Amp

Amp is an ERC-20 token, created by Flexa. It replaced the former network token Flexacoin in 2020. Flexa is the global leader in pure-digital payments. Transactions made on Flexa are fully secured and fraud-proof. Cryptocurrency payments with Flexa are automatically converted to fiat currency using crypto exchanges. This means that a customer may pay in Bitcoin, but the merchant will receive their payment in their preferred currency, like USD.

The Amp token serves as collateral to any transaction made on the Flexa network. Thanks to Amp, transfers become guaranteed and can go through instantly. When the proper asset used in the transaction reaches final settlement, collateralized Amp is released. The tokens are then returned to the pool of tokens, ready to collateralize a different transaction. In the rare case of a transaction not reaching finality, the Amp tokens used as collateral will be used to fulfill the transaction. Because of the crypto market fluctuations, Amp collateral is always higher than the value of the transaction. This ensures that even if the Amp token price goes down, the receiving party will get the full value of the transaction.

The pool of Amp tokens available for use as collateral is created by users staking Amp. As an incentive, Stakers of Amp tokens receive a small portion of transaction fees. Amp staking doesn't have a lock-up period, meaning you can unstake your tokens at any time.

Using Amp as collateral isn't tied solely to payment networks. Some DeFi platforms, like Moonswap or the Lightning Network, have been incorporating Amp in some ways. Not only that, but users can utilize Amp to collateralize their own asset transfers. This way they can transfer an asset without the requirement of paying high transaction fees. This is done by assigning Amp to a Collateral Manager. This is a system that works similarly to the popular payment service - Escrow.