What is Benchmark Protocol (MARK) | What is Benchmark Protocol token | What is MARK token
The Benchmark Protocol is an Uncorrelated, Liquid, VIX-denominated Collateral Utility. The protocol is a rules-based, supply-elastic collateral utility that adjusts supply based on volatility indexes (VIX) and 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. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility.
Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network. The supply of MARK adjusts by tracking the movement of the CBOE volatility index.
The Problem
The current DeFi space has been marred with inconsistency. Many projects in the arena have failed as a result of technological vulnerabilities, price volatility and overarching market skepticism. However, stakeholders rightfully continue to see the inherent value of decentralized finance. Unfortunately, Stablecoins traditionally possess unfavorable risk profiles as they compete with their physical counterparts.
Introducing the MARK Token
In order for DeFi to succeed, an immutable, rules-based collateral utility that adapts supply based on liquidity crunches and remains uncorrelated to the broader DeFi sector is necessary. The Benchmark token (MARK) is a supply-elastic, collateral utility. It injects liquidity during periods of high volatility in correlation with global equities markets. This creates a unique, adaptive supply mechanism to optimize value and stability.
Protocol Design
The MARK Token is an ERC-20 Utility Token. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network. Benchmark is built on the Ethereum blockchain. The Benchmark Protocol Smart Contract has been audited by CertiK.The Protocol is rules based, non-dilutive and does not challenge any nationally issued currency. The MARK token is designed and supplied with respect to the Special Drawing Rights (SDR) and the VIX (CBOE Volatility Index).The Chicago Board Options Exchange (CBOE) aggregates the market’s estimate of future volatility known as the Volatility Index (VIX). The VIX index rises with higher market movements (volatility) by measuring the prices out of the S&P 500 index options, making it the ultimate barometer for both risk and market sentiment in securities markets.The SDR is a reserve asset, created by the IMF, to supplement its members’ official reserves. Its value is based on an aggregation of the USD, the Euro, the Chinese Renminbi, the Japanese Yen, and the British Pound Sterling. Integrating such metrics provides a level of consistency and stability lacking from traditional stablecoins.
The Benchmark Launchpad
YAM & SushiSwap are projects that recently had great success at capturing market demand and distributing tokens in a transparent and equitable way. Benchmark Protocol will follow this model for the MARK token release through a fair launch of 9% of the total MARK Supply, or 6,750,000 MARK tokens (337,500 MARK will be allotted to 20 unique pools).We will announce our pools at a later date.
Securitization Mining
During the bootstrap phase of the Benchmark Protocol launch, demand volatility and speculation will dominate MARK token price. As such, even when the MARK token meets its price target objective, loans collateralized with MARK tokens will be subject to supply/demand volatility and risk possible liquidation. As such, Benchmark Protocol will utilize a secondary Secure MARK (SMARK) token that does not undergo supply rebalancing. That is, the value of the SMARK token at loan origination, remains fixed. At the conclusion of the loan term, the SMARK token is redeemable at face value — independent of the supply history of the MARK token. To achieve this, Benchmark has allocated 20% of all tokens to a Securitization Mining pool where SMARK tokens can be redeemed at face value.
How and Where to Buy MARK?
MARK has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy MARK
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since MARK is an altcoin we need to transfer our coins to an exchange that MARK can be traded. Below is a list of exchanges that offers to trade MARK in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase MARK from the exchange.
Exchange: Uniswap (V2) and 1inch Exchange
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once MARK gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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