Posted 1 week ago | by Catoshi Nakamoto

If you missed our AMA with Benchmark Protocol you are at a disadvantage when yield farming. Several members of the Benchmark Protocol joined to discuss their project including β€” Founder David Mass, CMO Dan Fisher, Head of Growth, Esteban, COO, Kurt Uhler, and Developer, Steven Nevins. The team expressed all the features they are currently working on and some important milestones they have achieved and plan to accomplish in the near future. Benchmark also gave the Bitsquad an exclusive preview of their new Benchmark Marketplace! Check out the full AMA recap below!

benchmarkama Benchmark Protocol AMA Recap: Benchmark Marketplace Preview

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:07]
Welcome, today we are joined by almost the entire Benchmark Protocol team. Please introduce yourselves and a bit about the project? Dan Fisher, CMO @torontoce5
David Mass, Founder @David_Mass
Esteban, Head of Growth @Esteban_Benchmark
Kurt, COO @Kurt_Benchmark
Phil, Senior Developer @@JKXFFX
Meir, CTO @meir_bank
Steven, Developer @steven_nevins

Dan F, [04.06.21 13:08]
Hi everyone πŸ™‚

Varuny, [04.06.21 13:08]
πŸ™‹β€β™€

David Mass, [04.06.21 13:08]
Hi, thanks for having us @JustAC4t and Happy Friday to everyone!

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:08]
[ πŸ‘‹ Sticker ]

Kurt | Benchmark, [04.06.21 13:08]
Hi All!

Esteban | Benchmark, [04.06.21 13:08]
Hello Bitsquad!

David Mass, [04.06.21 13:09]
Benchmark protocol is DeFi project that aims to connect traditional finance to cryptocurrency markets. We are the First Cryptocurrency utilizing the CBOE Volatility Index (VIX) and Special Drawing Rights (SDR)

Dan F, [04.06.21 13:10]
If you’re familiar with Ampleforth, then Benchmark Protocol should be easy to understand. We are a rebasing token with an elastic supply. Why? To create the perfect stablecoin alternative utilized in P2P smart contracts, of course πŸ™‚

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:10]
Wonderful can you guys all tell our audience a bit about your background and previous experience?

David Mass, [04.06.21 13:10]
The MARK token is an ERC-20 Utility token and is the native asset in the Benchmark network. This token functions as a rules-based, non-dilutive, supply-elastic collateral utility. Dynamic supply adjustments are accomplished through implementing a supply rebalancing algorithm, coinciding with CBOE VIX settles contracts. We recently partnered with Chainlink to import the VXX (an ETN) which is a derivative of the VIX (fear index).

Steven, [04.06.21 13:11]
Hi Everyone!

Kurt | Benchmark, [04.06.21 13:11]
sure – I come from the traditional finance world where I helped institutional investors underwrite their acquisitions and provided advisory services relating to M&A activities.

David Mass, [04.06.21 13:11]
Sure, I am the founder of Benchmark- previous experience with traditional finance, and Big 4 accounting specializing in Private Equity Deal flow

Dan F, [04.06.21 13:12]
I’m a Crypto Marketeer and DeFi fanatic. CMO for Benchmark Protocol πŸ’ͺ

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:12]
Very cool is the Benchmark Protocol team all from the traditional finance world?

Varuny, [04.06.21 13:12]
I’m Senior Developer at Benchmark Protocol. My background is in online multiplayer game development (main language C++). Coding Solidity and consulting since 2017.

David Mass, [04.06.21 13:13]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Mixed bag, we have a few folks from traditional finance and 4 devs. We have a large team (about 15 of us).

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:13]
[In reply to David Mass]
You are getting ahead of me. πŸ˜‰

Kurt | Benchmark, [04.06.21 13:14]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
David and I are both from the traditional finance world while the rest of the team is from quite a diverse background.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:14]
[In reply to David Mass]
For those unfamiliar with elastic supply tokens can you explain what that means and how things work?

David Mass, [04.06.21 13:14]
Our advisors are from recognizable projects such as bZx, Solana, Ocean Protocol and Coinshares

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:15]
[In reply to David Mass]
You are the first team that has done a team AMA like this. Usually its just one or two reps from a project. So it shows your dedication. πŸ˜‰

Dan F, [04.06.21 13:15]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
There are two tokens that comprise the Benchmark Protocol. MARK (ERC-20) and xMARK (ERC-20). MARK β€œStablecoin Alternative” is soft pegged to the SDR rate of $1.429 USD and rebases daily based on a proprietary algorithm that considers: VXX data gathered from Chainlink and the price deviation from the SDR peg. The rebase will increase the total supply of MARK across every wallet address indiscriminately if the price of MARK is above the PEG. If the price of MARK will decrease below the SDR peg, the rebase will decrease the total supply of MARK across every wallet address indiscriminately. Because MARK tokens are not collateralized by assets and the total supply constantly changes, it is referred to as having an β€œElastic Supply” and a part of the β€œElastic Finance/E-Fi” category.

