DAO governance with Omphalos? OMPL will connect to Polkadot network for cross-chain interoperability, enabling OMPL asset and data to move between multiple blockchains. OMPL is a community led and operated project, everyone has power to govern and vote on proposals for future development. OMPL has an anti-inflation mechanism for maintaining a stable purchasing power of equivalent to $1 USDT. OMPL protocol adapts an elastic supply model and automatically adjusts supply with rebasing. Price goes up, wallet balances increase; when price goes down, balances decrease. OMPL enables self-executing smart contract and automatic distribution based on price data from decentralized CPI Oracle. OMPL holders own a part of the network, and their percentage of ownerships will remain fixed with non-dilutive supply model.
Omphalos protocol automatically adjust the supply of the token in order to achieve supply-price equilibrium. When price is above the $1.06 threshold, wallet balances automatically increase. When price drops below the $0.96 threshold, wallet balances automatically decrease. This adjustment mechanism is called a “Rebase”. It is directly programmed into the OMPL smart contracts and will happen roughly in every 24 hours. The changes in balance will reflect automatically on holder’s wallet balances. No staking is needed.
Omphalos (OMPL) is a revolutionary stable coin protocol for decentralized finance, one that is different than Bitcoin and thousands of other cryptocurrencies in the market. While bitcoin suffers from huge price volatility due to its finite inelastic supply, very often prices can go up and down dramatically in a short period of time, making it unsuitable to act as a stable medium of transaction for decentralized financial applications (DeFi App). However, Omphalos protocol overcomes this limitation by adjusting the total supply in every 24 hours based on gathered price oracle information, therefore maintaining the price at a stable and healthy range. Discover additional information at Omphalos ompl.
While the total supply will change constantly to maintain the price equilibrium, the initial total supply will be capped at 100 million OMPL. Are team wallets locked? Yes, they are locked in a time released contract for two years. The tokens will be vested at a rate of 10% each 60 days. How often does a rebase happen? The rebase will happen only one time a day, approximately every 24 hours.
The biggest problems of Ampleforth turned out to be its centralization and inability to provide a more user-oriented mode of governance. Furthermore, Ampleforth gained some bad press due to glitches occurring while listing the token on exchanges. Ampleforth made one thing obvious: the fact that the crypto community desperately needs a next-generation stablecoin with extensive, expanded functionalities. Omphalos Protocol will be employing a fork of the sophisticated Polkadot governance system, which will ensure all updates to the Omphalos protocol happen entirely on-chain based on a set of rules, through community stake-weighted voting. The protocol is driven by algorithms and smart contracts, and governed in every aspect by the community. Omphalos owners are not powerless token holders, but powerful council members responsible for on-chain voting on all project-related matters, even the most important ones such as protocol upgrades and network parameter updates. See even more information on this website.