Atlantis Initiative Announced by Autoshark Finance for Decentralized Reserve Currency

AutoShark will put up for sale 200,000 ATLAS tokens which holders can stake to earn BUSD and ATLAS rewards.

By
Ahamdi Abarikwu
on
November 17, 2021
Category:
BSC News

New Product Launch AutoShark Finance

AutoShark Finance has perfected plans to launch a new product in its ecosystem. The new product, known as ATLANTIS ($ATLAS), is a decentralized reserve currency protocol designed to grow AutoShark's liquidity while boosting the rewards of the protocol's users.

"Proud to launch ATLANTIS - a new sustainable decentralized reserve currency. With this new product, we believe we will be able to bring AutoShark’s liquidity to new all-time-highs!", AutoShark announced in a tweet on November 13.

According to AutoShark, ATLANTIS will be launched on November 21 in a launchpad token sale via the overflow method of subscription. Interested investors will be able to subscribe between 10am - 2pm UTC. 

A total of 200,000 $ATLAS tokens have been earmarked for sale, with the initial token price set at $10 per token.

Source

Features of $ATLAS

  • ATLANTIS is derived from OlympusDAO's approach to DeFi. The $ATLAS token will be an algorithmic currency protocol. 
  • The value of 1 $ATLAS is backed by 10 BUSD. Unlike pegged tokens whose value must always return to the peg, the value of $ATLAS is free to float above its peg. Should market forces drive the value below 10 BUSD, the system buys back and burns some $ATLAS to restore the token's price to 10 BUSD. On the other hand, the token has no upper limit ceiling and can assume any value above $10 depending on the market. 
  • $ATLAS will be issued as liquidity and reserve bonds. 
  • Users can stake $ATLAS to earn rewards in either Binance USD - BUSD, or $ATLAS. The token has a deflationary burn mechanism which will continually drive upwards the token's price. 

Other details about the $ATLAS reserve currency can be found here.

Source

Final Words

AutoShark Finance's $ATLAS product is a great move by the protocol's team to strengthen its liquidity. After twice being the target of exploits in October 2021, AutoShark is keen to grow its userbase and restore confidence in its protocol. 

The OlympusDAO treasury-backed reserve currency protocol has had success and, as is common in crypto, some projects have already forked OlympusDAO's approach.

AutoShark is one of the latest platforms to draw inspiration from OlympusDAO. While OlympusDAO's reserve currency approach is novel and seems robust on paper, it is also important to note that the approach is new and is still experimental. A post by OKEX Academy is a good place to read more about OlympusDAO and the concerns that have been raised about it.

Keen to know about AutoShark Finance and ATLANTIS? Visit these links:

Website | Twitter | Github | Telegram | ATLANTIS Documentation

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time. He hold bags mostly in BabyDoge, CSM (Crust Storage Network), and JulD.

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