Posts

Enjoy #DeFi with the Best Prices across Exchanges

Peer to Peer, No KYC, Audited and Insured Smart Contracts

Introduction

Blockchains leverage on their decentralized and distributed network for full functionality. The first application of this Distributed Ledger Technology (DLT) was Bitcoin. As basic as it is, it has nonetheless demonstrated that working from a publicly verifiable ledger is possible and secure.

It further demonstrated that funds, or electronic money controlled by math, can be minted and fused to the web essentially building a bankless network riding on a web3 framework.

The success of Bitcoin inspired other developers and as Satoshi melted into the interwebs, the concept of smart contracting and Ethereum proved to be a game changer.

Ethereum was the first, improving on the Bitcoin protocol by enabling smart contracts which could function without third parties as long as certain on-chain conditions are met meant the activation of functions thought to be previously impossible.

However, while smart contracts promised so much, the siloed nature of blockchains limited the full potential of this novel tech and dapps that relied on these codes.

This necessitated the launch of trusted oracles platforms. Oracles are channels through which vetted off-chain, real-world data can be used as inputs or conditions for activation of on-chain smart contracts.

Oracles are basically data from verified sources that can be fed to activate smart contracts. In DeFi dapps, these data can be asset prices. In other applications, it can range from speed of say cars for IoT dapps, to temperature fluctuations in weather dapps.

What is the Band Protocol?

The Band Protocol is a decentralized oracle framework for blockchain dapps.

Smart contracts controlling these dapps are fed by off-chain, real-time data curated from a trusted web of data providers backed by strong economic incentives ensuring accurate data.

This eliminates the limitations of dapps since smart contracts are connected to real-world information.

Dapps can connect to any open API, get fed with verified data without connecting via a centralized entity thereby guaranteeing data security, availability, and reliability regardless of the demand of data.

To ensure data availability, on-demand data are updated frequently and kept on the blockchain without compromise. By enforcing strict query requirements, the Band protocol has a high tolerance for collision.

Moreover, data providers are properly incentivized and distributed meaning there is no point of failure since no entity has no authority to by-pass governance and take control.

The Band Protocol is underpinned by the following culture:

  • Community driven in that they allow people to build what they want to. In this spirit, their data providers are perfectly distributed and dapps continue to partner with the protocol.
  • They prioritize decentralization and the team have made it clear that they won’t allow any entity to take control of any iota of data.
  • Their source code is open source stating that great software should be transparent and available for everyone.

Team

Behind the Band Protocol is a team dedicated to build a framework for a decentralized data governance that leverages on decentralization to structure and bridge the blockchain with the real world.

Made up of members with experience at DropBox, TripAdvisor, and others, they have their eyes fixed on the price.

  • Soravis Srinawakoon is the CEO and co-founder. He has been featured in Forbes 30 under 30. He was previously a management consultant with strong technical background in computer science who now lives and breathes crypto.
  • Sorawit Suriyakarn is the CTO and co-founder. He has an M.Eng. /S.B. in EECS from the Massachusetts Institute of Technology with previous gigs at Hudson River Trading, Quora, and Dropbox. He can write all sorts of programs ranging from formal verification (Coq), “smart contracts”, HFT low-level high performance, backend shenanigans, and sometimes frontend.
  • Paul Nattapatsiri is the CPO and a co-founder. He has created several crypto gaming apps with over 800,000 users. He has worked with Tripadvisor and Turfmappx.
  • Other members are Bun Uthaitirat who is the Chief Fun Officer and Developer, Atchanata Klunrit at the Operation and legal office, Kanisorn Thongprapaisaeng and Prin Rangsiruji who are developers.

Partnerships

The Band Protocol has partnered with Sequoia Capital India who led a seed funding drive raising $3 million with participation from Danamu and Partners, and SEAX.

They recently partnered with Atomic Wallet, a non-custodial wallet where users need not to register and sensitive information is controlled by the user.

