In this period full of uncertainty on the crypto front, it is not easy to find promising and performing cryptos. For a few weeks now, one crypto has emerged from the shadows and is showing a sassy performance. Find out more about the Amp (AMP) cryptocurrency.
The principle of the Amp crypto
The AMP cryptocurrency has the advantage of being easy to understand and providing a solution to a real-world problem. Below we explain the fundamentals of crypto Amp.
The crypto Amp is interesting in more ways than one. Its major argument is probably that it allows to facilitate… crypto payments! Yes yes, you read that right, the crypto Amp allows to offer guarantees to merchants who accept to be paid in crypto.
Specifically, the crypto Amp is used as collateral during a crypto payment. Therefore, if the crypto payment does not succeed for various reasons, the merchant is sure to be paid via the Amp amount (equivalent to the purchase amount).
Let’s take an example. Let’s say you want to buy a shirt. The merchant allows payments in crypto, in Bitcoin for example. So you will make the payment for your shirt in Bitcoin. Depending on the state of the network, this transaction may take some time (from a few minutes to a few hours). This is one of the reasons why many merchants are still reluctant to accept crypto payments.
Now let’s imagine that in addition to your Bitcoin payment, you deposit the equivalent amount in another currency to the merchant. This amount is there to guarantee the merchant that he will be paid even if the Bitcoin payment fails. Thus, either he will be paid in Bitcoins or he will be able to recover the collateral. Under these new conditions, it is easy to understand that the merchant will be much less reluctant to accept payments in Bitcoin.
This is exactly what the crypto Amp proposes to do. AMP is used in particular within the Flexa network, which serves over 40,000 merchants in the United States and Canada. AMP is a token used as collateral to ensure maximum security for sellers. Simply put, where the Mastercard network uses the bank as a validator, the Flexa network is decentralized but also guarantees payments through the Amp collateral.
The technical characteristics of AMP
The AMP is an ERC-20 token that runs on the Ethereum blockchain. Flexa, to date the main network that uses Amp as collateral, is the 10th largest DeFi app with over $2.5 billion under its wing. Currently, there are more than 42 billion Amp tokens in circulation out of a maximum set at 99 billion.
Thanks to Amp’s price performance in recent days, the crypto’s capitalization has exploded, propelling Amp into the global top 30. With over €3.6 billion, the Amp crypto is ranked 28th in the world. To put this ranking in perspective, Amp is thus doing better than Neo (NEO), Shiba Inu (SHIB) or even Kusama (KSM).
The price of the Amp crypto (AMP)
The price of the Amp crypto was in great shape for several days, especially thanks to a strong demand. Its momentum is in clear contrast to the price of other cryptocurrencies, which are still recovering from the May 2021 crash. Amp’s price notably received a big boost on June 9 following its listing on the crypto exchange Coinbase. On June 16, Amp reached a new all-time high (ATH) of $0.1016.
The price of the crypto Amp is slightly down in recent hours. Nevertheless, it has gained almost 20% over the last 7 days. Such a result actually puts Amp in fourth place among the best performing cryptos over the last 7 days, after XDC, QNT and WAVES.
Over a larger time frame, the Amp price is showing incredible performance. For example, the price has jumped more than 230% over the last 90 days. Finally, since its launch in September 2020, the Amp crypto price has increased by more than 1,300%. At the time of writing this article, the price of Amp is $0.08057.
As the crypto market continues to bleed, should you look to projects like this to continue investing in crypto?