Varuny, [04.06.21 13:15]
Elastic supply currencies have been proposed by Nobel Price winning Economist Friedrich August von Hayek. We are closely aligning our vision and tech to his world changing views and ideas.

David Mass, [04.06.21 13:16]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
So basically, if MARK closes above the peg, which is our SDR rate, the protocol expands and grows, which creates the ultimate value to holders.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:17]
[In reply to Dan F]
Good explanation of elastic supply.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:17]
[In reply to Varuny]
Very interesting I wasn’t familiar with this at all.

David Mass, [04.06.21 13:18]
Quite a bit of room for growth, as there are not too many players in this space.

David Mass, [04.06.21 13:18]
and it’s very technical πŸ™‚

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:18]
Especially coming into the space as a bluechip due to previously being involved in CEFI

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:20]
So you guys recently launched staking utilizing a system you call The Press, which allows users to yield farm by swapping MARK for xMark. Can you explain a little about the staking platform and what types of yields a user can earn from this platform?

David Mass, [04.06.21 13:20]
Absolutely, and we actually see the retail space as a major driver of growth (this has been bucketed as part of our growth phase 2).

Dan F, [04.06.21 13:21]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Yes, The Press is our in-house staking and liquidity mining platform: https://thepress.benchmarkprotocol.finance/

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:21]
[In reply to David Mass]
Interesting…

Dan F, [04.06.21 13:21]
To understand The Press, we should explain our ecosystem a bit more. xMARK represents staked MARK tokens and does not rebase (however, the MARK tokens xMARK does represent do still rebase). xMARK has allowed Benchmark Protocol to integrate cross-chain MARK token exposure to blockchains, platforms, exchanges, etc that do not support a rebasing mechanism. Ampleforth has remained solely on Ethereum.

Dan F, [04.06.21 13:22]
[In reply to Dan F]
The Press is Benchmark’s in-house liquidity mining program that consistently offers some of the highest yield farming APY rates in the space. Uniswap Pools MARK-USDC (227% APY) and MARK-ETH (288% APY), single asset MARK staking to earn xMARK (18% APY), Balancer Pools, along with step-by-step tutorials are available. Because MARK is a nanocap, it has a higher beta value/responds stronger to market swings. Our investors have been very satisfied with the performance of MARK in their portfolio’s vs the overall market.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:24]
[In reply to Dan F]
Ahhhh I was going to ask about cross chain-chain interoperability. As we know crypto is expanding to where interoperability will be one of the most important metrics going forward. So it’s good to hear that you are focused on this!

Kurt | Benchmark, [04.06.21 13:24]
So in summary, we have both single asset staking with no impermanent loss risk and also traditional LP yield farming on our platform. These opportunities also extend cross chain to pancakeswap (bsc) and quickswap (polygon)

Dan F, [04.06.21 13:24]
Standard stuff for the average farmer. At the end of the day, who doesn’t like to earn some yield on their HODL stack?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:25]
Right most of the CEXs will not run Rebase tokens because its far too much work for them.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:25]
It’s more built for DEFI exchanges like Uniswap

Varuny, [04.06.21 13:26]
Exactly! And xMARK really is plug&play for all ERC20 compatible systems.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:26]
[In reply to Dan F]
Do the pools thata aren’t single asset, come with risk of impermanent loss?

David Mass, [04.06.21 13:26]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
xMARK really helps us in alleviating all technical hurdles

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:26]
[In reply to Kurt | Benchmark]
Beat me to it

Dan F, [04.06.21 13:27]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Yes, however there are some interesting things to consider in regard to IL when dealing with an Elastic supply stablecoin alternative 🧠

Esteban | Benchmark, [04.06.21 13:27]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Yes, they do. Although we do have USDC/MARK and Balancer pools which help limit your IL.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:28]
[In reply to David Mass]
Very interesting can you expand on this and give an example how xMark helps you compared to a project like Amplforth?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:28]
[In reply to Dan F]
Do tell…

David Mass, [04.06.21 13:28]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
The yield on our Uniswap pools make up for IL; industry leading APY

Kurt | Benchmark, [04.06.21 13:29]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
I can expand on this. Basically when the rewards farmers accrue are accruing but not yet claimed, they are not owned by any wallet, therefore they are not subject to rebases. So there are very interesting yield farming strategies that can be employed as it relates to avoiding, or targeting positive/negative rebases.

Kurt | Benchmark, [04.06.21 13:30]
this is unique to rebase currencies.