Commenting, Konstantin Gladych, the CEO and Founder of Atomic Wallet, said:

“The major wave of blockchain for the past couple years has been decentralized financial applications, the next wave will be the security of the underlying protocols and oracles will be a major factor. With Band Protocol being the major oracle solution to enable real-time data requests, Atomic Wallet is confident in their success and are excited to support their mission to connect smart contracts with the real-world.”

Hash Quark one of the largest staking service providers in Asia has also partnered with the Band Protocol.

Others include CastleNode, WeStaking, Forbole, B-Harvest, KardiaChain, and ChorusOne.

Band Tokenomics and Token Distribution

The creators of the Band Protocol opted for an Initial Exchange Offering (IEO) at the Binance Launchpad from September 16 to 17 to supplement their private and seed sale allocations.

Five percent of the total supply was availed to private investors during the private sale where each token was sold at $0.40 while each token was sold for $0.30 at the seed sale where 10 percent of the total supply had been assigned for investment.

Their overall objective was to raise $10.85 million through a crowd funding where 27.37 percent of the total supply of 100 million Band tokens were available for public investment.

During the IEO, each token was sold for $0.473 and the only coin accepted was BNB. The crowd funding was successful as the hard cap of raising $5.85 million was reached within two days.

A pool of 631,800 BAND tokens (worth around 300k) was split and airdropped to all Launchpad participants who didn’t win tickets. In total there were 19,500 tickets and each ticket was allotted $300 or 634.25 Band tokens

In this IEO round, 17.08 percent of the total supply had been set apart for investors.

There was no vesting period and tokens were distributed within 15 days after purchase.

The Band Protocol and its foundation has been allocated 44 percent of the total supply. 25.63 percent to the Band Protocol ecosystem and five percent to Advisors.

By mid-2024, all Band tokens would have been released into their ecosystem as per their token release schedule.

Performance and Exchanges

At the time of press, each token is changing hands at $0.97, down 10 percent in the last trading week.

As such, early adopters who channeled their funds, buying the token during the IEO, Private or seed fund sale have more than doubled their earnings in less than a year.

The token is predominantly traded on Binance where it is paired against BTC, USDT, and BNB. The BAND/BTC pair is actively traded commanding a market share of roughly 42 percent.

Band is also offered at Bilaxy, Bitsonic, DCoin, Kyber Network, UniSwap, and FatBTC.

Short Term Price Catalysts

  • Oracles as an emerging sub-sector within the larger blockchain ecosystem is still nascent and the Band Protocol is well positioned to dominate and be counted as a reliable source of community-vetted data for dapps. DeFi which is heavily reliable on oracles has total value locked (in USD terms) of over $700 million.
  • The team is dedicated and continue to update their community and investors. Soravis Srinawakoon and team are also very experienced. Its CEO has been featured in the Forbes 30 under 30. Investors would benefit from his technical experience, expertise, and wealth building.
  • Listing at Binance, one of the largest cryptocurrency exchange by trading volumes, is a boost for BAND liquidity and therefor price in the medium term.
  • The Band Protocol’s security is guaranteed and this is a net positive for its token price following their partnerships with leading staking companies in Asia including WeStaking and Node A-Team.
  • The team is preparing for the launch of its mainnet. There has been successful penetration and stress tests.  If its transition is smooth, it will build the confidence for more projects—especially those serving in the emerging and lucrative sector, to partner with the Band Protocol. The more the partners, the more the demand and exposure of Band tokens.
  • Atomic Wallet, one of the largest and trusted non-custodial wallet providers with over 300k users and over $20 million of coins staked, announced support that will lead to full integration and staking. This is a show of confidence and is bullish for price in the medium term.

