Time Until token launch

Published on

March 16, 2022

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Algomint 2nd Feb AMA

Roadmap, Incentive Program, and Token Listing

Press Release

Algomint 2nd Feb AMA

March 16, 2022

Incentive Program and Product Use

Q: Will those that have bridged using the previous minimum amount be affected by the new minimum bridge amount, or do I still need to bridge again now that there is a new minimum bridge amount??

A: If you have already minted you do not need to mint anymore to be eligible. We’ve done this to preserve the rewards for our early users and hopefully that will move us up into the next reward bracket as soon as possible. So, there’s absolutely no need to mint again.

You do get rewarded for minting both, BTC and ETH separately. So, if you bridge both you’re eligible for twice the rewards.

Q: What is the cut off for that?

A: The end of February.

Q: Any news on how many people have minted so far?

A: Eligible users: 354 (accurate accounts instead of minting/unlocking sessions compared with last update)

ALGO reward: 282 ALGO/eligible user. This of course may change depending on the final number of eligible users and the TVB.

Doubling if you are eligible for both BTC and ETH minting.

The current TVB is at $5.9 million equivalent. So, the total reward would be in the 100,000 Algo bracket. We’re also partnering with some major liquidity partners to bring in extra liquidity, so hopefully towards the end of February, we can see a higher number as well for everyone.

Q: Have you reached out to Algofi about goBTC deposits to see if there is anything that can be done to increase the cap?

A: Good news, the cap has been increased.

Q: What’s the cheapest way to send my ETH or BTC from a centralized exchange to a wallet and mint?

A: The easiest way is through a public wallet, you’re always going to get hit with ETH gas fees or bitcoin fees. But make sure that you’re using a private wallet like Metamask. For BTC you could use Bitpay. Also be very careful when you’re inputting the amount that you’re bridging because a lot of people will put in a little bit extra because they think they need to and then they don’t get a successful mint, they then pay two sets of gas. To save your money, be very careful, read the instructions thoroughly. Please don’t send from exchange wallets, layer two protocols or use things like Bitcoin’s Lightning network because we do not support them.

Q: What happens when someone mistakenly creates a wrong amount for deposit and sends funds to the given Algomint address for minting, what happens to the address and how is there a way to resolve this?

A: For Ethereum we refund you if you send us the incorrect amount. We’re also working on a feature to mint any amount sent within a certain range.

Q: Is it possible for a transaction to be lost in the middle of bridging between either chain and if yes, will it be retrievable or is there a compensation plan for lost transactions?

A: As long as you’re sending to our correct wallet address, we can retrieve that amount for you minus gas fees. But in general, just contact support and will be more than happy to help you out. The risk of sending from exchanges is that the amount will be sent back to your sending address, and you probably don’t have control over that sending address, because centralized exchanges use different addresses for sending and depositing, you would have to contact your centralized exchange for things like that.

Q: How do you determine who did the correct amount for the rewards?

A: Everyone who bridges is eligible as long as you haven’t unlocked anything. At the moment it is KYC and everyone does have an account, we can see what accounts have bridged or unwrapped. We won’t actually have to look at amounts.


Q: What time zone does the Algomint team go by?

A: The team and the users are distributed across the globe so we thought it would be wise to use GMT time, so UTC GMT+0 um I think that gives a good coverage for all the users involved

And a lot of us here today are in the Australian time zone with the exception of Herry and hence that’s why we’re having this in 10am/9am our time. Welcome wherever you are!

Q: Are any protocols off limits to wrap? Will you need to update your tech stack to accommodate? Do you have the runway/personnel to do this? What would stop you from keeping up with the changes in tech?

