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Fragments , the development company behind the Ampleforth protocol, announced today the launch of SPOT, an inflation-resistant store of value that can be used as peer-to-peer digital cash. Designed to solve the systemic risk of the crypto industry’s over-reliance on centralized stablecoins and dollar substitutes in decentralized finance, Fragments developed SPOT to be a freely redeemable, non-custodial, stable asset that can safely wind down to zero users under stress without interventional bailouts. SPOT is built on Buttonwood, an Ethereum-based collection of smart contracts used for building DeFi protocols. “This year’s events showed us two things are true: first, we need publicly auditable systems that protect users from the custodial risks of centralized systems; second, to accomplish this on-chain, we need radically different designs that don’t rely on continuous growth or bailouts,”  Evan Kuo , CEO of Fragments. The systemic failure of the crypto markets began with the collapse of the algorithmic stablecoin, TerraUSD (UST), and escalated with the downfall of Celsius, Voyager, BlockFi, FTX and hundreds more. “DeFi remains in many ways intimidating in its complexity. Part of what attracted people to centralized exchanges was that the interface was simply easier for buying and selling. I hope the FTX fiasco has illustrated the dangers of centralizing what is supposed to be decentralized,” commented the financial historian Niall Ferguson. Together, these collapses underscore the need for radically new ways of designing transparent systems that can safely operate under all market conditions. “Combining Ampleforth with Buttonwood into SPOT is an exciting novel approach that could significantly improve how inflation-resistant tokens in Ethereum work,” said Fernando Martinelli, Co-Founder & CEO at Balancer Labs. Related Posts
The SPOT token is a freely redeemable claim on a basket of on-chain collateral. A holder of 1% of the SPOT supply can redeem it at any time, for 1% of the collateral. Since all assets are distributed proportionally upon redemption, the ratio of different tokens in the collateral set remains unchanged before and after any given redemption. This means the value of SPOT remains the same even as withdrawals unwind to an empty collateral set. There are no pegs, feedback loops, or liquidation markets used in the system’s design. The price of SPOT is determined by the market. Its value is the collateral for which it can be redeemed. Because of how SPOT’s collateral is prepared and rotated, the redemption value of 1 SPOT token will tend towards 1 CPI-adjusted dollar. “Demand-deposit contracts–which a lot of DeFi projects imitate–suffer from the age-old problem of runs, which is when depositors rush for the exits. Runs on banks, money market funds, or Terra are just some examples. Implementing proportional redemption is a clever way for SPOT to avoid this perennial issue,” said Manny Rincon-Cruz, creator of Buttonwood.

Fragments Announce the Launch of SPOT, the First Smart Contract-Powered and Inflation-Resistant Peer-to-Peer Digital Cash System on Ethereum

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SAN FRANCISCO, Dec. 9, 2022 /PRNewswire/ -- Fragments, the development company behind the Ampleforth protocol, announced today the launch of SPOT, an inflation-resistant store of value that can be used as peer-to-peer digital cash. Designed to solve the systemic risk of the crypto industry's over-reliance on centralized stablecoins and dollar substitutes in decentralized finance, Fragments developed SPOT to be a freely redeemable, non-custodial, stable asset that can safely wind down to zero users under stress without interventional bailouts. SPOT is built on Buttonwood, an Ethereum-based collection of smart contracts used for building DeFi protocols. "This year's events showed us two things are true: first, we need publicly auditable systems that protect users from the custodial risks of centralized systems; second, to accomplish this on-chain, we need radically different designs that don't rely on continuous growth or bailouts," Evan Kuo, CEO of Fragments. The systemic failure of the crypto markets began with the collapse of the algorithmic stablecoin, TerraUSD (UST), and escalated with the downfall of Celsius, Voyager, BlockFi, FTX and hundreds more. "DeFi remains in many ways intimidating in its complexity. Part of what attracted people to centralized exchanges was that the interface was simply easier for buying and selling. I hope the FTX fiasco has illustrated the dangers of centralizing what is supposed to be decentralized," commented the financial historian Niall Ferguson. Together, these collapses underscore the need for radically new ways of designing transparent systems that can safely operate under all market conditions. "Combining Ampleforth with Buttonwood into SPOT is an exciting novel approach that could significantly improve how inflation-resistant tokens in Ethereum work," said Fernando Martinelli, Co-Founder & CEO at Balancer Labs. The SPOT token is a freely redeemable claim on a basket of on-chain collateral. A holder of 1% of the SPOT supply can redeem it at any time, for 1% of the collateral. Since all assets are distributed proportionally upon redemption, the ratio of different tokens in the collateral set remains unchanged before and after any given redemption. This means the value of SPOT remains the same even as withdrawals unwind to an empty collateral set. There are no pegs, feedback loops, or liquidation markets used in the system's design. The price of SPOT is determined by the market. Its value is the collateral for which it can be redeemed. Because of how SPOT's collateral is prepared and rotated, the redemption value of 1 SPOT token will tend towards 1 CPI-adjusted dollar. "Demand-deposit contracts–which a lot of DeFi projects imitate–suffer from the age-old problem of runs, which is when depositors rush for the exits. Runs on banks, money market funds, or Terra are just some examples. Implementing proportional redemption is a clever way for SPOT to avoid this perennial issue," said Manny Rincon-Cruz, creator of Buttonwood. To learn more, access the SPOT whitepaper here: https://bit.ly/spot-whitepaper  
The whitepaper details how collateral is prepared into tranches and rotated, explains why this results in the value of SPOT claims tending towards 1 CPI-adjusted dollar, and outlines a system of incentives for rotating fresh tranches in and mature tranches out. Watch a video about SPOT here: https://vimeo.com/778950575
About Fragments
About Ampleforth
Ampleforth is a blockchain protocol for designing supply elastic units of account. The protocol transfers the price volatility of crypto assets into supply volatility to maintain stability without relying on traditional banks, centralized monies, or lenders of last resort. About AMPL
AMPL is the first supply elastic unit of account powered by the Ampleforth protocol and serves as a key building block for denominating stable contracts in decentralized finance. Learn more about AMPL here and follow Ampleforth on Twitter . About SPOT
SPOT is a decentralized peer-to-peer inflation-resistant store of value that can be used as censorship-resistant digital cash. Learn more about SPOT here and follow SPOT on Twitter and Instagram. About Buttonwood
Buttonwood is a collection of smart-contract "building blocks" that can be used to create robust DeFi protocols. Teams that are building on Buttonwood include Fragments, Nimble Navigators, and Prometheus Research Labs. Projects built on Buttonwood include SPOT (inflation-resistant cash), Hourglass (dynamic convertible bonds), Zero (liquidation-free bonds), and Auctions (double-sided auctions). You can follow Buttonwood on Twitter and learn more about the project here . SOURCE Fragments