David Mass, [04.06.21 13:30]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
As xMARK just represents a ratio of MARK, we were able to bridge to BSC via xDai (this enabled us to get onto Pancake Swap for example). Technical implementations are really easy, as @JKXFFX mentioned, xMARK is plug and play. This makes for a more seamless user experience with more opportunities for expansion.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:30]
[In reply to Kurt | Benchmark]
hmmmm this sounds very intriguing

Dan F, [04.06.21 13:31]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
We ❀️ Ampleforth, buuuuuut for the sake of discussion, in addition to introducing a cross-chain friendly token (xMARK), Benchmark has Improved upon Ampleforth’s AMPL by setting the peg to the SDR which is a global basket of currencies thereby significantly reducing the risk profile towards any one national currency. This diversification of risk is key to creating a globally acceptable stablecoin alternative. Benchmark Protocol has a 10x+ upside relative to the current market cap of Ampleforth

Varuny, [04.06.21 13:31]
xMARK also allows us to gain exposure to CEX while keeping MARK on AMMs. This allows for instant price reactions on supply adjustments and opens the gates to high frequency rebases in the future. Good for full decentralization aswell, which is a key milestone for us.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:31]
Are there any interesting partnerships that you guys have established that you would like to highlight?

Varuny, [04.06.21 13:32]
[In reply to Varuny]
Again, aligning with the vision of Hayek’s.

Dan F, [04.06.21 13:33]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Most recently, Chainlink! https://medium.com/benchmarkprotocol/benchmark-protocol-integrates-chainlink-oracles-to-decentralize-the-rebase-function-d9af70ca4854 And overall, we’re collaborating with most of the top DeFi platforms in one way or another. A great summary is here in the article: https://medium.com/benchmarkprotocol/benchmark-protocol-ecosystem-update-may-6th-2021-cb2c394336fe

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:33]
[In reply to Dan F]
Sorry I meant more for exchange listings to handle the rebase function. But David answered my question already.

David Mass, [04.06.21 13:33]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Some of our partners include Solana, Harmony, Wanchain, Ocean Protocol, Golem, REN, bZx and Elastos

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:34]
[In reply to Varuny]
Right thats what I gathered from what David said.

David Mass, [04.06.21 13:34]
and yes, as @torontoce5 mentioned Chainlink!

Esteban | Benchmark, [04.06.21 13:35]
Polygon, xDai, and DODO to name a few more πŸ™‚

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:36]
[In reply to David Mass]
Very solid list of partners

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:37]
So Benchmark Protocol offers what you guys call the Benchmark Marketplace. Can you tell our audience a bit more about this marketplace?

Dan F, [04.06.21 13:38]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
The Marketplace will be a peer to peer lending platform, initially launched on ethereum and will allow for lending contracts to be created by any user, for any ERC-20 token. It will be permissionless, oracle independent, and will bring substantial value to the benchmark protocol ecosystem. We have partnered with some large projects for our launch here and these include names such as Ocean Protocol, Orbs, Golem, Chainlink, Wanchain, PancakeSwap and Dodoex.io. The Marketplace will be huge.

Dan F, [04.06.21 13:38]
Sorry Dr. Web! It’s a swap platform on BSC πŸ˜‚

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:39]
Hes fine hes just paranoid

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:39]
[ πŸ˜‚ Sticker ]

David Mass, [04.06.21 13:39]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
The upcoming Benchmark Protocol P2P Marketplace will feature MARK as the first elastic supply rebasing token to be utilized as collateral for loans. This is a huge milestone as it represents the first direct use-case for what rebasing tokens were designed for – stablecoin alternatives that can denominate loans by assuring borrowers their repayments will remain stable and predictable.

Varuny, [04.06.21 13:40]
The Marketplace will be available across many EVM compatible chains!

Esteban | Benchmark, [04.06.21 13:40]
Ideally, instead of investors selling their valuable crypto assets, they can take advantage of favorable interest rates in the form of a P2P loan.

David Mass, [04.06.21 13:41]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
One of the most important features is that the marketplace will be deployed on several different blockchains all under one easy-to-use interface. It will also be the very first real-world use case for MARK – an elastic supply rebasing token in its natural habitat as a medium to denominate contracts. Contracts denominated in BTC or ETH are still too unstable to gain mass-adoption. We have plans to incentivize the use of the MARK token within the marketplace as well, such as reduced transaction fees and other yield generating opportunities for the MARK token that result from collection of these fees. We do still have a big announcement relating to the overall functionality of the marketplace that we are holding back as we are still ironing out the details.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:41]
[In reply to Dan F]
So traditional DEFI peer to peer lending is there anything additional? What separates Benchmark from other lending solutions?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:41]
[In reply to David Mass]
You guys keep answering my questions before I post them.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:42]
[ πŸ˜’ Sticker ]

David Mass, [04.06.21 13:42]
[ GIF ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:42]
[ πŸ€” Sticker ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:42]
I am dealing with a team of psychics

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:42]
[In reply to Esteban | Benchmark]
How would that look can I have an example?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:44]
Speaking about announcements. Its tradition in here (or at least I made it one) for projects to reveal an announcement. Do you have any EXCLUSIVE announcements today?

