DeFi is an interesting event with good future prospects. Still, many people are a bit wary of it, especially newcomers to the crypto world. It can be intimidating and you often have to take and go through several steps before you reach your final result. Now imagine there is a project that makes onboarding for DeFi with fiat easy. In addition, your annual interest (APY) is calculated and compared. You can see your balance in an easy to use and clear user interface (UI) with your average APY and earned interest. The Acropolis project offers you this and a few more useful possibilities. And no, that’s not that heap of old stones in the center of Athens, but a real DeFi project.
You’ve probably already figured it out, in this blog we’re going to talk about Acropolis and the AKRO token. I’m going to explain to you what exactly Acropolis is and how it works. We are also going to take a look behind the scenes at the team of this project ‘s team and take a closer look at the AKRO share price. I will also tell you where to buy the AKRO token.
Please note: please note that the text below about ‘Acropolis (AKRO)’ as well as the explanation thereof should in no way be taken as advice. The choice for whether and in what way you want to trade (crypto) and which choices you make in terms of investment is up to you and you alone. We are not financial advisors.
First watch this short video showing how Akrloosis (AKRO) works.
- 1 What is Akropolis?
- 2 How does Acropolis work?
- 3 Who is on the team at Acropolis?
- 4 What is the AKRO token?
- 5 What is the price of the AKRO token?
- 6 Where can you buy the AKRO token?
- 7 What is the best way to store the AKRO token?
- 8 Acropolis hack
- 9 What is the Acropolis roadmap?
- 10 Conclusion
What is Akropolis?
Akropolis started with the AkropolisOS system, which developers can use to create financial protocols, dApps and DAOs, among other things. In this way, they want to give everyone the opportunity to build platforms where you can invest, borrow, save and earn by staking crypto. They want to achieve this by using smart contracts . The smart contracts power these decentralized financial products. With that, they have even been able to give a fairly unique DeFi twist to collateralised loans. Akropolis offers a loan that is not fully covered by the collateral. This is unique in DeFi circles.
Since we are talking about a DeFi product, it won’t raise any eyebrows if they go through different liquidity pools. These pools are set up and monitored by a DAO (decentralized autonomous organization). Again a typical DeFi phenomenon. These capital pools can then be configured to deliver good financial results.
The variety of possibilities for a pool is large. Think, for example, of insurance pools, lending pools, savings pools or pension fund pools. The possibilities for setting up these financial pools are almost endless, so use your imagination. As a member of the DAO pool, you receive compensation by providing liquidity, by going on strike to be able to provide loans and, of course, by co-managing.
The team behind this project wants to create a banking system that is fairer and eliminates all middlemen.They want to replace the traditional banking system and the various insurance products with a decentralized version based more on a cooperative model.
Akropolis has also incorporated existing Ethereum -built DeFi protocols such as Aave , Compound and Maker . The Acropolis dApps can aggregate these services into their liquidity pools and into their lending services.
The following image shows what Acropolis has already accomplished.
How does Acropolis work?
Akropolis wants to give every user the opportunity to set up new DeFi protocols while growing their crypto asset holdings. This can then be done by offering various DeFi apps, which help with management. To this end, Akropolis has ensured that any dApp or protocol built on AkropolisOS functions as an Autonomous Finance Organization (AFO). This eliminates the need for a third party. These AFOs are financial organizations built on a distributed network, and are owned by the members. The goal is to function as a ‘normal’ company, but without the associated hierarchical management. It is mainly aimed at people who are not techies, but do have some knowledge of Ethereum and crypto.
The advantage is that they have packed this into one UI (user interface), so that it is nice and clear and easy to use and operate. They want to keep all information concise and easy to understand.
What is AcropolisOS?
AkropolisOS is the foundation for the entire project and network. It is an OpenZeppelin SDK (software development kit) maintained by the Akropolis team to help developers build dApps. OpenZeppelin is a platform for developing, executing and leveraging smart contract projects on Ethereum. It also works on any other EVM (Ethereum Virtual Machine ) and eWASM (Ethereum WebAssembly) powered blockchain .
This is the framework where you can set up and manage the financial organizations already mentioned built on a distributed network. The idea is that anyone can set up these distributed capital pools and then have them collectively managed. This can then be done with customizable incentives for users and programmatic liquidity and fund management. For example, AkropolisOS offers Lego-like scalability without loss of coherence or security.
The Acropolis team has two apps, in the form of capital pools, built on AcropolisOS, Sparta and Delphi.
Sparta is the protocol where you can take out a loan with collateral lower than the value of the loan. Only 50% of the loan is required as collateral and you have to provide liquidity to a pool at an interest rate.
Below you can see the Sparta webpage.
At Delphi you can participate in yield farming. This is a crypto investment strategy where you get more interest than with traditional institutions.
Delphi is also used for their DCA (Dollar Cost Avering) strategy. With this strategy you invest at fixed times, for example weekly or monthly, in a certain crypto coin. In this way, you spread the problem of not knowing exactly when is the best time to get in. Because your investment is spread out, but is in principle always the same amount, and is independent of the price, you marginalize the risk of price fluctuations. You are less bothered by the volatility of a crypto coin in this way.
Integration of yEarn
Yearn Finance has also entered into a partnership with Akropolis. However, this is more than just a collaboration. Akropolis will be the exclusive provider of Yearn’s loan protocols.
This has led to a new Acropolis version, with more pools that should yield a higher return.