A: There’s really not anything off limits. The bridge has two phases, the centralized phase and the decentralized phase. These won’t necessarily be black and white in terms of the transition and that will be due to the limitations of the tech of tokens we’re bridging. For example, without a virtual machine and a couple of key criteria items we can’t use State Proof’s to bridge tokens from that Blockchain. We’d need to maintain either a centralized version or something that utilizes other methods in order to actually pass data between the chains. So, in reality there won’t be limitations because we have a centralized piece of the bridge that we can always use to adopt fast and adopt different tokens. Long term the piece that will hold us up is actually being able to decentralize certain tokens that are more difficult than others, and we are looking at expanding to cover a huge chunk of the major block chains to ensure we offer complete liquidity both ways between Algorand and other blockchains.

Adopting new tokens depends on if the tokens have smart contract capability. So right now, we’re using Reach to develop our Algorand and Ethereum smart contracts so we can be more decentralized and stop having that centralized custody.

Q: When are you going to add stable coins to the minting process?

A: We may alter that if there’s a huge amount of community push for something else but we are looking at bridging USD very soon, it will be more likely USDC on Ethereum initially and then we’ll slowly expand that capability to be the basket functionality. A basket allows you to bridge all different kinds of USD tokens that we have whitelisted, that you can actually wrap into a single standard on Algorand. So, for example, you could bring USDC or USDT across different blockchains, you could bring Gemini, Paxos, BUSD, HUSD and wrap them all into a single standard on Algorand being goUSD. This also allows for a lot of interesting additional functionalities such as stable swaps, you can swap inside the basket as well so you can swap from Paxos on Ethereum to USDC on Algorand or USDC on Algorand to Gemini on Ethereum. Those stable swap functionality is a really interesting piece of the puzzle and it’ll fit in really nicely for some of the more exciting tech we’re delivering down the track.

Countries that are heavily affected by inflation right now are moving to stable coins or at a minimum investigating the move. So the stable coin baskets solves two problems, number one, it actually is more difficult than it should be to get USDC for example from Ethereum to Algorand, it can actually be quite painful. So I think this will be a nice fix and remove a lot of fragmentation in liquidity, we won’t end up with 10 different USD tokens competing for liquidity on DEXes, we can consolidate a lot of that into single liquidity pools with a wrapped basket. This creates a lot more utility inside Algorand, with less slippage and more access, key elements to create sticky equity. Secondly, a lot of USD tokens are launched out of other countries because of access. It’s much easier to use on and off ramps in that particular region by having a different third party creating a token. The issue for those institutions is that they have trouble finding utility for the token across all different platforms and different blockchains, whereas if they can be certified and whitelisted into the basket they can gain instant liquidity and utility across the entire Algomint accepted network.

Q: Apart from BTC and ETH will Algomint accept bridging of other ecosystems native tokens?

A: We definitely will, so we will be bridging a whole range of other layer one tokens. We’ve been partnering with HNT to bring Helium to the Algorand ecosystem. Helium doesn’t have any smart contract capability and they don’t have plans to in the near future creating a huge opportunity to bring the Helium ecosystem to Algorand. We’re working with both HNT and some of the major stakeholders in HNT to bring HNT to Algorand and build out an entire DeFi ecosystem around the HNT community. We’re also keen to get a community vote on what other layer one tokens we should be bridging.

Q: Perhaps talk a little bit about the roadmap and what’s coming?

A: We have some exciting items coming up on the roadmap.


  • Liquidity rewards dashboard so users will be able to see the eligibility, the amount of users minted and the amount of Rewards being handed out.
  • goAlgo launch.
  • Algo liquidity program rewards drop.


  • Removing KYC and accounts.
  • Wallet integration with Metamask, WalletConnect on both Algorand and Ethereum.
  • Staking feature for a range of LP tokens.
  • Mainnet public token listing.


  • goHNT launch.


  • Next gen smart contracts.
  • 2nd round of audits.

Q: What is your current priority?

