What is Amp (AMP)?
Amp is an ERC-20 collateral token on the Amp platform and part of the Flexa network. It’s a decentralized asset designed to reduce the risks associated with blockchain transactions. The Flexa network offers a range of decentralized finance (DeFi) solutions and ensures fast and secure payment authorizations.
Who Founded Amp?
Amp was co-founded by Tyler Spalding and Zachary Kilgore, the founders of Flexa. Spalding has worked with tech and engineering for over two decades and owns more than 50 technology patents. Kilgore is a front-end developer and software engineer who’s worked on a range of digital services.
Amp was developed as a solution for decentralized collateralization. As crypto lending sees an increase in the need for collaterals, special dedicated collateral tokens such as Amp have been developed. They ensure security and transparency, as the transaction is recorded in a smart contract.
The collateral token was launched in September 2020. Since its launch, the AMP price has not been highly volatile. The current performance can be checked in the graph above. As a general trend, the value fluctuations tend to follow the performance of major cryptocurrencies.
Within two years of its launch, the asset did not surpass the $1 threshold. Between September 2020 and September 2022, the highest recorded Amp price was recorded at $0.12 in June 2021.
What are the Features of Amp?
Amp has a fixed supply of over 99 billion tokens. This makes the token deflationary and means that the Amp price is likely to rise as the supply diminishes.
Amp acts as the collateral token for the entire Flexa network, replacing the old Flexacoin (FXC) token. FXC holders are able to migrate their old tokens to Amp crypto assets, using the exchange rate of 1 FXC = 1 AMP. This means that the Amp price is equal to the old FXC price.
The Amp crypto platform offers a user-friendly interface that makes the process of collateralizing assets accessible to both professionals and newcomers. Amp is the primary token used for fees and collateralization. The token is compatible with wallets for ERC-20 tokens.
Users are able to stake Amp tokens on the Flexa network. The amount of rewards that you can earn is proportional to the staked sum.
Amp can also be used as the protocol’s governance token. Token holders can propose protocol changes and vote on other proposals. All votes are transparent and each DAO member is only allowed to cast a vote once per voting period.