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Fragments Announce the Launch of SPOT, the First Smart Contract-Powered andInflation-Resistant Peer-to-Peer Digital Cas...

Fragments Announce the Launch of SPOT, the First Smart Contract-Powered andInflation-Resistant Peer-to-Peer Digital Cash System on Ethereum

Ampleforth developer debuts Ethereum-based inflation-resistant token
December 8, 2022, 10:00AM EST
Ampleforth developer debuts Ethereum-based inflation-resistant token
It is not a pegged stablecoin but its value tends toward the CPI-adjusted U.S. dollar. Fragments, the developer behind blockchain protocol Ampleforth, has launched an inflation-resistant token called spot in an effort to attract DeFi investors worried by rising prices. Spot is the latest project designed using  Buttonwood , according to a statement, and is closely related to Ampleforth's native token ampl. Buttonwood is an Ethereum-based smart contract set that provides the building blocks for designing DeFi protocols. The ampl token is a rebase coin designed to keep its price closely to the CPI-adjusted U.S. dollar. CPI stands for consumer price index and the CPI-adjusted dollar is $1 adjusted for inflation. Ampl does this by using the CPI-adjusted dollar to calculate daily supply adjustments for the rebase. This supply adjustments lead to the amount of ampl tokens in user wallets increasing or decreasing depending on the level of demand. In this way, demand does not drive the price of the ampl token. The spot token serves as a freely redeemable claim on a basket of on-chain collateral backed by the ampleforth token. Since spot is backed by ampl, the price of 1 spot token should also tend toward the CPI-adjusted dollar. Yet Fragments CEO Evan Kuo claims that it shouldn't be called a stablecoin. “It can’t be described as a stablecoin because a stablecoin is pegged to a fiat currency, algorithmic stablecoins also,” Kuo stated, adding, “The price of spot is determined by the market. Its value is the collateral for which it can be redeemed.” 
Kuo also claimed that spot is immune to bank runs as was the case for projects like Terra’s UST stablecoin. Spot is designed to unwind to zero users, without the need for external intervention like bailouts, the announcement stated. This design means that spot can be overpriced but not undercollateralized and as such, can survive a situation where users rush to withdraw and sell the collateral. How does the token work? The spot token is backed by ampl tokens that are tranched and bundled into a collateral set. Tranching refers to the pooling of assets with different risk profiles into a single set. There are two tranches in the spot token design — a junior tranche and a senior tranche — the former is more exposed to supply changes in ampl while the latter is less so. The Buttonwood protocol is responsible for splitting the ampl-backed collateral into two tranches. Apart from being more or less volatile than ampl, each tranche also has different ratios and maturity dates. The tranche ratio refers to the amount of volatility inherent in each category while the maturity date signifies when each tranche can be exchanged for the underlying ampl token backing. Users can begin to mint spot tokens given Thursday’s launch, according to the announcement. To do this, they can deposit ampl into the available tranches. Users can also redeem their spot tokens for the corresponding percentage of the underlying ampl collateral that backs their holdings. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Sign up for our daily Newsletters
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Ampleforth developer debuts Ethereum-based inflation-resistant token