A: At the moment our key focus is: making the bridge as easy as possible to use, as user friendly as humanly possible and then bridging a lot of additional tokens to bring equity into the ecosystem. We have some amazing LPs that we’re partnering with to bring liquidity into the ecosystem which will be really exciting on two fronts. Great to bring a huge amount of liquidity for goBTC and goETH and some of the other assets. But also, some of these LPs are major providers inside other ecosystems and it’ll be great to get these individuals and organizations into Algorand.

Q: How do you handle transaction fees for high fee blockchains, for example Ethereum?

A: There’s not a lot we can do about high fees on alternative blockchains. I think this is the magic of Algorand, you know, we don’t have varying gas fees, we don’t have congestion, but it does mean we have to deal with that when we are bridging. Sadly things like State Proofs also don’t fix that because the moment your transition data comes from AVM through EVM for example, you hit that congestion point at that transaction point. So it’s not something we can do a lot about but we’re working on making the system more efficient to minimize things like sweeping fees and as we become fully decentralized, those fees (sweeping fees) will be removed completely. The key thing is to really keep an eye on what gas fees are at the moment. Use a private wallet like Metamask and those things can really help you minimize fees and costs.

Q: Is there going to be an SDK available?

A: Yes, there will. We’re working on the SDK to provide the ability for users to mint and unwrap through API calls. We don’t have an estimated date of release on that yet.

Q: There’s a lot of interest in L1s and scalability in general. What are your thoughts on the 2022 evolution and what do you guys make of the current market condition?

A: Capital efficiency becomes incredibly important in these kinds of times. Like when we are seeing tougher circumstances in the market, the ability to repay loans in four seconds, the ability to not have congestion and spiked transaction fees, the ability to swap on exchanges at low cost, the ability to bid on NFTs where you’re not paying gas fees just to place a bid. All these things become quite important in these kinds of times. So, I think you know for the really efficient layer ones it’ll become quite significant as we see liquidity grow in those ecosystems that they will start to really offer something valuable. The key there is that utility needs to exist. So I think as an ecosystem we need to grow the depth of liquidity on the DEXes, we need to grow the ability to borrow against a whole range of tokens, we need to create a genuinely diverse market for people to come and participate. So I think that is probably the goal for Algorand DeFi, but also any new layer one that’s out there. There’re plenty of interesting competitors, NEAR is doing some really interesting stuff, we all know about Solana even though with all the issues, it has a really strong ecosystem with strong backers. For Algorand thankfully the technology is so strong with a robust network. The short term goal is to build liquidity and help to foster utility in the ecosystem and bringing people in and creating that sticky equity.

Around the market conditions, the fundamentals are still there, nothing has changed recently in the ecosystem, whether within Algorand or the other layer ones. There’s a lot of technology being built and this is the time to build. From an Algomint side, we can’t control market conditions , but we are building a great product that serves the community and then, building relationships and connections. So when users come into the ecosystem, they can go from platform to platform, getting different utility, having different experiences and that creates a healthy environment. Our responsibility is to bring new users into the ecosystem and continue to evolve alongside it.

We’re all going to come to this realization that we have to stop fighting each other and get along, let layer ones co-exist and find their niche, providing health decentralization in a way. Moving between layers will become very easy to do, giving users enormous freedom.

Lastly, the Algorand upgrade for contract-to-contract calls and further composability has been delayed till late this month and that’s been a major barrier for DeFi to exist in real capability on Algorand. There is this huge backlog of incredible projects that are waiting for that upgrade to then be able to start deploying. We haven’t had the ability to grow where we needed to yet. Post February is when the floodgates really open for complex, interesting, and high utility applications. We’re coming into a really exciting period for Algorand. Six months ago, there was almost nothing, and from March onwards, there’s going to be this never ending stream of great products coming to market. This year is going to be really interesting for everyone in our ecosystem.

Q: What will happen to the KYC info/information of current users if KYC is going to be scrapped completely?

A: We don’t keep KYC details. Our KYC provider Jumio will retain those details as long as they’re legally required to and then they dispose of them in the same manner that they’re also legally required to.

