The Alchemint stablecoin issuance platform is migrating half of its one billion SDS token supply to Ethereum. Alchemint hopes by offering ERC-20 SDS, it can increase its user base and connect with more permissionless projects.
Alchemint enables the minting of fiat-pegged stablecoins by mortgaging cryptocurrency as collateral. The SDS utility token is currently used for service fees when minting and returning fiat stablecoins, and earmarked for future proposed governance processes.
The move to Ethereum aims to improve cross-chain use by increasing access to assets for users in other blockchain ecosystems. Cross-chain support has been on Alchemint’s roadmap dating back to January 2019, when it began coding an Ethereum version. Alchemint has also been working on support for the Rootstock blockchain since early 2019.
Alchemint is developing a portal on https://neo.alchemint.io/ for users to perform the Neo to Ethereum migration. Currently, the portal is not live and is still under development. Once it is ready, Alchemint intends to release a step-by-step guide for migrating NEP-5 tokens to the ERC-20 standard. Token migration will likely begin in October 2020. Alchemint notes that once tokens are converted from NEP-5 to ERC-20, the process is irreversible.
Looking forward, Alchemint plans to continue working on its platform for both the Neo and Ethereum ecosystems. Alchemint states it is in discussions with a DeFi project in the Ethereum ecosystem to utilize ERC-20 SDS for yield farming. Further information is expected following the migration.
On the Neo blockchain, Alchemint aims to continue developing its staking and governance modules. The project will also take a random snapshot of the Neo blockchain and airdrop Flamingo Finance tokens (FLM) to SDUSD and SDS token holders.
The full announcement can be found at the link below: