List AMP as Collateral Asset (V2)

Abstract

This is a revision of the previously unsuccessful proposal submitted by @eason on 17 January 2021. The proposal was initially discussed via community forum, resulting in very high engagement levels (664 views, 41 replies, 160 likes). This re-submission is based on community feedback (specifically SLP and crCREAM holders) who are eligible to vote due to recent Cream voting power updates.

Since AMP is a collateral token by design, it will disproportionately increase TVL to the Cream platform. Additionally, this integration can potentially enable various payments functionality within the greater Flexa network and Cream ecosystem partners and initiatives (e.g., Iron Bank).

AMP Overview

AMP is a collateral token (ERC-20 compatible) that was co-developed by Flexa and Consensys. Currently its primary use is securing the entirety of the Flexa payment network ($140M TVL). AMP is staked as collateral for wallet projects in the Flexa Capacity contract, enabling real-time digital payments at merchants. All network proceeds are used to repurchase AMP, distributed as rewards to collateral providers. AMP is open-source and includes a novel collateral partition strategy that allows it to collateralize value transfer without requiring tokens to be moved into staking contracts. Note, AMP was formerly Flexacoin (FXC) but there was a 1:1 swap of the tokens in Sep 2020 to upgrade the partition functionality.

AMP token and collateral contract audits

Trail of Bits (August 2020) Consensys Diligence (June 2020)

Token metrics (January 2021)

Circulating supply: 34.8B (100B total) Daily trading volume: $1M (Gemini, Bittrex, Poloniex) DEX liquidity: Uniswap, Balancer, Moonswap, Sushiswap

Technical resources

AMP whitepaper: https://amptoken.org/whitepaper.pdf AMP token contract: 0xff20817765cb7f73d4bde2e66e067e58d11095c2 Flexa staking contract address: 0x706d7f8b3445d8dfc790c524e3990ef014e7c578 Flexa staking contract website: https://app.flexa.network/ Flexa whitepaper: https://flexa.network/whitepaper.pdf

Flexa/AMP Article features

CBS News: Global payments network Flexa launches to accept cryptocurrency payments Forbes: Customers Can Spend Bitcoin At Starbucks, Nordstrom And Whole Foods Fortune: Bitcoin Comes to Whole Foods, Major Retailers in Coup for Digital Currency CNET: Startup Flexa's cryptocurrency payment network get big names MIT Technology Review: You can now pay with cryptocurrency NASDAQ: Flexa Enables BTC Payments at Popular Brick-and-Mortar Stores

Coindesk: Crypto “Stripe” Flexa Raises $14M Coindesk: You Can Now ‘Spedn’ Bitcoin at GameStop, Barnes & Noble and More Coindesk: New Flexa Tech Will Let You Spend Bitcoin From Other Apps Too Coindesk: Mall of America to Showcase Winklevoss-Backed Crypto Payments Coindesk: Robot Ventures, Others Back ‘Crypto Stripe’ Flexa in $6M Raise Fundstrat: Flexa: On a mission to make digital assets universally spendable TheBlock: Gemini and Flexa team up to deliver cryptocurrency payments Cointelegraph: Flexa Launches App Where Shoppers Can Spend Crypto at Major US Retailers

Medium: AMP the new digital collateral token

Social Resources

AMP Website: https://amptoken.org/ AMP Blog: https://medium.com/amptoken AMP Telegram: https://t.me/ampchat AMP Twitter: https://twitter.com/amptoken AMP/Flexa Discord: https://discord.gg/T4EY6yx Flexa Website: https://flexa.network/ Flexa Blog: https://medium.com/flexa Flexa Twitter: https://twitter.com/flexahq