It’s time to get AMPed with #Pyth data ⚡️
@amptoken is a universal collateral token that makes payments instant and final
Learn more about how Amp is #PoweredByPyth in the 🧵👇
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Current global payment systems often operate in an opaque fashion with many intermediaries, thus bringing:
💸 Higher cost
🐢 Slow resolution time
⚠️ Counter-party risk
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Enter Amp:
When using Amp as collateral, transfers of value are guaranteed against fraud and default while settling instantly
With over 21B Amp staked, the current spending capacity on the Flexa network is over $80M 🤯
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1️⃣ Stakers lock Amp in a smart contract to collateralize payments
2️⃣ Spenders pay recipients using their asset of choice. Since collateral is locked in smart contracts, Flexa or any entity that interacts off-chain can instantly authorizes the transaction.
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3️⃣ Once the transferred asset settles, the collateral is released back to the collateral pool and stakers paid a fee for securing the transaction
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As of today, staking Flexa enables spending of more than 99 different digital assets including $BTC, $ETH, $LTC, $DAI, $CUSD, $ALGO or $DOGE at merchants like Chipotle, Baskin-Robbins, Nordstrom and more
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In the future, Amp can use #Pyth data to determine collateral value, which is based the price of the assets used 🔮
With over 100 price feeds available on the Pyth network, we look forward to supporting Amp’s digital asset options
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"Ensuring accurate collateral values is mission-critical for every application of Amp. With Pyth data now available on Ethereum, we look forward to integrating Pyth into future Amp products." - Amp Foundation
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To learn more about Amp, you can visit their website 👇
amptoken.org/
As well as their documentation 📕
docs.amptoken.org/
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If you are looking to supercharge your application with low-latency, accurate and robust data:
Docs 👉 docs.pyth.network
Best Practices 👉 docs.pyth.network/consume-data/best-practices
EVM-Chains Developers 👉 docs.pyth.network/consume-data/evm
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If you have any questions or requests, come let us know in our Discord
We are here to empower you and build the future of finance together 🫂
discord.com/invite/PythNetwork