Proposal: Add AMP as a Collateral Asset

Summary

Amp is a collateral token used on the Flexa network (flexa .network). The token is staked by the community in the Flexa Capacity contract (app.flexa .network) to wallet projects in order to secure digital payments at merchants. There are currently two projects ([Gemini Pay](www.gemini .com/pay) and [SPEDN](spedn .io/)) that have integrated the Flexa SDK to enable real-world spending at merchants like Nordstrom, Lowes, Gamestop, Petco, and Baskin Robbins.

Flexa is ranked #14 on DeFi Pulse with $180M locked, and #1, with 90% dominance in Payments (www.defipulse .com/flexa).

*Note, Amp was formerly Flexacoin (FXC) but there was a 1:1 swap of the tokens in Sep 2020 due to an upgrade.

For: List AMP as collateral asset on CREAM

Against: Do nothing

Metrics for AMP token and Flexa Capacity (as of 01/06/2021)

Max total supply: 100B

Circulating supply: 34.8B

Total value locked: $180M

AMP trading volume: $1M (e.g,. Gemini, Bittrex, Poloniex); [Uniswap](info.uniswap .org/pair/0x08650bb9dc722c9c8c62e79c2bafa2d3fc5b3293) liquidity: $1.2M

Technical resources

AMP whitepaper: amptoken .org/whitepaper.pdf

AMP token on [Etherscan](etherscan .io/token/0xff20817765cb7f73d4bde2e66e067e58d11095c2#balances)

Flexa staking contract address: [0x706d7f8b3445d8dfc790c524e3990ef014e7c578](etherscan
.io/token/0xff20817765cb7f73d4bde2e66e067e58d11095c2?a=0x706d7f8b3445d8dfc790c524e3990ef014e7c578)

Flexa staking contract website: app.flexa .network/

Flexa whitepaper: flexa .network/whitepaper.pdf

AMP Audits

Consensys Diligence (June 2020): consensys .net/diligence/audits/2020/06/amp/

Trail of Bits (August 2020): github .com/trailofbits/publications/blob/master/reviews/amp.pdf

Flexa/AMP Article features

[CBS News: Global payments network Flexa launches to accept cryptocurrency payments](www.cbsnews .com/news/who-accepts-cryptocurrency-whole-foods-bed-bath-beyond-and-ulta-among-retailers-accepting-cryptocurrency/)

[Forbes: Customers Can Spend Bitcoin At Starbucks, Nordstrom And Whole Foods](www.forbes .com/sites/michaeldelcastillo/2019/05/13/starbucks-nordstrom-and-whole-foods-now-accept-bitcoin-just-dont-ask-them/?sh=2127569e2252)

[Fortune: Bitcoin Comes to Whole Foods, Major Retailers in Coup for Digital Currency](fortune .com/2019/05/13/bitcoin-comes-to-whole-foods-major-retailers-in-coup-for-digital-currency/)

[CNET: Startup Flexa’s cryptocurrency payment network get big names](www.cnet .com/news/flexa-cryptocurrency-system-lets-you-buy-coffee-jamba-juice-whole-foods-office-depot/)

[MIT Technology Review: You can now pay with cryptocurrency](www.technologyreview .com/2019/05/14/135388/you-can-now-pay-with-cryptocurrency-at-whole-foods/)

[NASDAQ: Flexa Enables BTC Payments at Popular Brick-and-Mortar Stores](www.nasdaq .com/articles/flexa-enables-btc-payments-popular-brick-and-mortar-stores-2019-05-13)

[Coindesk: Crypto “Stripe” Flexa Raises $14M](www.coindesk .com/crypto-stripe-flexa-raises-14-million-so-you-can-buy-coffee-with-bitcoin)

[Coindesk: You Can Now ‘Spedn’ Bitcoin at GameStop, Barnes & Noble and More](www.coindesk .com/you-can-now-spedn-bitcoin-at-gamestop-barnes-noble-and-more)

[Coindesk: New Flexa Tech Will Let You Spend Bitcoin From Other Apps Too](www.coindesk .com/new-flexa-tech-will-let-you-spend-bitcoin-from-other-apps-too)

[Coindesk: Mall of America to Showcase Winklevoss-Backed Crypto Payments](www.coindesk .com/mall-of-america-to-showcase-winklevoss-backed-crypto-payments)

[Coindesk: Robot Ventures, Others Back ‘Crypto Stripe’ Flexa in $6M Raise](www.coindesk .com/crypto-payment-app-flexa-raises-6m-unveils-new-backend)

[Fundstrat: Flexa: On a mission to make digital assets universally spendable](fsinsight .com/2020/11/03/crypto-special-report-flexa-on-a-mission-to-make-d/)

[TheBlock: Gemini and Flexa team up to deliver cryptocurrency payments](www.theblockcrypto .com/linked/23145/gemini-and-flexa-team-up-to-deliver-cryptocurrency-payments)

[Cointelegraph: Flexa Launches App Where Shoppers Can Spend Crypto at Major US Retailers](cointelegraph .com/news/flexa-launches-app-where-shoppers-can-spend-crypto-at-15-major-us-retailers)

[Medium: AMP the new digital collateral token](medium .com/amptoken/amp-the-new-digital-collateral-token-524bc568af92)

Social Resources

AMP Website: amptoken .org/

AMP Blog: medium .com/amptoken

AMP Telegram: t .me/ampchat

AMP Twitter: twitter .com/amptoken

Flexa Discord - includes AMP channel - (official): discord .gg/T4EY6yx

Flexa Website: flexa .network/

Flexa Blog: medium .com/flexa

Flexa Twitter: twitter .com/flexahq

37 Likes

I support this effort!

6 Likes

I agree that adding AMP would be a tremendous value add.

There has never been fraud on the network and there is currently 9 figures of collateral available for transactions!

9 Likes

Amp is awesome I love staking and earning rewards and using my rewards to buy coffee at Dunkin donuts via the app so easy :grin::grin:

6 Likes

At starbucks? Not yet!

4 Likes

By being a token with real utillity AMP would be a great asset to add.

5 Likes

This is creams chance to front run compound :muscle:t2:

6 Likes

AMP is adding real world utilit already. AMP token is a must.

6 Likes

Built buy a great intellectual

Big love of this project

6 Likes

A great addition with a massive collateral bag which is just going to grow .
$amp is placing themselves firmly as a market leader

3 Likes

I support the idea please move forward

3 Likes

I agres with this action. AMP is the future!

3 Likes

This is a great proposal!

Please consider adding this.

3 Likes

AMP has a bright future and I support adding the token as a collateral asset.

3 Likes

AMP will play an integral piece in the upcoming crypto payments wars, being back by Consensys and Gemini makes it an invaluable asset to have and it will eventually be traded on the top exchanges in crypto. Reason being, if it’s traded on the highest regulated exchange (gemini) under NY regulations and licenses, then it’s only a matter of time before it gets added everywhere else and it’s worth and value grow exponentially. Cream Finance benefit from the success of amp and the flexa network.

5 Likes

Yep… that’s it. Great opportunity.

3 Likes

Good to see such a detailed proposal, and it makes perfect sense. AMP’s open-source collateral manager contracts alone probably make it worthy of inclusion. First-rate project.

5 Likes

If you imagine a world where you can spend virtually any payment coin in place of fiat at a real world existing POS terminal, AMP is the project for you. No new equipment needed, powered by QR codes and the flexa network.

4 Likes

Please add amp asap.

3 Likes

I pledge for $AMP, time to move forward!

2 Likes