Q: Can you request the third party KYC provider to remove user information once it’s no longer required?

A: We’re not really a reporting entity under the AML laws. We have been doing KYC mainly because of the requirement of our custody partner and the record can be removed.

Q: What are you most excited to work on in your own capacity within this project?

Herry Xu: I’m excited to actually bring smart contracts and the bridging capability to the trustless environment for Algomint.

Giles Campbell: I’m really excited to get goBTC and goETH on as many platforms as possible just to give the community some diversity and use cases in the evolving ecosystem.

AJ Milne: Working with the other founders across the ecosystem and their platforms trying to bring the best solutions to the broader community, and working with the institutional side of the market and the funds who are being very proactive across the entire Algorand ecosystem. Growing the broader ecosystem excites me.

Misa Zhang: It’s actually our ambition to go through all the 700 projects on Algorand if possible to get them to implement and accept goBTC and goETH in various scenarios. Making the assets universally applicable generates a lot of benefit for users

Michael Cotton: I’m quite excited to bridge some of the alternative layer ones, we can bring people from ecosystems that have big communities and struggled to deliver on promises, to Algorand and see — especially post this month with the upgrades — the capabilities and the stability of the technology and how strong the teams and the projects are, bringing growth and adoption.

goMINT Token Listing

Q: There has been a whole lot of rumours on airdrops for Algomint early testers, is it possible that Algomint will mint their own token in the nearest future?

A: The goMINT token will be live on Pact, Tinyman and AlgoFi very soon (planning for end of March), and will act as a governance token with participation being rewarded from the Algomint treasury. There won’t be an airdrop at this stage but we are working on some pretty interesting reward programs around the early participants in the token release.

Q: Will US users be able to participate in the Algomint token release?

A: The actual token release will be natively on Algorand inside the major Dexes. So, anyone who can use those Dexes can participate.

Q: What would be the utility of goMINT?

A: Beyond governance we’re also looking at extra incentives such as reduced fees through staking. The bridge will have a lot of additional functionality in the near future. Once we fully move to governance DAO, fully decentralize the service and have enough distribution, the community will vote on token listings, blockchain integrations, fees and where we’re heading in terms of functionality. On top of that, token holders will also be eligible for rewards through participation, including LP rewards pools. We are also working on tokenomics models on how those rewards are sustainable and to deliver value to token holders long term.

Q: How is total value locked going to affect supply of the Algomint token?

A: It won’t affect it directly. The TVL or TVB won’t impact goMINT token issuance directly. Where it does impact, which applies to every Blockchain project, you have a pool of tokens to use as your growth or marketing fund and that should be related to bringing in TVB and bringing in equity and liquidity into the bridge. Our goal at Algomint and our responsibility is to ensure we deliver as much return on investment for that token spend. And the way we’re doing that is through partnerships. We’re partnering with Algofi, Pact, Tinyman, Folks Finance, Humble, Prismatic, Originals Only, xBacked, Payscript and a whole range of other great projects to have collaborative incentive programs. The intention is to ensure that number one we are creating strong incentives for early adopters of the community to be rewarded, bring in new people from outside Algorand to start participating with the plan that they will love the tech and find it hard to leave. So, the collective collaboration piece of this means instead of having to deliver 15% APY, 20% APY, 30% APY as an individual platform, you can split that up amongst multiple platforms.

Q: With V1 KYC was mandatory due to the custody provider so how would V2 be any different?

A: We are going to remove KYC and accounts before V2 is released.

Q: With 1 Billion tokens, are there any deflationary mechanisms included?

