Flexa – a crypto payments protocol – has upgraded to a new token in light of a product upgrade in partnership with Consensys.
Today we are announcing the most fundamental upgrade to Flexa-powered payments since the launch of the Flexa network itself—a new collateral token designed in partnership with @ConsenSys: https://t.co/4IoXit4MF0
— Flexa (@FlexaHQ) September 8, 2020
The protocol’s new token, AMP, will replace Flexacoin (FXC) – giving token holders the ability to stake AMP as collateral to Flexa-enabled apps. With Flexa, tokeholders stake tokens to different applications as ‘spending power’ for vendors to accept cryptocurrencies as payment. Stakers receive rewards relative to their amount of tokens staked. The AMP token functions very similar to FXC, with select upgrades to flexibility for future use cases. More on the change here.
On September 30th, FXC will no longer be supported in the Flexa app at which point the team will destroy ownership of the Flexacoin token contract. Before then, token holders should migrate their Flexacoin to AMP at a 1-1 exchange rate using the Flexa migration portal.
— Coopahtroopa 🔥_🔥 (@Cooopahtroopa) September 9, 2020
It’s important to note that the September 30th deadline is the last day that FXC holders will still receive proportional network rewards, but there is actually NO deadline for swapping your Flexacoin for AMP. It will always be possible to migrate from FXC to AMP for as long as the Ethereum blockchain is online.
Although there is no rush to migrate your FXC for AMP, its best to do it before the deadline to maximize Flexa Network rewards. At the time of writing, AMP staking is currently offering 5.5% APY on the SPEDN network, the most popular staking pool.
To migrate your tokens go to app.flexa.network, connect your wallet holding FXC, and follow the on-screen instructions.
AMP token is now the primary collateral token securing all transactions on the Flexa network where it will serve more generalized purposes so that projects other than Flexa can use it as digital collateral. Check out the official docs on the AMP token here.
Beyond making technical improvements, the Flexa team has also announced a strong exchange partnership with the launch of the new AMP token. Gemini – a regulated New York crypto exchange – will be the first market to support AMP.
We are excited to announce upcoming support for the trading and custody of $AMP. Amp is a digital collateral #token for @FlexaHQ, a payment system that allows you to spend certain #crypto supported on the Gemini exchange with select retailers!
More here: https://t.co/2jRJPJydP0
— Gemini (@Gemini) September 8, 2020
Flexa’s focus on proper auditing, smooth migration, and strategic exchange partnerships is a nice change from the wild west of Uniswap token listings we’ve become accustomed to in the recent past.