Alchemint has released its May monthly report, which includes an overview of updated issuance and collateralization statistics, development updates, and participation in events and community initiatives.

Alchemint is a cryptocurrency stablecoin issuance platform that mortgages 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.

Issuance Platform Statistics

In May, Alchemint’s stablecoin issuance platform saw an increase in total SNEO collateralized, total SDUSD issued, and the overall mortgage rate. Alchemint notes the total amount of collateralized SNEO didn’t increase by much. However, SDUSD issued, and mortgage rates increased significantly.

By the end of the month, the total amount of SNEO collateralized reached 32,661.05, which was an increase of 632.53 from April’s figures. The overall mortgage rate rose from 282.34% to 337.75%.

The amount of SDUSD issued increased by 8,265.74, to a total of 115,412.53 SDUSD.

Lastly, the total amount of service fees paid in SDS increased nearly threefold, reaching a distribution of 16,424.16 SDS tokens in May.

Platform Updates and Atomic Swaps

Alchemint is preparing to launch its SDS token staking functionality, in which income from fees “will be distributed to the SDS staking participators.” This feature is planned for inclusion on the NEO and Ethereum-based Alchemint platforms.

The Ethereum-based Alchemint platform is claimed to be “complete with testing and debugging, [and] is ready for public beta.”

Alchemint also reports to have completed all SAR related smart contract developments for its Rootstock-based platform. Rootstock (RSK) is a smart contract network that seeks to utilize the Bitcoin blockchain. Next steps include the integration of a risk management system, which “will feed BTC price” to the RSK smart contract.

Further, Switcheo recently implemented an SDUSD and DAI stablecoin atomic swap functionality. Alchemint claims it is “the first atomic swap stablecoin trading pair.”

Events and Community Participation

Alchemint participated in NEO’s fifth DAA roundtable to discuss regulations and policies surrounding stablecoins. In the DAA roundtable, Alchemint business manager, Harvey Xu, highlighted the transparency behind crypto-backed stablecoin assets, and iterated a belief that “the best [use] scenario for the decentralized stablecoin is dApps.”

Additionally, Alchemint participated in the GF.Network DeFi event (Shanghai), NEO JOY 2019 (Shanghai), Global Blockchain Forum 2019 (Hangzhou), and the Baidu Cloud “ABC Tech On 2019 Technology Forum | Blockchain” (Shanghai).

The full Alchemint monthly report can be found at the following link:
https://medium.com/@AlchemintIO/alchemint-monthly-progress-report-may-2019-b5da61288485

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