Amp now on Cream, DODO, and Gemini Earn; new all-time high for Flexa Capacity TVL
The Amp Community Digest for Friday, February 12, 2021
Welcome to the first edition of the Amp Community Digest, featuring periodic news from across the DeFi and payments ecosystems. This semi-regular newsletter will highlight the best of what’s happening in the world of Amp. For additional, more frequent updates, make sure to join the Amp community on Discord and Twitter!
In case you missed it…
Amp added to Cream Finance
Amp is now supported on Cream Finance, one of the largest DeFi borrowing and lending platforms (~$700M TVL). Holders can now earn interest on their deposited Amp tokens, with the option to borrow against Amp collateral hopefully coming soon via community vote. More Amp utility means more liquidity and stability for the token long term.
Amp added to DODO DEX
Amp is now on DODO’s default token list and available for trading. Shout out to the Amp community for making this happen! DODO is an exchange platform offering low slippage, single-sided liquidity pools, and minimal impermanent loss. For more details on the technology, check out their docs.
Flexa ecosystem tokens moved to qualified custodians
Undistributed Amp tokens were previously held in multisignature contracts managed by Flexa. To enhance the long-term security of these assets, they have been transferred to Gemini Custody and Coinbase Custody, market leaders in custody and compliance. See Flexa’s blog post announcing the transfer for more information.
Amp available on Gemini Earn
Gemini just announced their new Gemini Earn product. As an alternative to staking on Flexa Capacity, Gemini users can now earn 1.98% APY interest on their Amp holdings at Gemini, compounded daily. Get started by downloading the Gemini mobile app.
Amp now in Uniswap’s default token list
Gemini-supported tokens are now the default token list on Uniswap:
Current TVL of Flexa Capacity — $792.7 million
The Amp total value locked (TVL) in the Flexa Capacity contract has reached a USD all-time high this week, with the ability to provide spending capacity for nearly $800 million worth of payments volume on the Flexa network. Earn rewards for staking your Amp on the Flexa network toward the apps below:
Did you know?
Amp is supported as a verified asset in both the Abra and Dharma wallets.
Liquidity mining for $MOON rewards on Moonswap is still available for Amp! See the Amp blog post for more information.
A proposal for Amp staking to be included on Zapper still needs the community’s help! Please keep up-voting and commenting to show your support.
DeFi and payments news
For the Lunar New Year, the Chinese government is completing their third major test of a new digital currency, E-CNY, developed by the People’s Bank of China. The development of the world’s first government-owned digital currency is indicative of not only the feasibility of large-scale digital payments, but also the desire to use them. While the E-CNY does not use public ledger technology, any milestone towards digital payments strengthens the use case for Amp.
Mastercard plans to allow merchants to accept payment settlement in cryptocurrency later this year. This is a step up from previously allowing some payments in cryptocurrency, but converting them to fiat before settling with merchants. While this is exciting news, crypto payments through legacy payment infrastructure will likely still be limited due to the centralized nature of the traditional system and the need for intermediary institutions to support processing and merchant acquisition. Amp addresses both of these issues by decentralizing risk and slashing payment processing fee in order to reduce costs for merchants.
Hawaii is expanding their cryptocurrency pilot program, allowing digital currency issuers to operate without a state money transmitter license. While Flexa was part of the initial 11 participants, the expansion speaks to consumers’ desire to have more flexibility with digital payments.
Origin Protocol has just partnered with Amazon to make their decentralized online marketplace, Dshop, available on AWS Marketplace. This makes it possible for even individuals and small businesses to accept cryptocurrency hassle-free and at low cost. While Amp is focused on global merchants, widespread adoption of digital payments will need to include “the little guys” like Dshop has done.
One of Flexa’s POS providers, NCR Corporation, recently acquired Terafina to enhance their Digital First Banking platform. Terafina is a solutions provider specializing in digital account opening that will improve customer satisfaction and increase usage of the platform. Bravo!
From the community
A big shout-out to Bubby for launching a Twitter giveaway of 20,000 AMP!
Check out this thread from Infinite Atman laying out the big picture of Flexa and Amp and explaining why it’s so innovative.
Kudos to u/JyorgiJyoJyort getting the word out about Amp across the College of William and Mary campus in Virginia.
Want to see a demo of Flexa payments? Check out this video by John Kim from back when SPEDN was first released. (Still works just the same today!)