Long Term Price Catalysts

  • In the race for decentralization, scalability, and reliability, the Band Protocol ranks higher. Their plan is to shift to the Cosmos blockchain which advocates for speed, interoperability, and security.
  • Use and adoption is vital for the survival of any blockchain project. With the main competition being Chainlink, Band Protocol’s on-chain activities continue to grow. Use spurs demand and this is bullish in the long-run.
  • The Band Protocol took a different approach and by rolling out a cross-chain compatible oracle solution, the team provides solutions to real-world problems.
  • More and more exchanges support the Band token. Kyber Network and UniSwap are two DEXs where the token has been paired against other liquid assets like BTC, BNB, and USDT. Here, holders have full control of their private keys unlike in CEXs which are prone to attacks.
  • There is a strong economic incentive for data providers to remain honest. Their focus on community and decentralization gives them an advantage and flashes well with their overall objective of building a decentralized oracle infrastructure.
  • The project is supported by leading and prestigious investors like Sequoia. Moreover, they have partnered with influential projects. Castle Node, for example, is backed by StarchainFund which has also backed Coinbase and MakerDAO.
  • Compared to competing options, Band’s smart contracts are optimized for gas usage and are relatively cheaper. A simple query call only consumes less than 30,000 gas. Moreover, these queries are fast and instant as one logic can be processed within one transaction without block confirmation since data is readily available via a delegated Proof-of-Stake consensus algorithm ensuring more integrity.

Enjoy #DeFi with the Best Prices across Exchanges

Peer to Peer, No KYC, Audited and Insured Smart Contracts

Enjoy #DeFi with the Best Prices across Exchanges

Peer to Peer, No KYC, Audited and Insured Smart Contracts

Introduction

This new money greatly rewards early holders with adoption like Bitcoin did, but has monetary qualities Bitcoin Maximalists can only dream of.

Risk is supposedly an indispensable part of making profitable investments. Does this equate placing all your eggs in one basket? Certainly not. You are certain to assume some risks in making investments and diversification of this risk is the least you could do for business efficiency. In the era of digital money, this risk couldn’t be more profound. Bitcoin and other digital assets can be both extremely profitable yet spectacularly volatile. This makes Bitcoin usable as a store of value like a digital gold, but less as a money like US Dollars to pay coffee with. This is because the price of such digital assets is all-important in determining gains and losses. How about a smart commodity money protocol that grows in value once adopted by more users but still will be more stable to use as a every day money for value transfers from one to another? Enter the Ampleforth Protocol.

How does Ampleforth work?

Ampleforth is a smart commodity money platform that can serve a truly unique role in the blockchain space. This is because the protocol provides an elastic supply for users relative to market changes. As such, the supply of AMPL tokens expands or contracts relative to its market price deviating from the $1 price target.

The change in AMPL price results in automatic supply changes after every 24hrs. This is done by a smart contract that changes the number of tokens for every wallet automatically. This change can be viewed on Etherscan by seeing your total holding amount number change every 24 hours. This way the change of your holding amount is not visible in your transaction history.

please be aware that the rebase change only works correctly when you hold AMPL in an Ethereum wallet or with exchanges that integrated the rebase correctly like Ethfenix and Bitfinex.

This increases or decreases the number of tokens in respective user wallets pro-rata. This kind of elastic supply is a first for cryptocurrencies and it makes AMPL have counter-cyclical trading pressure. Accordingly, it is uncorrelated with other digital assets like Bitcoin. This means that AMPL is possibly the only cryptocurrency next to bitcoin that can be a means to diversify risk for family offices, hedge funds, large investment institutions, governments and banks.

To illustrate using a real-life example:
           

  • Suppose a trader, say Jane, buys 1 AMPL for $1 dollar
  • There is a sudden change in demand and 1 AMPL is priced by the market at $2 dollars and stays there, Jane suddenly has 1 AMPL worth $2 dollars.
  • To achieve price-supply equilibrium the Supply will increase with 100% (similar to the price rise percentage) over a period of 30 days. after this period Jane AMPL holding has increased with 100% to 2 AMPL tokens worth $2 dollars.
  • The assumption is that traders will not only trade on price but also trade on the supply increase which is a results of the price rise because of higher demand in the market.

