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Welcome to the latest edition of the Weekly Pulse, a weekly Algorand news wrap-up segment presented by Algopulse. As ever we welcome your feedback so if there is anything you would like us to add, please let us know on Twitter, Discord, or Telegram.
xBacked: A decentralized stablecoin for Algorand
The development of xBacked a new Algorand based stablecoin was announced this week. The company published a project announcement article outlining how their platform will work and a development timeline. The xBacked protocol will be completely decentralized and permissionless allowing anyone with ALGO to mint xUSD. The protocol will operate as a DAO (Decentralized Autonomous Organisation) and will facilitate governance via the X governance token. As part of its launch xBacked revealed a custom Al Goanna as the project’s mascot. Read about the xBacked project on xbacked.io
Algomint to launch on mainnet on November 22
Algorand based bridging platform Algomint this week confirmed that they will be launching their mainnet protocol on November 22nd 2021. The initial product will allow users to bridge BTC or ETH by minting Algorand Standard Assets GoBTC or GoETH on a 1:1 ratio. This will essentially allow BTC and ETH to enjoy all of the inherent benefits of the Algorand blockchain. Algomint launched their testnet in September and have implemented several key improvements based on feedback provided by users during this period.
“Everyone here at Algomint is ecstatic to be pushing play on the mainnet. We can’t wait to see it live and how it will impact users,” said Algomint co-founder Michael Cotton.
“I would like to thank the team for all their hard work in getting us to this point, as well as our wonderful community who have been steadfast in their support throughout the entire journey.”
Algorand Foundation provides grant to Applied Blockchain for their Silent Data platform
Development company Applied Blockchain have received a grant from the Algorand Foundation which will see their SILENTDATA platform integrated into the Algorand blockchain. The platform allows private data off-chain to be verified on-chain without ever revealing the actual underlying data. For instance this would allow smart contracts to verify a user’s bank balance without revealing the figure to any external parties.
“Applied Blockchain has been a particularly active partner in the Algorand ecosystem, and we are very excited to see the potential for SILENTDATA in enabling convergence of traditional and decentralised models of finance,” said Algorand Foundation Head of Global Ecosystems Addie Wagenknecht.
New Algorand DEX Pact announced
A new Algorand based DEX called Pact was announced this week generating a great deal of community interest. Pact is an Automated Market Maker (AMM) project that will launch with a constant product, symmetric 50/50 pool design. Pact are carefully crafting a product that they say will be both powerful enough for the seasoned trader but simple enough for the uninitiated. Read more about how the platform will work here.
Opulous complete their first-ever S-NFT sale in just 2 hours
After months of anticipation from the Algorand, blockchain, and music community Algorand based music licensing project Opulous completed their first-ever S-NFT Sale of Lil Pump and Soulja Boy’s upcoming single Mona Lisa. Seeking funding of $500,000, the sale reached its goal in just 2 hours with 925 people investing who will now earn royalties as the song continues to grow. Opulous have already begun working on their second S-NFT sale promising another collaboration with a major artist.
Houbi Global launches new USDCa ASA
A new Algorand USDC Algorand Standard Asset has launched on Huobi Global called USDCa with deposits and withdrawals available. To celebrate the launch Huobi are also running a giveaway with a prize pool of 30,000 Algo available. The project are also offering no withdrawal fees for USDC on their Algo Chain for the first year after launch.
AID:TECH receives major Algorand Foundation Grant
The Algorand Foundation have awarded a large scale grant to AID:Tech an Algorand based digital wallet that integrates a new digital identity protocol (did:algo) in support of global payments, remittances, and other services. The wallet merges identity with payments and is designed to foster equality of opportunity in wealth creation.
“The Foundation is working toward a vision of an equitable, borderless, digital economy for all and this partnership with AID:Tech and Womens World Banking plays particularly well to that vision by providing a wallet infrastructure that enables equality of opportunity for wealth creation around the world,” said Algorand Foundation CEO Sean Lee.
Glitter Finance Closes an Oversubscribed Seed Round
New cross-bridge DeFi platform Glitter Finance this week closed an oversubscribed seed round. The initial launch of the platform is set to connect yield farming activities across Algorand and Solana with a view to add more chains ongoing. The platform works to wrap native tokens and place them in vaults. Users then receive wrapped synthetic tokens which can be burned at any point to receive the sum of their investments. Once wrapped the platform utilizes neural networks and risk-analysis to identify yield farms with maximum returns and lowest risk ratio, followed by the redeployment of wrapped tokens into these yield farms. This is the first of several products that Glitter Finance will bring to market with an NFT marketplace also being worked on.
Watr launches ESG-oriented blockchain for commodities, partners with Algorand
The Watr Foundation has announced a new Algorand based project that will be used to digitize supply chains. Set to launch in 2022 their aim is to bring Environmental, Social, Governance (ESG) transparency to commodities, empower consumer choice in procurement and investment decisions, and democratize financing in the end-to-end of commodity supply chains.
“This is the inflection point to digital and transparency for commodity markets,” said president of the Watr Foundation Council Maryam Ayati.
“With clear compliance guardrails and a pioneering cross-section of industries at the table, Watr’s mission is to drive financial inclusion, transparency and customer choice. We believe this next iteration on resource models should be co-created in mutually-owned profit models. It is a privilege and comfort to be collaborating with the pioneers of decentralized technology, blockchain, industry, and environmental products in bringing this blockchain ecosystem to life.”
Algorand Foundation partners with the University of Cape Town create a fintech innovation hub
The University of Cape Town and the Algorand Foundation have joined forces to set up a new fintech innovation hub. The initial grant of R37.5 million will allow to centre to operate out of the UCT faculty of commerce for the next five years. The center will also serve as a base for research on CBDCs in Africa.
“The partnership with the Algorand Foundation is crucial in enabling UCT to continue striving to produce graduates who are not merely going to seek a place in the employment space, but who are themselves going to create employment opportunities through the companies they are going to start,” says UCT vice-chancellor, professor Mamokgethi Phakeng.
“Furthermore, having an African focus as part of the three key pillars of the program enhances UCT’s endeavour to not only be the best in Africa but the best for the continent.”
Thank you for reading this week’s edition of the Weekly Pulse as we look forward to continue bringing this content to the Algorand Community. Was there anything that we missed? If so let us know on Twitter, Discord, or Telegram where you can also send us any news you see throughout next week for our next installment.
