Benchmark Protocol celebrates 1 Year Anniversary and announces buildout of DeFi ecosystem…


Benchmark Protocol celebrates 1 Year Anniversary and announces buildout of DeFi ecosystem substructure with Pendulum Last November we introduced the Benchmark Protocol and the Benchmark token, MARK. Benchmark is a decentralized supply-elastic digital currency built on the Chainlink Keeper Network. Progress Over the last year, Benchmark has integrated with heavily trafficked protocols such as Polygon, BSC and Solana. More recently, we partnered with Chainlink Keepers to automate and decentralize token rebasing. The progress of this last year has positioned Benchmark to aggressively expand development efforts into DeFi and Governance. The developers are currently working on deploying an xMark cross-chain swap integration to expand adoption. All rebases will be either automatically facilitated on a transaction basis or through the Chainlink Keeper network. The deployment is an efficient solution that doesn’t require custom build bridging contracts (we use basic ERC20), which can be easily deployed on any EVM chain; however due to technical restraints, rewards for xMARK single asset staking would need to be grounded. At the ground level of the rebase currencies, users are holding ATOMS which are not subjected to rebase. By further examining the ratio between xMARK and ATOMS, we will be applying that ratio for swaps on alternative chains. That ratio would change when we emit rewards into the xMARK staking system, causing the technical hurdle previously eluded to. DeFi Lending x Pendulum We are pleased to introduce our new DeFi platform, Pendulum, built to support the Benchmark ecosystem by replacing the old marketplace framework. Similar to Aave, Pendulum offers users the ability to borrow and lend cryptocurrencies, and issue flash loans for digital assets without the need for middlemen. Pendulum will support the xMark and BEND tokens. We are also exploring governance integration with the BEND token. While most DeFi loans are overcollateralized, Pendulum will enable lower collateral loans based on other assessment factors. Like Aave, Pendulum users loan funds from a generic liquidity pool to other users at either fixed or variable interest rates. This structure gives lenders and borrowers access to better interest rates and more currency pairs. Two new developers have recently joined the team to assist with this endeavor. We are examining deployment on opportunistic chains such as Moonbeam and Fantom. Governance Token Benchmark’s new governance token, BEND, is currently ready for deployment. BEND will provide users voting rights for future protocol decisions. We have been carefully analyzing the optimal go-to-market strategy and expect to release finalized launch details in the near future. About Benchmark Protocol 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. Learn more by visiting the project website: Find us on: Twitter|Telegram|Discord|Reddit| Benchmark Protocol celebrates 1 Year Anniversary and announces buildout of DeFi ecosystem… was originally published in BenchmarkProtocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

View full article at Benchmark Protocol

Background Photo by Daniil Lobachev on Unsplash

Tweet this
Submit your crypto press release here

More Crypto News

Tips on how to earn bitcoin and other cryptocurrencies

Recent Crypto News

All Crypto News