Markets pick back up right on schedule, but
Bitcoin is still trying to figure out where it’s going to go. Yesterday pressing back towards $60k.
What does that mean?? Altcoins will start surging! Out of the top 100 coins yesterday, over 24
hours, 33 altcoins had better gains than BTC, aka one-third of the top 100 were performing better!
Obviously this signals, altseason’s still here, it never left…you just need to know where to look!
Well look here because it’s time for Chico Crypto In crypto, knowing where to
look is difficult because everything is extremely murky.
Sifting through the dirt is hardwork, and that is why Chico crypto is a research
channel, we are all about pulling out the shovels and digging into the astroturf of the
internet to find things that aren’t visibly clear.
Why do we do this?? Well like SIR joe
dirte this channel’s personal idol….. Sooooo you don’t necessarily have too
& today we are going to get deeper than kanye west trying to understand fishdicks.
Today, we are talking about Geysers. No not the type of geyser that comes out
of the earth like at Yellowstone, I would know I’ve lived there…but
Geyser as in an ethereum smart contract… Going to the host and creator of
these, ampleforth’s website..they say “Ampleforth Geysers are smart faucets that
incentivize on-chain liquidity. Users receive AMPL for providing liquidity on automated
market making platforms (AMMs) like uniswap. The more liquidity you provide, and for longer,
the greater share of the AMPL pool you receive” With 4 active geysers on chain.
APYs due to the geyser AMPL reward features. But these geyser’s are all using v1 smart contracts.
Geysers are getting ready to go into v2!! And that ampleforth team, just had some office
hours discord of which the team got transcribed. This question was asked by the community.
I’m hearing lots of chatter of AMPL with Alchemist. Having the ability to keep
your LP tokens. I see that Alchemist is built on Ampleforth Geyser Contracts?
Anything you can elaborate on? NFT related? Of which Brandon Iles, co-founder, engineer & lead
architect of Ampleforth answered. He said “Oh yeah great find! That’s a sneak peak of geyser v2,
coming in the next round. Since this is new code, we thought it would be a good idea to test
it out beforehand in a smaller-stakes area before the real-deal launch, When we launch for
AMPL, we want to make sure it’s completely solid, given the dollar amounts involved.
Even though the code has been audited, it’s larger and more complicated compared
to the old one.
This trial has already uncovered an issue that slipped past everyone
before. So mission accomplished thus far. I’ll elaborate more on the NFT side
for another NFT question I see” So did he expand upon this??? This NFT
side?? They did! There was a question…”If Ampleforth implements NFT’s in the way
that I think NFT’s should be implemented (as financial products) and not
memey gifs for 20 ETH I will cry.” Brandon replied “I think being excited
about NFTs is a bit like being excited about linked lists. I get excited about
linked lists, but… I’m weird right? We see real possibility for utility using
this data structure, and I can’t wait to see where it goes with the next geyser. As
far as NFT-art… It’s easy to make fun of it and brush it off.
I’m inclined to do that for the
most part, but I think the concept is actually philosophically complicated enough that it
would warrant a whole podcast to get across” Brandon sees value in NFTs by linking things,
and he can’t wait for the next Geyser to see where to go with this. He also sees
the value in the art side of NFTs. Hmmm NFTs with alchemist coin are
of course built with Geyser v2, but they create an NFT which links your stake to
multiple LP programs.
And the minted NFT crucibles are getting a touch of art, art competitions
going down in Discord as I speak… So did they expand any more on NFTs
in the office hours. Well one more question was asked. The important one that
leads us where we want to go. “Do you guys think staking across multiple geysers
via NFT will be possible some day?” Brandon replies “Yes. Geyser v2 has a new
architecture and a component that we call “Universal Vaults”. This is the part
represented as an NFT. The idea is you can use the same LP tokens for multiple programs
simultaneously by locking them in the vault once. If this idea gets traction, I can potentially
see it becoming standardized or built into normal crypto wallets as an add-on feature.
For that we’ll have to wait and see what the traction is though.
Hat tip to @thegostep
for being the main dev here, by the way!” We all know the thegostep, that
is Stephane on twitter, the one working on this experiment called alchemist
coin, he announced it on twitter. This is Geyser v2’s universal vaults, they
are testing and experimenting with if it gains transactions, it will be
standardized and built into AMPL and beyond. But there is more to this alchemy story,
and we are going molten core deep soon, but since we're talking about Ampleforth,
the first rebase token to gain popularity, it’s time for the sponsored content of this
video, supported by the team at Benchmark protocol, and like always the full details of
our agreement can be found in the description. A Rebase token…Rebasing or elastic and
a changing supply token.
