Amp on Yield, Flashstake; Flexa adds Dogecoin support; another Flexa Capacity all-time high TVL
The Amp Community Digest for Friday, May 14, 2021
Welcome to another issue of the Amp Community Digest! Catch up with previous issues on Substack (and subscribe to make sure you don’t miss anything). For more frequent updates, make sure to join the Amp community on Discord and Twitter.
In case you missed it…
Amp lending and borrowing available on Yield
Amp is now available on the new fixed-rate lending platform, Yield. Most DeFi loans have variable interest rates that fluctuate based on real-time supply and demand, but Yield provides an alternative with fixed-rate borrowing. Flexa community member Lumi recently hosted an AMA with the Yield team to discuss why this is a valuable tool and what growth opportunities it creates within the Amp community.
Flexa adds support for Dogecoin
Dogecoin was added to the Flexa network by popular demand, after more than 5,000 people retweeted Flexa's Thursday tweet in 24 hours. Now, Amp is collateralizing Dogecoin spending at more than 41,000 merchant locations across North America.
Amp launches as the first-ever Upfront Flashstake Offering
Anyone can begin staking $FLASH to earn Amp tokens on the Flashstake network, a new DeFi yield platform. Flashstake provides up-front staking rewards so that future yields can be used immediately, reducing the opportunity cost of staking over longer periods. As Flashstake's first Upfront Flashstake Offering (“UFO”), Amp is now available as a default token option and is featured in Flashstake's Amp launch announcement video and blog post.
Amp × Onsen AMA recording posted
The recording of last week’s Amp × Sushiswap Onsen AMA is now available online, for anyone who missed it live. Special thanks to community members Lumi and Infinite Atman for their thoughtful discussion and support!
Metrics update
Current TVL of Flexa Capacity — $1.57 billion
The Amp total value locked (TVL) in the Flexa Capacity contract reached another USD all-time high over the weekend, with the ability to provide spending capacity for more than $1.7 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 was co-developed and audited by Consensys Diligence and then audited by Trail of Bits. Flexa has since sponsored a continuous bug bounty program to further develop and maintain the security of its collateral contracts.
Amp can now be transferred between Ethereum, Matic, and Binance Smart Chain using Anyswap's Multichain Bridge. This can enable developers to use Amp as cross-chain collateral across a variety of new apps.
DeFi and payments news
Flexa announced a partnership with Aurus Inc., enabling a new wave of large merchants to start accepting digital currencies like bitcoin, ether, litecoin, and DOGE.
Mastercard published a survey showing that 40% of consumers around the world plan to use cryptocurrency in the next year. This was just one of several insights that Mastercard found regarding the shift in mainstream sentiment towards cryptocurrency as a viable payment method.
NYDIG, a cryptocurrency custody firm, announced a partnership with Fidelity National Information Services, allowing US banks to offer customers Bitcoin buying and selling directly from their bank accounts. NYDIG also plans to introduce debit card rewards and bitcoin-paid interest in the future.
Galaxy Digital Holdings, a cryptocurrency-focused financial services firm, is acquiring BitGo, the Bitcoin custodian for financial institutions. Galaxy Digital is rapidly becoming a one-stop shop for all things cryptocurrency when it comes to institutions participating in digital asset ecosystems.
The Industrial and Commercial Bank of China, one of the largest banks in the world by total assets, recently enabled users to activate wallets for China’s digital yuan project. Whitelisted users can also now access the digital yuan on Alipay, developments which come as the digital yuan moves closer to its full rollout.
From the community
u/djent_illini was quick to spend Dogecoin at Dunkin’ after Flexa much supported the cryptocurrency across the payments network
Over on Twitter, @OJ3Dme related an experience showcasing the real utility of Amp-collateralized payments on the Flexa network to a friend
And finally, u/gnome_lover101 put together a well-considered analysis of the Amp whitepaper, reviewing the economic utility of Amp and the process of staking via partition strategies