Alchemint to list on Bitforex and Coinmex July 26th
If your not sure what Alchemint is, its a stable coin platform issued on the Neo Blockchain. Alchemint will be a two coin system, one being the stable coin SDUSD, and the other SDT,.Which will be used to pay fees on the platform.
The Way it will work, is that a user will be able to collateralise their tokens (Neo to begin with), and receive SDUSD (the stable coin which is dollar pegged) for the market rate in return.
When they are ready to liquidate their collateralised asset's, they must pay a fee. This will be paid in SDT token, which will be burned every time it is used. Leaving to less supply and therefore the main driver behind the price action of the token.
SDT token was sold during the ICO, and this is the NEP-5 token that will list on the 26th of July.
NB: This is a simplified explanation please check the video below for more info.
Bitforex - This is a new exchange with very low fees, they are currently in the top 15 in terms of trading volume. Which is a good start. However its worth mentioning the website itself, actually has no information on who the site is ran by.
Coinmex - This is a total wild card exchange its another Chinese exchange. No one has really heard of it. Its not listed on coin market cap, and from what i can see it has a daily trading volume of about 1 million USD. Which is really insignificant especially when you consider that Alchemint raised 30mil at ICO stage.
Switcheo - Will most likely launch SDT when their V2 platform comes out in 2 days, its not official but its almost guaranteed as some information was leaked, which i sourced in my last post. This will proberbly be where the majority of westerners trade the token, As both Bitforex and Coinmex are Chinease.
I have to say the team did raise 30 million during ICO, so i feel like they could of done slightly better with the exchange choices. However Admins in the telegram group, were able to confirm that these would not be the only two, and they were "continuously pursuing exchanges".
This project is a long term one, the promise of a decentralised stable coin would be quite huge for the crypto space. The project aims to be much more than that though. They even want to go after B2B transfers of stable coin, as wells as consumer purchasers. Visa can currently process 24,000. The Neo blockchain is ment to scale to past 100,000 TPS by 2020. This ensures that Alchemints growth will not be bottle necked. Should they achieve this grand vision!
What are your thoughts on this stable coin? and the initial exchanges the team has chosen to list on?!
Thanks for Reading
Disclaimer : All investing is speculative. This isn't financial advice. Just one man's opinion of a complex fractal world with infinite variables, affecting the system, at exactly the same time.
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