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.
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 increasing 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”. Read additional details on Omphalos web3.
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. In ancient Greek, the word Omphalos means the navel of the world. True to its name, Omphalos aims to become the cornerstone asset for decentralized autonomous blockchain communities working together to build open financial solutions. Decentralization is the key aspect of OMPL: since Ampleforth failed mainly due to its corporate centralization, Omphalos is dedicated to not making the same mistake. Discover more details on https://omphalos.co/.