Alchemint released its June monthly report, providing updated information on issuance statistics, development progress, and recent conversion issues. The team also outlined a recent meeting with NGD Shanghai.

Conversion Issues

The team reported on SNEO to NEO and NEO to SNEO conversion issues that began occurring following the most recent NEO network update to v2.10.2. Transactions would fail due to insufficient GAS paid, noticeable on transactions over 1,024 bytes, due to the updated network fee policy.

Alchemint has provided the ability for users to attach network fees to their transactions as a solution for this issue, though this functionality could not be implemented for SNEO to NEO conversions at this time.

The team will provide a manual conversion service for these transactions in the meantime, pending a permanent solution. Guidelines for this temporary service are provided here.

Platform Statistics

Alchemint reported its fourth month of strong growth, with the total service fees paid (in SDS) being increased by almost 200%. The team cites the NEO price increase as a sign of improving market conditions, noting that this allows more SDUSD to be issued.

Multiple platform statistics have seen increases in comparison to May; with an extra 2,400 SNEO collateralized, over 23,000 SDUSD issued, and an overall mortgage rate increase of 115%.

NGD Shanghai Meeting

The Alchemint team met with Da Hongfei and other NGD members in Shanghai on June 12th. According to Alchemint, the team presented its issuance platform, shared insights into the stablecoin market, and outlined future plans for the project.

Da reportedly complimented the platform’s progress following successful SDUSD launches across several exchanges, including SDUSD/DAI, “the first atomic swap stablecoin trading pair” on Switcheo. NGD also offered their suggestions to Alchemint and shared their “hopes for a wider use case for SDUSD.”

Research and Development

Alchemint has completed development of its SAR smart contracts for Rootstock (RSK), a smart contract platform that “enables decentralized applications secured by the Bitcoin network.” The Alchemint team has started testing these contracts and begun the development of a front end for RSK users to create wallets, manage assets, and interface with the issuance platform.

In addition, the team also launched public testing for the ETH version of its stablecoin issuance platform. More information on this may be found here.

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