Akropolis is a project building easy to use interfaces for decentralized and autonomous community economies. Its mission is to create tools for people to save, grow, and provision for the future without depending on traditional financial systems.
The team has launched AkropolisOS, a framework for creating for-profit DAOs with automated liquidity provision and programmatic liquidity and treasury management.
Akropolis’ first product Sparta is a community-owned fund that allows for undercollateralized loans and passively generated yields benefiting from the maximum available APR across various DeFi protocols.
Delphi is another Akropolis product that focuses on being simple enough for ‘normies’. It allows users to easily dollar-cost average their cash into BTC & ETH and partake in different yield harvesting possibilities. More coverage on Delphi here.
Akropolis was introduced in March 2018 as a protocol to address the problem of a looming global pension crisis. The project aimed to use blockchain technology to introduce a new set of incentives, cost efficiencies and transparencies to benefit individual pension savers, but has since evolved beyond this initial goal.
The Founder and CEO is Ana Andrianova, a former institutional fund manager who also serves as an Advisor to the Web3 Foundation. Alongside her is Co-Founder and Head of Operations Kate Kurbanova, who previously worked for the fintech startup Cindicator.
Akropolis conducted a token offering on Huobi for their utility token AKRO in July 2019. $2.4 Million was raised and 320 Million tokens were distributed to participants, representing 8% of the 4 Billion total AKRO supply.
Products & Features
AkropolisOS is a Solidity framework for building complex dApps and protocols that power use cases including savings, pensions, loans, and investments. It can be used to create and scale for-profit DAOs, allowing communities to monetize their assets and ideas. AkropolisOS is built using the OpenZeppelin SDK and Facade Pattern, designed for rapid development and freedom to innovate.
Sparta is a community-owned fund that benefits its members by providing a means for unsecured (undercollateralized) loans, maximizing earnings through various liquid DeFi instruments, and maintaining incentives for early adopters and referrals. It addresses several challenges faced by traditional finance:
- Risk assessment of different investment instruments
- Lending funds with the maximum percentage, taking loss risk into account
- Liquidity provision to avoid cash gap and subsequent bankruptcy
A visual summary of the Sparta ecosystem is shown below:
One of Sparta’s biggest features is the ability for users to take out undercollateralized loans. This is unique from many other DeFi platforms that require over-collateralization and attract those who want more leverage for trading or holders who are long on their assets but need DAI for current expenses. Sparta is focused on building out products for underbanked people who are not already involved with crypto/DeFi but will benefit from its features. Akropolis calls this approach the ‘Community Grant’ where other pool users provide the remaining collateral on the undercollateralized loan.
Sparta has its own ERC-20 token ASPT that facilitates governance and loan issuance within the pool which will be discussed in detail in the next section.
On the Sparta interface, users will be able to see the total pool size, pool APY, pool composition, average loan APY, number of active members, loan volume requested, loan volume granted, and more.
Delphi is a pool built with AkropolisOS that allows for automatic dollar-cost averaging into BTC and ETH and participation in various liquidity mining possibilities. Delphi is only available on the Rinkeby test network but will be released on the Ethereum mainnet at the end of August. There are sections on the front end: My Summary, Savings, and Investments – all shown below.
There are three tokens involved in the tokenomics of Akropolis. ASPT is the ERC-20 token of the Sparta Pool, ADEL is the ERC-token of the Delphi product and AKRO is the ERC-20 token for system governance.
ASPT is classified as a network token that combines utility and governance functionality. On the governance side, it gives the right to vote for changes in the Sparta Pool parameters such as interest rates, bonding curve parameters, loan collateralization ratio, and more.
As a utility token, ASPT gives the holder the right to get an undercollateralized loan. This works through the ‘Community Grant’ approach, where a user pledges no less than 50% of the loan amount in ASPT and pool members who consider the user to be a good borrower vouch for them and lock their ASPT tokens as the additional collateral. If the sum of the collateralized ASPT equals the requested loan size, the borrower receives the loan in stablecoins (DAI, USDT, TUSD, USDC) and the community lenders receive a percentage of the interest. This interest sharing models ensures pool members have an incentive to actively participate in the system and profit from providing collateral for other users.
ASPT’s value is tied to the assets held in the DAO, as ASPT is minted or burned every time stablecoins are deposited or withdrawn.
ADEL is a governance token distributed through liquidity mining on Delphi. It grants governance rights over the platform and looks to launch with an equitable distribution inspired by YFI.
AKRO is a governance token similar to MKR and COMP that is used for voting on protocol parameters and liquidity incentivization. Protocol parameters in this context include the bonding curve shape, collateralization level, minimum and maximum thresholds for loan APRs, and more. Additionally, there is a spread between the entry and exit price of ASPT, and the earnings from this spread are used to buy AKRO tokens from the market and burn them. The spread is governed by a bonding curve; the mechanics of which are detailed in the Akropolis Wiki.
How to Get involved?
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