AMPX is the Amplify token and is a new token that was created to be used as a utility for Amplify's products. By offering AMPX, the token will become the fuel that runs the Amplify exchange, giving access and compensation for work performed with the network. AMPX will be used as a utility in two major phases.
Currently, in the first phase, AMPX's main utility is to reduce fees on Amplify Brokerage, which will be launching to all pre-registered users in an exclusive private launch on Sunday November 24th and will follow with an open launch shortly after. To quickly understand a brokerage think of regular Coinbase. This functions as a brokerage and ensures deep liquidity and the ability to instantly fill large or small orders at spot pricing by working with a variety of liquidity providers including market makers. Amplify Brokerage works similar in that a majority of the orders that are placed on a brokerage are done so as Market Orders. While Amplify Brokerage allows you more order types than Coinbase, including Limit orders, the majority of orders placed will connect with a liquidity provider. This provided us with an opportunity that no other exchange has ever capitalized on and that is to negotiate with those liquidity providers and have THEM pay the fees associated with using the platform instead of YOU our customers. This was difficult and took some time to accomplish but we are proud to say we have done it! The fees that are now paid by the liquidity providers instead of being charged to you the end user are paid IN AMPX!!!! Not only does this ensure that Amplify Exchange can be profitable and continue to grow but it brings more utility than ever to the AMPX token.
Additionally the Amplify Brokerage will allow customers to save on Withdrawal Fees, convert small balances of CryptoDust to AMPX, and for complex token listings the listing fee will be paid in AMPX.
The second product in our suite is the Amplify Pro Exchange which will roll out early 2020. To quickly understand the difference here think of Coinbase PRO. This functions in a more full featured environment and more trading in this product happens peer to peer. Meaning sometimes you may connect to a liquidity provider but often you will connect with another customer just like you for the matching end of your trade. On Amplify Pro Exchange you will be able to save on trading fees 50% just as we intended from the beginning by paying those fees in AMPX.
Unlike other platforms, like Binance, where you can use their loyalty token to save on trading fees we take it one step further. We do not require you to pre-buy AMPX tokens so you can save on your trading fees when using the Amplify Pro Exchange. If you have selected the feature in your profile to save 50% on trading fees by using AMPX, the Amplify Pro Exchange will automatically purchase exactly the amount of AMPX you need for your transaction at the time of the main transaction so there is no additional obligation from you. This also provides tremendous utility for AMPX because it ensures it will always be used. Since AMPX markets always trade commission free on ANY Amplify product it is the perfect solution.
There is one more ground breaking feature that will be rolled out in the Amplify Pro Exchange that we are not ready to fully announce but it provides you with an opportunity to earn interest on your deposits which can be increased even further by taking those interest payments in AMPX.
AMPX is an ERC-20 token, but as we establish AMPX's value as a utility through the exchange, we are also developing our next project. During our second development phase, we will facilitate a token swap from the ERC-20 token to tokens running on our Amplify Proof-of-Stake (PoS) Mainnet. AMPX will then be available to earn thru our PoS model by supporting nodes and validating transactions on the blockchain. If you would like to know more, there are further details about our next phase in our whitepaper.