That is what the Benmark’s MARK token is all about. It’s a
concept that ever since Ampleforth deployed, has gained huge amounts of following
and traction within the crypto space. Target prices and equilibrium is found by
expansion or contraction in the tokens supply. So how does Benchmark protocol improve upon
this? Well first we need to understand ample and how it differs. In Ampleforth, the monetary
protocol automatically adjusts the supply of AMPL across all user wallets based on price.This means the number of tokens owned changes based
on market conditions. When price is high wallet balances automatically increase. When price
is low wallet balances automatically decrease. And Ampleforth is trying to track
the US dollar, it's a stable rebase token , which creates a very specific
inflation risk profile for the asset. MARK has a global inflation risk
profile, as it tracks itself to the SDR, or Special Drawing Rights,
a unit of monetary account created by the IMF.Going to the IMFs website
on the SDR it’s composed of 5 currencies, with different weights.
The US Dollar,
Euro, Chinese Yuan, Japanese Yen, and the Great British Pound and as we can see as of
yesterday, 1SDR, is about 1 dollar and 42 cents! The target price of 1 MARK is equal
to 1 SDR, 1.42 cents right now. Deviation of the market price of MARK from the
target SDR price triggers a supply adjustment or rebalance. This adjustment is applied as
percentages over a dynamic smoothing period. And now here is where things get
fun with the BenchMark protocol. Benchmark also rebases or adjusts by tracking the
movement of the VIX volatility index on CBOE.
The daily change of the closing price of the VIX
is layered into the rebalancing algorithm. What is the VIX on the chicago board options
exchange CBOE? The most frequently traded, exchange listed volatility futures contract
in the world built around the S&P500 & also known as the fear index. But you shouldn’t
fear it, as it provides market participants the opportunity to trade their view of the future
direction of the S&P 500 index. Up or down. If the VIX value increases, it is
likely that the S&P 500 is falling, and if the VIX value declines, then the S&P
500 is likely to be experiencing stability. So how does this affect MARK tokens? Well
when the VIX in traditional markets increases. The total supply of MARK increases. Increasing
supply when traditional markets are down in the S&P. Why is this done? Well an increase in the VIX
usually indicates an increase in selling pressure. If an asset is scarce during such periods, asset
prices can be manipulated by a few bad actors. To counteract that risk, the
protocol adds more units of supply. Thus MARK adjusts the network supply, to meet the demand of the markets.
The Markets need a stable asset, when things are falling and it wouldn’t be good
if the stable asset they needed wasn’t available!! Like, I said, Mark and the benchmark protocol
provides many benefits over other stablecoins and other rebase stable assets.
Global Currency Peg, no collateral, volatility adjusted rebase, inflation
shielded, public team, and a fair launch! And, don’t forget about the Benchmark liquidity
mining program called the PRESS. Putting the stable assets to work! Two live and solid Uniswap
LP pools, with crazy APYs of 250 percent plus. They have Balancer pools, with very respectable
APYs too and even in app staking with Xmark. But right around the corner,
if we go to their roadmap, we can see the p2p marketplace is the next
deployment. This will be their peer-to-peer lending service, where a lender creates a
Marketplace contract through the Benchmark interface and defines the conditions (such as
the lending out of tokens, the loan ratio, etc) for their loan offering. This means a single
loan offering can serve many different borrowers, as long as the created Marketplace contract holds
enough tokens to provide the loan. And guess who just partnered to add their tokens to this when it
goes live…one of my favorites.
Ocean protocol! So, if any of this fits your fancy, you can get based by checking out
all the Benchmark links below!! Now, let’s finish it off with making those
deep connections that no one has seen regarding alchemist coin! We understand how close
this project is to Ampleforth…well those connections are deeper
and clearer with this news! Captain Haddock on twitter tweeted this
3 days ago. Today, @thegostep announced that @AmpleforthOrg 's Architect Simon he meant
Brandon Iles joinned the team of Multisig signers of the Alchemist project. With a picture
from Discrod of the gostep announcing it. Haddock continues, Other signers.
Are SushiSwap 's developer 0xMaki and Fiskantes! 0x Maki why is this
important they are involved? Well just go back to the gosteps announcement tweet, and
the example of how to use the NFT crucible, he shows Sushiswap LPs as one of the possible
LPs you could multi stake in concurrently. Maki a multisigner, it’s already
there as an example.
Sushi will more than likely be an option for the crucibles! So, I knew the blend of NFTs and DeFi was
coming, and I’m always down for the ride, but I wanna finish this episode off with what
Fiskantes said, other multisig that was mentioned. He tweeted “Disclaimer: Its true I put my
reputation behind it as a multisig holder. That being said, there are no promises, just a wild
experimentation ahead of us.
This is a trip to alternate dimensions, not just simply to the moon.
Anything goes and I cant guarantee number go up!” Experiment, Anything goes, alternate dimensions.
Chico Likes. Cheers I’ll see you next time!.