What is the Omphalos protocol?
This new cryptocurrency created in 2020, Omphalos (OMPL) is an adaptive base-cryptocurrency with an elastic supply model, specifically designed for decentralized finance and Web3 Applications. Once a day, the supply either gets automatically expanded or contracted depending on the market demand level in the past 24 hours. The goal of Omphalos protocol is to create a flexible and adaptive digital money, which with multi blockchains interoperability that is also fully decentralized, driven by algorithms and governed by the community.
Omphalos vs Bitcoin
Omphalos (OMPL) is a revolutionary stable coin protocol for decentralized finance, one that is different than Bitcoin and thousands of other cryptocurrencies in the market. While bitcoin suffers from huge price volatility due to its finite inelastic supply, very often prices can go up and down dramatically in a short period of time, making it unsuitable to act as a stable medium of transaction for decentralized financial applications (DeFi App). However, Omphalos protocol overcomes this limitation by adjusting the total supply in every 24 hours based on gathered price oracle information, therefore maintaining the price at a stable and healthy range.
Price increase and rebase potential for investors
Imagine if an investor owns 10 OMPL coins that he acquired for $1 each, his portfolio worth $10 in total. The price then increases by 10% to $1.10, while the supply expands by 10%, the investor receives an additional OMPL coin through the automatic “rebase” process, which increases the investor’s holdings to 11 OMPL from 10 OMPL coin that he originally acquired. The value of the investor’s holdings now at $12.1, a significant gain from his initial portfolio. One possible strategy would be to “front run” the daily adjustment by analyzing the data and anticipating the direction of the upcoming change.
Omphalos protocol automatically adjust the supply of the token to achieve supply-price equilibrium. When price is above the $1.06 threshold, wallet balances automatically increase. When price drops below the $0.96 threshold, wallet balances automatically decrease. This adjustment mechanism is called a “Rebase”.
Game Changer in Decentralized Finance (DeFi)
Omphalos (OMPL) with the built-in price stabilize mechanism will be a game changer for the decentralized finance space. More people from different countries now can try the DeFi applications using Omphalos coin without worrying the substantial price fluctuations of bitcoins, Ethereum and thousands of other cryptocurrencies.
Omphalos Information:
Omphalos Official Site: www.omphalos.co
Twitter: twitter.com/omphalosdefi
General inquiry: hello@omphalos.co
( Article No 5 )
Frequently asked questions about Omphalos DeFi Protocol
The Omphalos team had 2 online AMA recently. Here is the first review of frequently asked questions from the community.
Q. Can you explain in short sentences what Omphalos is?
Answer: In one line: Omphalos is the cornerstone or the base cryptocurrency for the DeFi and Web3 applications. OMPL, the cryptocurrency of Omphalos serves as a base adaptive token (its supply will increase/decrease) based on the price to reach approximately $1 USD equilibrium.
Q. As an investor we are interested in the usability of the native token, so can you tell us more about OMPL what role it will play on the omphalos ecosystem?
Answer: OMPL token will be the native network token in the Omphalos ecosystem, OMPL will be used to do liquidity mining, pay for network fees, and be used as collateral for borrowing other cryptos. More info about our dApps will be coming in the next few weeks.
Q. Does Omphalos do presale? Where can we contribute ? And can you provide details about the total supply and the token price?
Answer: The presale will be starting in Mid-October, and participation details, as well as whitelist, will be announced on our social media.
Q. An important question to our community about token sale, can you introduce ‘in detail’ your plans and phases and share Metrics.
Answer: Initial total supply is capped at 100 million, 15 million of tokens will be allocated for sale. All the team members’ tokens will be locked and vested at a rate of 10% each 60days.
Q.For each project, community factors contribute to the project’s victory. So, what are your strategies for community development and long-term user retention?
Answer: For community development, every holder of OMPL is our community member, they have the right to vote and participate in our future planning process. They can even create content, dApps, and get rewards from Omphalos. That’s why we have set aside 15% of tokens for the community grant!
Q. Why does Omphalos choose the DeFi system as the basic? Do you have a special reason?
Answer: The reason we start the project is that we believe the DeFi world needs stable crypto that can be served as a base cryptocurrency for web3 and Defi applications and with cross interoperability. That way, more people and institutions can join the DeFi movement, without the fragmentation. Such as TRC-20 assets can be flowing in Omphalos network, and vice versa.
Q. Can you describe an automatic rebase? This is quite interesting to discuss.
Answer: The automatic rebase process will kick in when the OMPL token price is above $1.06 ( increase supply) or below $0.96 (decrease in supply), to ultimately bring the token price back to a $1 equilibrium. Rebase happens every 24 hours. For details, please see on our website: https://omphalos.co/rebase/
Information of Omphalos-OMPL
Omphalos Official Site: www.omphalos.co
Twitter: twitter.com/omphalosdefi
Email: hello@omphalos.co