Alchemint, a platform for issuing digital mortgage-backed stablecoins on the NEO blockchain has published its progress report for March.
Alchemint differs from other cryptocurrency stablecoins through its process for mortgaging digital assets as collateral to mint SDUSD. Alchemint includes a smart assets reserve (SAR) that’s held and controlled by smart contracts. The SAR contains risk control measures that are designed to stabilize SDUSD against the volatility of the market.
Alchemint’s SDUSD token is pegged to the US dollar on a 1:1 ratio, which is similar to other stablecoins like Tether and TrueUSD.
In the report, Alchemint notes that the total amount of collateralized SNEO has decreased since February. However, due to NEO’s price increase, the total amount of SDUSD issued and the overall mortgage rate remained relatively unchanged.
One metric that Alchemint drew attention to was the total service fees paid in SDS, which surpassed 2,000. The report claimed that this demonstrated that “some SAR owners have returned their SDUSD and paid SDS as service fees.”
A breakdown of Alchemint’s key metrics for March is below:
- Total SNEO Collateralized: 32,164.79
- Total SDUSD Issued: 106,167.41
- Overall Mortgage Rate: 304.13%
- Total Service Fee Paid (SDS): 2,354.13
- Liquidation Trigger Rate: 150%
- Liquidation Discount: 10%
- Annual Fee Rate: 2%
- Overall Issuing Ceiling (SDUSD): 1,000,000
Research and Development
As part of the report, Alchemint summarized its research and development progress.
Upgrades were deployed to the web version of the Alchemint platform, including optimizations to the UI and speed. Ledger support was also added, enabling users to transact with their hardware wallets.
Further, Alchemint made UI updates to its mobile browser version and released it as an app within the O3 wallet.
Finally, Alchemint completed the first version of its Ethereum stablecoin issuance platform and has moved into the testing an optimization phase.
On March 28th, Alchemint attended the “POW’ER Chinese Blockchain Annual Summit,” where it received the “2018 most up and coming blockchain award.”
Remarking on its achievement, Alchemint said, “This award showed the industry recognized the effort made by Alchemint to develop the decentralized economy.”
The team also attended the NEXT University Blockchain Technology Sharing Session in Shanghai at Jiao Tong University. Alchemint’s CTO, Chris Qi, gave a presentation titled “Blockchain: the most important invention after the Internet.”
Finally, Alchemint participated in the 2019 China Shanghai Blockchain Technology Application Summit on March 13th. The summit, which was organized by the Shanghai Jiading government, gave the platform an opportunity to share its progress and ideas with a roster of guests and other presenters.
The full report can be found at the below link: