Anti-inflation mechanism by Omphalos? 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.
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. 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. Discover more info on Omphalos defi.
While the total supply will change constantly to maintain the price equilibrium, the initial total supply will be capped at 100 million OMPL. 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. Find extra info at here.