It is there to support the whole ecosystem and make it trustworthy for the users. AMP is not the native currency of Flexa network. AMP is a collateral token that acts as a security for the merchant if the transaction doesn’t go as planned. Let’s make things clear before I give any price estimates. We have already witnessed the Bitcoin crackdown by China, imposing ban on cryptocurrencies across the nation. How it should be traded, the tax cut, the conversion policy etc. Imagine if users unstake a large chunk of AMP tokens, the network has to compromise guaranteed settlements which is its USP (Unique Selling Proposition). Staked AMP is used as collateral in the transactions. Users may think of it as a benefit but in reality, it’s a big drawback for the whole network. Staking reward is roughly around 2% which is unattractive for the users.
This is disheartening, as it limits the future utility of AMP tokens.ĪMP offers the lowest staking reward when compared to other staking platforms like Pancakeswap crypto. More transactions on the platforms will increase the demand for AMP coin AMP Coin Drawbacks:ĪMP doesn’t have a roadmap which can help predict the future development of the project.
The governance conducts off-chain voting via Snapshot – AMP Governance:ĪMP users can vote on the proposals presented by the community which includes partnerships, cross-chain integrations, DeFi collaborations and more. Users have to use the same address to stake and unskate AMP tokens. It is important to remember that the tokens will be unstaked back to the address from which it was staked. Users can unstake the tokens anytime without worrying about the locking period. Staking helps the users receive a cut in the fee paid by the merchants.įlexa AMP staking will earn just 1.98% APYĭespite the low staking reward, users stake AMP on Flexa because it has no cooldown period. It is important to notice that the total AMP displayed in the staking pool are the actual tokens used as collateral for the transaction which means the system can support fixed number of transactions where AMP can be used as collateral. Choose the app on which you wish to stake tokens and that’s it, it’s done. After choosing the preferred staking option, user will have to visit the connected wallet and click the stake button below the AMP tokens.
Once the wallet is connected, user can click the explore tab to display the staking option. In the backend, the app will process the request and swap the tokens to the favoured currency set by the merchant which further reduces the gas fee.
#Amp staking code
Merchant will scan the QR code on the user’s app and the funds will be automatically transferred to the merchant’s account. Users can pay the merchant using supporting apps like GEMINI. The whole idea is to have a legal & centralized payment operator (Flexa) and a decentralized network (AMP) for faster and secure payments that support a range of cryptocurrencies with the ability to settle payments in fiat. The total supply of AMP tokens is capped at 100 billion In order to understand the need for AMP coin in Flexa network, let us understand how it works. It is a collateral token designed to decentralize the risk in the payments, thereby reducing the assurance cost from existing networks. What is AMP Coin?ĪMP is an Ethereum based ERC20 token. Since the technology behind Flexacoin does not support staking, the team introduced AMP coin.įlexacoin holders were able to swap their coins to AMP in a 1:1 ratio. Checkout the list of cryptocurrencies supported by Flexa network.įlexa held the ICO of Flexacoin in 2018 followed by the release of apps (including SPEDN & GEMINI) supporting Flexa network. With the use of authorization code, complete payment amount is transferred from the customer’s account balance and converted by Flexa network at a lightning fast speed with 100% settlement guarantee.
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