MARK is the main ecosystem utility token. Also known as a "stable coin alternative" because of it's peg to the SDR, it is ERC-20 and is elastic in supply. MARK tokens are subject to rebases, or supply adjustments every day. xMARK is also a utility token that is minted by holders staking MARK tokens within the single-asset staking platform. xMARK tokens are not subject to rebases, but the share of MARK tokens they represent are. Therefore, the number of MARK tokens denoted by each xMARK token is represented by a ratio, which changes daily with each rebase.
xMARK was built to allow for MARK exposure across different blockchains and for platforms that do not support rebase mechanisms. xMARK is available for purchase at Pancakeswap on Binance Smart Chain and at Quickswap on Polygon. xMARK tokens can be converted back to MARK tokens at anytime in The Press.
MARK tokens can be staked at The Press to generate xMARK. Only MARK tokens are required for staking, making this a preferred method of staking for people who want maximum exposure to fluctuations in market capitalization.
Benchmark Protocol is the first rebase protocol built on the Chainlink Keeper network. The MARK token is a supply elastic, non dilutive stablecoin-alternative that connects users to DeFi. The protocol operates as a rules-based utility that dynamically adjusts supply based on deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world.
The Special Drawing Rights (SDR) is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. So far SDR 204.2 billion (equivalent to about US$281 billion) have been allocated to members, including SDR 182.6 billion allocated in 2009 in the wake of the global financial crisis. The value of the SDR is based on a basket of five currencies—the U.S. dollar, the Euro, the Chinese renminbi, the Japanese yen, and the British pound sterling. As of Q32020, the 1 SDR = $1.4075 USD.
Benchmark Protocol targets the historic price of the SDR of $1.4075 (close of Q3 2020). With a long-term view utilizing macro-exposure to the world’s most established currency basket, the SDR is a superior peg that doesn't face an archaic path should the US Dollar experience strong inflation. Utilizing the SDR benefits the Protocol by providing diversified and global currency risk instead of single currency risk. We believe this pricing standard appeals to more users globally and lends more stability to the project long-term.
Benchmark Protocol implements supply adjustments (rebases) daily factoring in the price deviation of MARK from the SDR PEG (weighted 100%). Deviation of the MARK price from the target price (SDR PEG) triggers a supply adjustment or rebalance. When these deviations occur, the Benchmark Protocol adjusts the total supply of MARK tokens to assume a value of 1 SDR, or ~$1.42 by expanding and contracting supply until an equilibrium state is achieved and the target is hit.
Benchmark Protocol has integrated the Chainlink Keepers Network which takes a critical function (calling the rebase) and automates it based on triggers at certain time intervals. To launch, every 24 hours, the rebase will be called automatically.
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Benchmark Protocol has deployed Chainlink Keepers on the Ethereum blockchain in order to execute fully decentralized rebase functions for the MARK token.
The integration of Chainlink Keepers takes a critical function (calling the rebase) and automates it based on triggers at certain time intervals. Every 24 hours, the rebase will be called automatically to target the Special Drawings Rights, or the SDR rate.
As a result of network rebalancing, the number of MARK tokens in the network changes proportionally across all stakeholders. Most network participants would typically expect the number of tokens in their wallet to remain fixed as long as they do not buy or sell, and also expect the price of the tokens to adjust to the market demand shifts. But this is not the case with supply-elastic token ownership. As demand shifts, token balances shift to meet the demand changes.
Because each wallet in the Benchmark network experiences the effects of rebalancing proportional to its holdings, the network share entitled to the wallets remains fixed. As the network increases or decreases in market capitalization, the percentage stake in the network remains constant.
Effectively, when acquiring MARK tokens, you acquire a share in the total network (market capitalization), rather than a fixed number of tokens. As a result, performance should be tracked by market capitalization, rather than token price.
• Global currency risk profile versus single currency risk profile.
• Inflation Shielded.
• Elastic supply.
• Collateralization Risk.
• AMPL has a set rebase time, allowing for arbitrage situations, which may be very unfavorable to certain types of traders.
• AMPL target price is the US Dollar, which creates a very specific risk profile for the asset. Users may prefer a more global risk profile, which is offered by the SDR.
• MARK utilizes the VIX to inform the rebase mechanism, creating a more predictive and accurate process.
• AMPL went to market with an ICO and an IEO, while MARK utilized a “Fair Launch”.
Upon launch, Benchmark Protocol’s Smart Contract has been audited by CertiK. Our interface for farming has been forked from SushiSwap, which has been adequately battle tested with billions of dollars following through the code. However, this code has not been fully verified by an audit provider. While we plan on fully auditing all smart contracts, in the interim, we advise users to proceed with caution, as the farming interface is still in BEND.
BEND is the governance token of the Benchmark Protocol that gives holders voting rights to determine the frequency of releases, voting rights to govern rebase stretch periods, and voting rights to regulate additional parameters of the rebase functionality.