The changes are;
- Open source code – AkropolisOS goes into the open source section of Yearn
- Better access – Acropolis gains access to Pickle Finance and Cream
- Front-end trading – Acropolis becomes the front-end device for Yearn’s yield products
- New Strategies for Yearn – Harnessing the power of Acropolis, Yearn can write new protocols
- Business Development – Yearn can benefit from Akropolis’ superior expertise in business development
Who is on the team at Acropolis?
The team of Acropolis has a nice surprise. There are two women at the wheel. Unfortunately, not only in the crypto world a rare occurrence.
Ana Andrianova – she is a co-founder and CEO with a strong background in the crypto and blockchain world. She has been an advisor to the Web3 Foundation, among other things. Ana is a graduate of Oxford University.
Kate Kurbanova – she is a co-founder and Head of Operations with a strong financial background.
Alex Maz – he is CTO and has a background in Mathematics and Computing Sciences. He has been working with blockchain since 2010.
There are a few other people active in the small, but driven and experienced team.
What is the AKRO token?
The AKRO token is an ERC20 token. The token is used for operating the platform and for liquidity incentive.
First, in 2018, there was a private sale through an ICO where the token sold for $0.014. In 2019, there was a public sale, through an IEO, with a price of $0.005 on Huobi Global. $2.4 million was raised.
4,000,000,000 AKROs entered the market of which 3.24 billion are in circulation.
The following image provides a good overview of the release schedule and token distribution. What is striking is the relatively small percentage that the team gets. This is usually a good sign, as it means the team has no reason to pack up and run off with a good amount of the bet. Also known as a back pull. The release schedule also takes care of that, as a kind of extra control, because the money is unlocked per month.
What is the price of the AKRO token?
If you want to invest in the AKRO token, a good start is to know its price. If you are already going to trade, you also want to make a profit. You can make a technical analysis to see what the best buy or sell moment is.
The issuance of the AKRO token started at $0.028 and rose to $0.043 almost instantly. Within two weeks, however, the party was over, and for exactly a year he was in the red, bottoming out at $0,00069. In September 2020, the coin crept into the green again for a month, peaking at $0.043. From September 2020 to February 2021, it was in the red again, only to suddenly rise parabolically. The preliminary ATH was reached on April 9, 2021 with a price of $0.079. That’s a 100 x ROI (return of investment) within a year! Sometimes you would like to have the opportunity to look into a crystal ball. After that, however, the price also fell again and at the time of writing, September 2021, the price is $0.02748.
At CoinMarketCap , it is just outside the top 400 in place 407. I think this coin has a good prospect, especially if Bitcoin continues to rise in 2021. I think it could experience some good price development, in the wake of a possible bull run at the end of 2021. If you want to invest in this currency, it is important to do your own research.
Where can you buy the AKRO token?
The AKRO token has been on sale on Bitvavo since September 2021 . Most leading CEXs also offer this coin, such as Binance , FTX, Gate.io and KuCoin . Click below to buy on Bitvavo . There are also a few liquidity pools on DEXs like Uniswap where you can find an AKRO pair. However, the easiest thing to do is to buy on Bitvavo, and this is where you can do it.
What is the best way to store the AKRO token?
You have several ways to store this token. The safest way is to store them on a hard wallet , also known as a cold wallet . With a hard wallet, such as the Ledger X or S and the Trezor, you are protected against internet hacks.
You can of course leave your AKRO token on the exchange where you bought the token. However, now you do not have access to your private keys. The private keys of an exchange remain in the hands of the exchange itself. The danger of a hacked exchange is always there and then you have a chance that you will lose your coins. These wallets on an exchange are also called hot wallets .
As a third option, you can also use an online wallet such as MetaMask or Trust wallet. Here is also another chance of an internet hack, but it is theoretically smaller than a hack on a stock exchange.
Hacking DeFi protocols is a lucrative business, and unfortunately Acropolis has also become a victim of this. In November 2020, $2,051,159 in Dai was stolen through a flash loan in the Delphi pool. However, each user was compensated for their loss.
Strangely enough, this pool has already been auditioned three times. Certik, one of the audition firms, had also auditioned other projects, which were later hacked.
What is the Acropolis roadmap?
The roadmap is a ‘work in progress’, and under the link you can find a live update, which is updated every second week by the team.
For example, the ‘backlog’ currently states, among other things, the complete decentralization of the platform and the improvement of gas costs. Under ‘to do’ it is stated, among other things, that the structure of the product must be improved and a ‘one click entry/exit’. They are working on a ‘tokenomics update’ and strategies for Polygon .
They are already done with the ADEL-AKRO swap. ADEL was a functionality token that is no longer used. Furthermore, the yEarn v2 Vaults are already integrated.
If you want to learn more about the roadmap, click on the link.
Akropolis gives a completely new option to get into DeFi in an easy way. They also make it attractive to manage the various liquidity pools via a DAO. Intermediaries are sidelined and the participants of a pool have control over each pool.
The Sparta protocol with a lower collateral than the actual loan is unique in the DeFi world, and can therefore look forward to a good future, especially as long as there is no competition in this area. That can change quickly in the DeFi world, however.
AkropolisOS can also come up with a few new applications. This will only benefit the project. Especially now that the project has open source code, interesting plans and ideas can still be developed. If this indeed all happens, then the price of the AKRO token will not lag behind. In any case, if you want to invest in this token, do your own research.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com