link below: