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Algorand
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ALGO · 7w

[Blog] Algomint opens BTC and ETH floodgates to Algorand, the blockchain best poised for mass adoption

Algomint opens BTC and ETH floodgates to Algorand, the blockchain best poised for mass adoption

In November 2021, Algomint launched its MainNet on Algorand, enabling interoperability with a gateway bridge between the Bitcoin and Ethereum networks and Algorand. Algorand is an open source blockchain equipped to serve a wide array of global use cases given its superior performance, scalability, security, stability, and functionality, and has proven its robustness as the platform of choice for a wave of adoption that spans from DeFi innovation to gaming to national initiatives in El Salvador, Bermuda, Colombia, Italy and more.

The launch of Algomint marks yet another milestone towards the inevitable cryptocurrency mainstream adoption, as it removes the speed and cost hurdles for BTC and ETH in everyday use by implementing their synthetic versions on Algorand, while the users retain and enjoy the store-of-value properties of the original assets.

It opens the floodgates as these assets could now unlock their value potential by reducing transaction costs to almost negligible, partaking in a flourishing DeFi ecosystem, and finding powerful use cases. Algorand brings together traditional and decentralised finance, facilitating the unprecedented tide of asset value transfer, under the backdrop of historical hyperinflation caused by unsolvable financial challenges of our time.

Background

Decentralized finance (DeFi) has experienced enormous growth in the past two years with Bitcoin (BTC) and Ethereum (ETH) being the most widely used cryptocurrencies. However, as on-chain activities ramped up, scalability issues and design restrictions severely limited the value potential. Currently only 1.7% of Bitcoin is leveraged for DeFi activities (https://defipulse.com/btc).

These challenges have triggered the renaissance of next-generation Layer 1 blockchains with enhanced technology and better performance. Among the contenders, Algorand has sto...

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