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Built on the Ethereum Blockchain, the Benchmark Protocol aims to change the weak points of the DeFi space and connect traditional finance with the cryptocurrency market.
The Inventor of the Benchmark DeFi project, a top Citibank executive, defines it as a “Supply Elastic Collateral and Hedging Device”. Accordingly, the protocol is designed to run on the VIX Volatility Index, with its token called MARK, pegged to the Special Drawing Rights (SDR).
Introduced as a Fair Launch, the Benchmark launchpad attracted several investors in the first weeks with word of mouth instead of Initial Exchange Offerings or Initial Coin Offerings, which usually fail in the long run. The Benchmark protocol reached a total of $34 million in just the first three weeks. After successfully culminating the Fair Launch, Benchmark transitioned their rewards structure from the Launchpad to The Press, where Liquidity Providers can earn 60-100% APY.