Omphalos adaptive base cryptocurrency? OMPL will connect to Polkadot network for cross-chain interoperability, enabling OMPL asset and data to move between multiple blockchains. OMPL is a community led and operated project, everyone has power to govern and vote on proposals for future development. OMPL has an anti-inflation mechanism for maintaining a stable purchasing power of equivalent to $1 USDT. OMPL protocol adapts an elastic supply model and automatically adjusts supply with rebasing. Price goes up, wallet balances increase; when price goes down, balances decrease. OMPL enables self-executing smart contract and automatic distribution based on price data from decentralized CPI Oracle. OMPL holders own a part of the network, and their percentage of ownerships will remain fixed with non-dilutive supply model.
Omphalos protocol automatically adjust the supply of the token in order 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”. It is directly programmed into the OMPL smart contracts and will happen roughly in every 24 hours. The changes in balance will reflect automatically on holder’s wallet balances. No staking is needed.
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. Read extra information on OMPL.
Our team comprised of industry veteran and finance specialists who had built decentralized financial products on Ethereum blockchain. Are team wallets locked? Yes, they are locked in a time released contract for two years. The tokens will be vested at a rate of 10% each 60 days. How often does a rebase happen? The rebase will happen only one time a day, approximately every 24 hours.
The biggest problems of Ampleforth turned out to be its centralization and inability to provide a more user-oriented mode of governance. Furthermore, Ampleforth gained some bad press due to glitches occurring while listing the token on exchanges. Ampleforth made one thing obvious: the fact that the crypto community desperately needs a next-generation stablecoin with extensive, expanded functionalities. Every decision is reached through a consensus between all OMPL owners, to ensure that Omphalos continues developing into a transparent, trustless and incorruptible platform. Aside from decentralization, the most important feature of Omphalos is cross-chain interoperability. Omphalos believes that if a cryptocurrency is to become the real digital currency of the global community, it must overcome the bound of blockchain fragmentation and limitation, and allow digital assets, value, and information to flow freely in multiple blockchains that together make a decentralized financial ecosystem. See extra details on here.