In the event of a price reduction, the opposite happens and supply contracts to match price. This balance encourages stable unit price because whether regardless of your token amounts, the net balance remains the same. This means that price cannot be used exclusively as a proxy for gains and losses. Bitcoin is a remarkable invention as it introduces decentralization to the world. However, its fixed supply makes the stability that you see in mainstream currencies like the US dollar impossible.  Accordingly, this system encourages stability. It has a different architecture from other stable coins like Tether (USDT) but it is expected to achieve a similar results once AMPL grows in marketcap. Notably, the network itself does not make money but passes all the risks and rewards to participants.

How to trade Ampleforth (AMPL)

Important to know: You don’t trade only on market price, but also on supply. For most traders it’s best to focus their trading on the marketcap price (price x supply) to know how AMPL is currently valued by the market. Professional traders and marketmakers need to find new ways to profit since AMPL is so completely different from other digital currencies like Ethereum and Bitcoin. Exciting times!

If you hold 1% of the total supply of AMPL, you will always hold 1% of the total supply after every rebase. If the marketcap of AMPL grows because of price and supply rise you will capture this value increase as well since you always hold 1% of the supply.

It goes without saying that this coin is unique in that price is not all-important in ascertaining its value. This is because supply and price balance to achieve equilibrium. Traders have to take both aspects into consideration when making purchases.

At any one time, the supply of AMPL could be an expansion, contraction or at equilibrium.  Once you understand these cycles, trading becomes easier. Accordingly, it is possible to trade during these cycles.

  • Expansion- During expansion, fast traders can have the opportunity to sell when supply increases but before the price correction occurs. This is only a narrow window before the next equilibrium point.
  • Contraction- The opposite happens during contraction as you can buy AMPL before equilibrium point sets in.

In general, effective traders can attempt to predict the next equilibrium market cap and have optimal buy and sell targets from these predictions. They can then make trades as the market adjusts to its actual equilibrium point. This makes trading AMPL a unique process where you can’t simply look up the price and liquidate your holdings.

If you are a buy and hold investor we think in the beginning of this project it’s better to solely look at the marketcap instead of the trading price since it will probably take some time for people to create shorter time frame trading systems for this unique asset.

At this moment Coinmarketcap hasn’t integrated the circulating supply rebase as of yet. The more flexible and smaller Coingecko website did a better job and changes the circulating supply a few hours after each rebase. Currently Coingecko is the best place to check AMPL’s marketcap

Use Cases

Near Term Use

In the short term, you can use AMPL to diversify your cryptocurrency portfolio. This is because of the elastic nature of Ampleforth which makes it an interesting cryptocurrency that is supposed to be less correlated to bitcoin like other crypto currencies today. Although we believe crypto currencies are here to explode it may well be so that AMPL may be one of the major currencies that benefits from this new age of digital money.

Medium-Term Use

The nature of AMPL as a “non-collateralized stablecoin,” makes it have possible use as reserve collateral for decentralized banks. Examples of such decentralized banks are MAKER DAO and the soon to be launched Libra coin by Facebook:


Libra coin by Facebook is the talk of the day

Accordingly, a coin like Libra will obviously gain widespread use owing to the sheer user base and marketing power of Facebook. That said, the Libra coin might possibly have inflationary changes in price over time because of the assets that are backing the price of libra like the US dollar and other inflationary assets used in the world banking system today. AMPL price target function will not be completely pegged to the dollar. Because of an innovative oracle structure it will keep the purchasing power of the US Dollar in mind and adjust the price target of $1 accordingly to this. This protects against future expected decreased purchasing power of the dollar if the FED keeps printing dollars until the system collapses because of too much inflation. History has shown this happens over and over again and currencies like Libra, BTC and AMPL might be the answer for the next global money.

