Amp on Coinbase and Coinbase Earn; all-time high Flexa TVL; El Salvador declares BTC legal currency
The Amp Community Digest for Friday, June 11, 2021
The Amp Community Digest is back with the exciting news of Amp on Coinbase, interesting thoughts on the future of loyalty points, and a fun trend involving the Amp community and their Twitter usernames. New community members should be sure to check out previous issues of the digest and subscribe to stay up to date. For additional, more frequent updates, join the Amp community on Discord and Twitter!
In case you missed it…
Amp is now available on Coinbase and other new exchanges
Coinbase, the largest cryptocurrency exchange in the US, has now made Amp available for trading on Coinbase and Coinbase Pro. This is an exciting milestone in the future of digital currency and will enable even more people to access and use Amp. Separately, other exchanges (including Hong Kong–based BiBox and ZB) have also added support for Amp, expanding access in Asian markets.
You can earn AMP for learning Amp on Coinbase Earn
In conjunction with Amp becoming available to trade on Coinbase exchange, Coinbase users can now receive $3 in Amp tokens just for learning about how Amp works on Coinbase Earn! This educational tool will help spread awareness about Amp, its use cases, and the future it enables. The Amp tutorials on Coinbase Earn also offer an excellent opportunity to help others understand how Amp can facilitate the long-term growth of digital payments.
Impermax enables levered AMP/ETH LP tokens
Impermax, a DeFi platform that allows users to gain exposure to levered returns on their LP tokens, has now made available and featured an ETH/AMP pair. This means that users can either supply Amp and earn interest or borrow ETH/AMP LP tokens. Note: Levered LP exposure can result in significant impermanent loss, so please make sure to do your own research and understand the risks before using such DeFi products.
Flexa and 1kx on Brady Dale’s SpaceCasts
Flexa CEO Tyler Spalding appeared last week on Brady Dale’s SpaceCasts, alongside Lasse Clausen of 1kx. The talk, originally held on Twitter Spaces, covered each of Tyler and Lasse’s “A-ha!” crypto moments, why 1kx supports Amp, how Flexa seamlessly integrates with merchants to enables private spending, plus many more answers to listeners’ questions.
Metrics update
Current TVL of Flexa Capacity — $1.73 billion
The Amp total value locked (TVL) in the Flexa Capacity contract reached another USD all-time high yesterday, with the ability to provide spending capacity for nearly $2 billion 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 extensible and open-source. Any developer can build an app that locks and unlocks AMP on-demand to secure and transfer value quickly.
DeFi and payments news
El Salvador has become the first country to pass legislation designating bitcoin as legal tender. As a result, Salvadorans will now be able to pay taxes in bitcoin, while “economic agents” within the country will accept bitcoin as payment. The government is also planning to mine bitcoin using green energy generated by a volcano.
Forbes reports that Visa is exploring five key digital currency opportunities: customer purchases of cryptocurrencies, crypto-to-fiat off-ramps, APIs for banks to accept stablecoins, crypto custodian partnerships to enable USDC settlement, and private-public partnerships that may emerge to support central bank digital currencies (“CBDCs”). An interesting nuance of the report is that Visa emphasizes fiat off-ramps as a necessity for enabling spending.
Facebook-backed blockchain Diem’s chief economist stated that its stablecoins are only intended as an interim solution until a CBDC issued by the US Federal reserve is created. He claims that once CBDCs exist, Diem will faze out the Diem dollar and instead earn revenue via transaction fees on its network.
From the community
Twitter user @floatingratio unleashed an especially compelling thread on the usage of reward points within the sphere of digital payments. Their tweets focus on the ethical and practical implications of current reward and loyalty programs, and touch on the ability of Flexa and Amp to revolutionize such programs by offering more freedom of choice regarding where reward points are spent.
In celebration of Amp’s inclusion on Coinbase, @bubby_io once again offered up an Amp giveaway. Congrats to @darkcryptus on your 1,000 AMP winnings!
Tweet of the week
Thanks for taking the time to see what the Amp community has been up to the past couple of weeks. Make sure to earn some Amp on Coinbase Earn, give the SpaceCasts chat a listen, and keep your ear to the ground as updates continue to be shared on Discord and Twitter.