Benchmark Protocol, a supply-elastic token project, is gaining traction in the DeFi space. The native asset of the network, MARK, is adjusted by tracking the movement of the CBOE Volatility Index to withstand liquidation events during periods of high volatility in the market. It rebalances supply within a five-hour window after the closure of the New York Stock Exchange to reduce arbitrage activity, and the target price of SDR is adjusted for global inflation through a basket of five major currencies that back the IMF’s SDR. The project counts firms such as Citibank and Duff and Phelps among its leadership.
Breaking Down Benchmark Protocol: The Final Frontier of DeFi
Introduction: Heading H2
Neil Armstrong may have famously referred to the moon as the final frontier, but in the world of cryptocurrency, the final frontier is DeFi (decentralized finance). In this article, we’ll be delving into Benchmark Protocol, a potential gem in the rebase token space that aims to revolutionize the handling of volatile markets.
Partnering Up: Heading H2
BitBoy Crypto, one of the largest crypto channels on the Internet, has recently partnered up with Benchmark Protocol, a project that showcases the potential of decentralized finance. Decentralized finance has been gaining immense popularity and momentum with the rise of blockchain and crypto assets. Benchmark Protocol is one of the few rebase token projects with a concrete plan that makes them stand out from others.
The Project: Heading H2
So, what is Benchmark Protocol? It’s a project that has been developed to withstand liquidation events during periods of high market volatility. This is done by adding or removing tokens from the total supply to conform to capital markets, volatility-driven trading activity, and other factors. Benchmark Protocol’s main utility is hedge and collateral, with the MARK token providing only the utility value.
Team Page: Heading H2
The team behind Benchmark Protocol comprises a group of experts and professionals from the traditional finance space. These experts include firms such as Citibank and Duff and Phelps. The project was founded by David Mass, with Harrison Woytko serving as the current CEO. The team also includes Kurt Uhler as COO, Meir Bank as CTO, and Dan Fisher as CMO. Benchmark Protocol also boasts advisors from many reputed projects such as Solana, Ren, DataDash, Binance, CoinShares, Ocean Protocol, BZX, and more.
How Does it Work?: Heading H2
Benchmark Protocol has been designed with an aim to rebalance supply when needed. The target price of the token is the SDR (Special Drawing Rights), adjusted for global inflation through a basket of five major currencies that back the IMF’s SDR. This feature makes Benchmark Protocol a globally stable alternative for inflation adjustment, instead of just a US-based one. Additionally, there is a rumor of new exchange listings coming soon, making Benchmark Protocol a project worth keeping an eye on.
The Press and xMARK Tokens: Heading H2
Benchmark Protocol rolled out a comprehensive LP rewards program called The Press. The Press features core MARK pairs, starting with MARK-ETH and MARK-USDC on Uniswap and other DEXs like UNI. The MARK token supply adjusts by tracking the movement of the CBOE Volatility Index. You can currently farm MARK tokens with Uniswap liquidity pools, earning upwards of 300% APY on your xMARK tokens. Balancer pools for ETH and USDC will also help you limit impermanent losses. You can also just stake xMARK in a single asset staking model called the Standard, and the rewards have recently been increased by 150%.
Conclusion: Heading H2
All in all, Benchmark Protocol is a project with great potential in the rebase token space. With its stable, inflation-adjusted feature and comprehensive LP rewards program, it offers greater transparency and reliability than many other projects in the space. Its partnership with DeFi.org and affiliation with reputable projects and exchanges like Binance and Orbs underscores its potential for growth and recognition.