A: We do have a deflationary mechanism in terms of the tokenomics design for the long term strategy of the treasury. So initially rewards for goMINT holders will be bootstrapped with goMINT rewards. It will buy us a strong runway to build out a treasury for Algomint itself. Slowly but surely we will be building up fees in goBTC, goETH and all the other tokens we’re bridging. It’ll be converting those fees into protocol owned goMINT liquidity. So, over the 5-to-10-year emission schedule of the goMINT tokens, it will build up this huge treasury of goMINT tokens with the native pairing which we’re looking at being Algo. It’s deflationary in the sense that it will be buying goMINT tokens out of the market and LPing them to strengthen the new increased price. So, it’s not deflationary in the sense that the tokens are burned but that liquidity remains at the protocol for life, unless someone bought every single last token out of the pool, which is almost impossible. It also does two really great things for Algomint. Firstly it creates a lot of additional liquidity for the goMINT token. Long term this will be valuable because if we can develop a really deep liquidity for goMINT, which can also open up borrowing mechanisms as well. So, you’ll be able to start borrowing against the tokens across the different DeFi money markets on Algorand. But it also means that the protocol will be generating fees from being the key LP for its own governance token, which in the long term will mean two things. Once we actually deplete the goMINT tokens from the treasury and we now need to start providing rewards in alternative ways, those fees will start to provide long term sustainable rewards for goMINT stakers.

Q: How do I join?

A: I’m gonna take this as two potential questions, “How do I join?” in terms of how do I bridge — head to Algomint.io and you can go through to the app but you can also use the testnet app if you want to do a bit of practicing before mainnet. You can watch the tutorials and start bridging that’s part one to join. And there’s how you also join the incentive program. As I said earlier, bridge both BTC and ETH if you have both because both will be rewarded separately so you’ll be able to get double the rewards if you bridge, BTC and ETH. Secondly if it’s to join the public release, join our discord and telegram to stay up to date, a lot of new information coming out shortly with details and there’ll be an incentive program partnership with one of the major NFT platforms to provide some great rewards for the keenest participants in the public release.

Q: What’s the simple way for the community to get hold of goMINT?

A: It’ll be an Algo pairing and you’ll be able to participate in the public release. We’ll have a period of time where the price will be reasonably stable to give everyone a chance to access the token. Post that the market will then have complete freedom. We’ll be leaving the liquidity in the market going forward. So turn up to the Dexes we’ll have timings and countdowns as to when it will be live. With Algo you’ll be able to participate on the DEXes to purchase. I’m sure there’ll be a little bit of arbitrage fun between them as well. You’ll be able to see some variations depending on where more people get excited. We’ll announce the timeline on our socials shortly.

Q: Obviously the other piece is, they’ll have to opt into those goMINT tokens, won’t they?

A: They will. But the nice part is when you’re doing your swap, it does it for you. So, you, the moment you’re doing a swap it opts in.

Q: Will the process for stabilizing the prices be set through a specific amount of time or a specific amount of tokens?

A: Specific amount of time. Um, so I think the key piece is that you can’t be open ended. So, at this stage we’ll be looking at a specific amount of time along with the amount of token cap, but the intention is we don’t want people to miss out. We’re trying to make sure it’s not sold out in two minutes and only a handful of people actually get a chance to get any. So we’re trying to do this combination of quantity and time to make sure we have a window that’s big enough for everyone to get involved.

Q: We’re pretty excited about the NFT proposition. How’s that actually going to work for the community?

A: We’re going to be having 300 NFTs from blackbook.art which is dropping a series from one of the world’s greatest street artists and we will be distributing to the top 100 participants (value wise) in the sale from each DEX. We’ll list all the wallets eligible with the NFT they’ll be able to claim through Discord within a set period. It’s a pretty epic prize so I’m sure everyone will be pretty pumped to get one.

Q: Will the token be classed as a security?

A: We have had legal opinions for several regions on the token and it is classed as a governance slash utility token. We’ve designed the token with the intent of not being a security. I think the big thing to keep in mind is you know the regulations are still grey and it is constantly changing. That being said, it is an ever evolving space and if you are concerned we recommend seeking your own advice.