Decentralized banks such as the Libra coin bank in Switzerland can leverage the coin as reserve collateral because of AMPL’s unique monetary qualities set out by the top minds in economics and Crypto economics.

Long-Term Use

In the grand scheme of things, Ampleforth can play the role of an actual alternative to fiat. Furthermore, AMPL doesn’t suffer the deflationary risks of fixed supply cryptocurrencies like Bitcoin. This is because AMPL is inherently designed to be more difficult to flactuate in price the more liquid the coin will become because of greater adoption.

AMPL has the best of both worlds that will make it a good contender to replace world bank FIAT money. It awards/punishes holders like with Bitcoin when it changes in price, but it is also designed to become more stable in price and therefore usable like US dollars in the curren FIAT banking system.

Team and Advisors

To lead such an ambitious project to its goals, an experienced and experienced team is vital. Accordingly, Ampleforth has the requisite team of computer scientists, academics, investors, and enthusiasts to achieve this end. Leading, the pack is Evan Kuo, the founder CEO and engineer of the protocol.

Evan holds a BS major from UC Berkeley and has tremendous experience in developing predictive auction products and working with venture capital. He is the former CEO of Pythagoras Pizza. All these give Evan the technical and social expertise necessary to take Ampleforth to where it needs be.

Next up is Brandon Iles, who is an engineer responsible for product architecture. Brandon worked for more than 5 years in Google’s Search Ranking and Machine Intelligence groups and later worked in Uber’s Ranking and Relevance team. He is a systems, data and AI enthusiast. A computer scientist himself (BS and MS), he provides important insight and expertise.

Ahmed Naguib Aly, Aditya Sarawgi and Nithin Krishna are other engineers with the project. They have extensive experience and expertise in coding, computer software and systems. Jackie Yen, co-founder of Pythagoras Pizza is in charge of branding while Richy Qiao is in charge of business operations.

Notable advisors are:

  1. Joey Krug from Augur- Joey is a Computer Science expert as well as a member of the Augur prediction markets protocol. He is also a Co-Chief Investment Officer for Pantera. His insight in systems, asset finance and executive experience is vital.
  2. Niall Ferguson of the Hoover institute- Just look up his wikipedia page to see why this is a heavy weight advisor backing Ampleforth: https://en.wikipedia.org/wiki/Niall_Ferguson
  3. Sam Lessin, Works at Fin.com and partner of Slow Ventures , former VP of product for Facebook
  4. Paul Veradittakit from Pantera capital- Pantera Capital is one of the most notable investors in the crypto space.
  5. Noah Jessop, Honey Miner, MIT and former Seed Stage VC at Founder Collective

Important Investors

Investors essentially provide the fuel that any blockchain project needs to operate smoothly. Notably, the protocol raised more than $4.75 million from investors such as Pantera Capital and Brain Armstrong who is the CEO and founder of Coinbase and created one of the most valuable companies in crypto. Brian Armstrong is a college friend of one of the Ampleforth founders and is very closely involved with the project as on of the earliest seed investor.

Other important investors in this project include:

  1. True Ventures
  2. Founder Collective
  3. Slow Ventures
  4. FBG Capital
  5. Huobi Capital ( This indicates that Huobi exchange listing is never far away)
  6. Spartan Group
  7. Nima Capital
  8. Skunk Capital

Tokenomics

Notably, Ampleforth management opted to raise money through an Initial Exchange Offering (IEO) on the Bitfinex platform, Tokinex. Even so, the AMPL token is based on Ethereum and is an ERC-20 token.  Following the successful IEO, the coin is presently trading at $1.35 with a total supply of 50 million AMPL. The coin hit a price high of $ 2.18 on the June 30.

However, price is not as important for this coin because there is a corresponding elastic shift in supply. The circulation supply is approximately 5.24 million of the total 50 million AMPLs in existence.