David Mass, [04.06.21 13:44]
The Marketplace will substantially move the needle for us, as it’s the first peer to peer, cross chain lending platform. Enormous amounts of utility, and we are ensuring that we perfect every aspect of the marketplace. We just finished up a CertiK audit.

David Mass, [04.06.21 13:44]
I can

David Mass, [04.06.21 13:46]
Two big ticket items, and I can’t say more than the following a) We are looking closely at a Governance Solution b) We have big news in the pipeline regarding additional Liquidity Provisioning

Dan F, [04.06.21 13:46]
πŸ‘πŸ‘†πŸ»

Kurt | Benchmark, [04.06.21 13:48]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
in certain jurisdictions, loans are not taxable events, so there may be some other hidden benefits to taking loans versus selling assets…not financial advice, not tax advice and not legal advice, just an option for defi users.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:50]
[In reply to David Mass]
Well, I was looking for something a little more juicy. But I guess ill accept it.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:51]
[In reply to Kurt | Benchmark]
Speaking of jurisdictions and restrictions. Are there any countries unable to use your app or yield farming?

David Mass, [04.06.21 13:51]
I can attest these items are big πŸ™‚

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:51]
We often see that crypto asset companies block access to people in the U.S. is this the case with Benchmark?

Kurt | Benchmark, [04.06.21 13:52]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
all our platforms are permissionless in the spirit of defi. there will be no KYC or anything to utilize our yield farming, p2p lending marketplace or any other part of benchmark protocol.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:53]
Thanks for answering that.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:53]
I often find I am blocked as a USian

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:54]
Is there any milestones that you would like to highlight or items on your roadmap you would like to point out to our audience? What can we expect from Benchmark Protocol in the future?

David Mass, [04.06.21 13:55]
The biggest milestone is the release of our p2p marketplace πŸ™‚

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:55]
[In reply to David Mass]
Can I at least get a preview?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:55]
A preview for the Bitsquad would be nice. πŸ˜‰

David Mass, [04.06.21 13:57]
Sure thing!

Varuny, [04.06.21 13:57]
The Marketplace is in the final stage of development and we are utilizing The Graph to ensure a very fast, responsive and immutable UI.
We think the user experience for such a product is key and we aim to operate on the cutting edge of what is currently available.
Internal testing is currently undergoing and a public beta will be released soon.

Bnehcmarketplace Benchmark Protocol AMA Recap: Benchmark Marketplace Preview

benchmarket2 Benchmark Protocol AMA Recap: Benchmark Marketplace Preview

Varuny, [04.06.21 13:57]
The Marketplace is in the final stage of development and we are utilizing The Graph to ensure a very fast, responsive and immutable UI.
We think the user experience for such a product is key and we aim to operate on the cutting edge of what is currently available.
Internal testing is currently undergoing and a public beta will be released soon.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:58]
[In reply to David Mass]
Are these exclusives?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:58]
[ πŸ₯³ Sticker ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 13:58]
[ 😘 Sticker ]

David Mass, [04.06.21 13:59]
πŸ‘

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 14:00]
Where can our audience find you on social media and to keep up with updates on the project?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 14:00]
[In reply to David Mass]
This looks very sleek and clean love it

Esteban | Benchmark, [04.06.21 14:02]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
We have a robust and very knowledgeable TG community. They can be found in the link below along with our other communities on Twitter and Discord.

Telegram: https://t.me/benchmark_protocol

Twitter: https://twitter.com/Benchmark_DeFi

Discord: https://discord.gg/HcxAEaHG3X

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 14:03]
Ignore Dr. Web he means well

Esteban | Benchmark, [04.06.21 14:03]
We also have a growing community on Reddit where we continue to share some of major updates!

https://www.reddit.com/r/BenchmarkProtocol/

Dan F, [04.06.21 14:04]
[In reply to Esteban | Benchmark]
Join us y’all on our Journey, exciting things are coming sooooon! πŸš€

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 14:04]
Is there anything else you would like to mention to our audience today, before I open the floodgates for user questions?

Kurt | Benchmark, [04.06.21 14:05]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
no, lets see some questions.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [04.06.21 14:06]
Alright, so heres how I do things. Ill open the floodgates for 5 mins for questions. Limited 30 secs each person. After around 2:12 p.m. est Ill close the floodgates and you guys can answer.