To calculate the ROI of investing you solely look at the marketcap price increase and not at price. AMPL started with a 5.100.000 USD marketcap after the IEO a week ago and is not

The token price during the IEO was $0.98 raising a total of $4.9 million with BTC as the accepted currency in a record 11 seconds. The maximum and minimum accepted amounts were $5,000 and $20 respectively. To calculate the ROI for IEO investors you have to look at the marketcap increase in the last week. Coinmarketcap hasn’t updated the circulating supply and for now only Coingecko is doing a reasonable job in having the right circulating supply after (often takes some hours to be adjusted) each rebase.

Token Distribution

Token distribution is as follows:

  • 10 percent of tokens available for crowd sale during the IEO.
  • 20 percent goes to the  ecosystem (growth/community)
  • 23 percent is for the treasury.
  • 17 percent to the team.
  • 6 percent to future employee/advisor pool.
  • 4 percent to advisors.
  • 19 percent seed.
  • 3 percent Private (Series A).


Short Term Catalysts

  • When price of AMPL stays above $1 the value of your holding will grow a few percents every 24 hours. This is so unique and may attract a lot of investors that like compounding gains on their holdings in the short term. for example if price stays above 1,30 your holding amount of AMPL will automatically grow more that 1% every day. of course if demand stays away and price goes under $1 your holdings will decrease. We expect that with this low marketcap and big funds invested it will be pretty easy to hold the price above $1 and this might be some interesting gains for early holders in the coming months.
  • Ampleforth will have a number of factors in the near future that will positively impact prices. It is important to appreciate the fact that Ampleforth is a rare project in that it is a big project with a market cap still below $10 million. The team has a patient approach towards effective market presence and in enacting measures to give Ampleforth a firm foothold with the stability necessary for the project to be sustainable.
  • At the moment, the team is putting effort to standardize the rebase mechanism on Bitfinex and is already working with other exchanges for integration. This will allow AMPL to be highly available and liquid on multiple exchanges across the board. Furthermore, the uniqueness of this project will quickly set it apart from other coins in the market. In the competitive world of crypto advertising, institutional and individual investors are obviously looking for something different and promising. Accordingly, this project is gaining positive traction with top Twitter accounts and crypto chat forums but the great mass of investors still have to figure this out since it’s only on exchanges for 1 week now.
  • The involvement of Huobi Capital, Tier 1 crypto funds and powerful individuals like Coinbase CEO Brian Armstrong may result that AMPL will get lucrative listings in coming weeks or months. This will give the coin extra visibility with investors and help boost its market cap.

Long Term Catalysts

  • In the long term, the uniqueness and utility value of AMPL can propel it to widespread use. In particular, the long term stability of the coin price (not the marketcap) is a key attraction for decentralized banks seeking to have reserve collateral for their crypto holdings. Facebooks Libra coin and Multi-Collateral Dai, in particular, can benefit immensely from this opportunity. This is because AMPL is not subject to the inflationary shocks that Libra will encounter along the way and is more price stable like other crypto assets used in DAI as collateral. Such use makes Ampleforth a great candidate for global store of value as Libra will certainly be a worldwide phenomenon on account of its association with Facebook.
  • Because Amples are less correlated with BTC than other altcoins and is a completely different crypto currency on its own we expect that next to bitcoin, Ampleforth is the only logical alt-coin to use for professional portfolio construction by hedge funds, family offices and other institutional wealth managers.
  • This is an amazing new cryptocurrency that has the best of fiat and bitcoin in one coin where early holders can benefit of adoption like with bitcoin in the early days but with more stabillity for the use of actually paying each other with a more stable money.

Ultimately, the nature of Ampleforth means that it can be used like national currencies but also keeps the value increase for holders similar to Bitcoin. This stability and macro-economic friendliness are ultimately so mind blowing that we have good reasons to believe it will spur adoption and growth in market cap for the long term.

Enjoy #DeFi with the Best Prices across Exchanges

Peer to Peer, No KYC, Audited and Insured Smart Contracts