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 Each participating company is actively building Web3 products that leverage Algorand technology, including an NFT marketplace, a DeFi protocol, an AI software company, among others
DUBAI, UAE and DELHI, India, Nov. 28, 2022 /CNW/ -- Nine India-based companies building Web3 products on Algorand will be featured this week at the annual Decipher conference hosted by the Algorand Foundation at Madinat Jumeirah in Dubai, 28-30 November. The strong regional representation reflects strong community-building and education efforts in India led by AlgoBharat , including developer hackathons, educational sessions at technical universities, and more. These initiatives have been aimed at increasing interest and adoption in Algorand and the broader blockchain industry among developers at both startups and established corporations in India. Featured companies from the AlgoBharat ecosystem include:
Contrato is a solution for smart contracts and finance management for Small Medium Businesses and Startups, is the world's first KYC embedded contracting solution powered by blockchain smart contract. Contrato is building the next generation of business transactions based on trust and decentralized finance. Dapps.co is an App Store for decentralized apps but with additional layers of communication / notifications, commerce (paid apps & in-app purchases), ratings, and DIDs, aims to bring seamlessness to the Web 3.0 experience. Dygnify is a DeFi protocol that delivers digital asset liquidity to Small Medium Business (SMB)-focused credit Fintechs while enabling global digital asset investors to discover and invest debt capital in creditworthy SMB-focused credit fintechs/lenders across high-growth emerging markets. EKO India Financial Services is an established Indian fintech company, which enables digital product brands to tap and collect digital payment from customers through a unique platform of deeply embedded-in-the-community micro-entrepreneurs. Over the last 15 years Eko has serviced over 50 million customers through a network of over 300k micro-entrepreneurs. Eko desires to leverage the advantages of blockchain to further democratize access to services for customers with a distributed identity solution. Fragments is a platform that enables users to create on-chain vaults to set up a fund, define its goals and governance, raise capital from retail investors and invest together based on the decided governance framework. It effectively offers a collective investment DeFi product with multichain fundraising, four forms of governance, and trading history of user profiles. Kalga Labs is a Web 3.0 platform that enables more efficient collaboration between content makers and creators. Kalga Labs' first product, InFiction, is a first-of-its-kind solution for TV and film writers to showcase their work through a decentralized database with built-in tools, analytics, and creative capabilities. NFTVerse is a white label, SAAS-based platform designed to bridge the gap between Web 2.0 and Web 3.0. The platform enables enterprises, brands, celebrities, influencers, and creators to launch their own fully customizable Web 3.0 apps including NFT stores, Marketplace, Crypto wallets, and Crypto tokens by integrating with their existing Web 2.0 apps and websites. Nowigence is a knowledge management company that uses its Web 2.0-based Pluaris™ technology to help enterprise employees augment knowledge with information and training materials from multiple data sources. Nowigence is now transitioning to an Algorand-based blockchain solution to verify and recognize skill acquisition through decentralized proof of knowledge and proof of experience, which includes social learning, community driven peer-to-peer learning, personalized learning, gamification and reward system, and hybrid learning models utilizing events. W ize is a one-stop NFT infrastructure and API toolkit that can deliver a personalized and secure digital experience for businesses, DAOs, and developers, offering POAP (Proof of Attendance Protocol) NFTs, Identity NFTs, Certificate NFTs, Event Ticketing, and more. Wize enables NFT Tokenization as a Service for B2B applications and solves the Web 3.0 adoption challenges across various industry verticals with its powerful dashboard, no-code application, SDKs and APIs. "We're thrilled to have such strong representation from India at this year's Decipher event," said Anil Kakani, Head of AlgoBharat. "Each of these companies recognizes the significant advantages of the Algorand blockchain and they are just a sampling of the use cases we expect to drive the organic diffusion of Algorand in our region. India has the best developers in the world, poised to harness the power of blockchain to tackle some of the most challenging problems we face. These companies featured at Decipher are just a few of the many leading the way into Web 3.0 on Algorand!" The following presentations will be available to livestream for free via the Algorand Foundation YouTube channel :
29 November @ 11:25 AM - 12:05 PM (GMT +04): EKO cofounder Abhinav Sinha will appear alongside leaders from VISA CEMEA, FlexFinTx, and AgroToken, on the topic of "Financial Inclusion at Scale: A World Tour"
29 and 30 November @ 1:00 - 2:00 PM (GMT +04): Founders and executives at Contrato, Dapps, Dygnify, Fragments, Wize, Kalga Labs, NFTVerse, and Nowigence will present during the Decipher pitch competitions
30 November @ 11:00 - 11:40 AM (GMT +04): Nowigence Acting CEO Krishna Tammireddy will participate in "Delivering Web2 to Web3 (and Beyond)," alongside leaders from Napster, TravelX, and the Global Crypto Council
The following presentation will be recorded and published on the Algorand Foundation YouTube channel following the event:
30 November @ 10:30 - 11:00 AM (GMT +04): Kalga Labs founder Abhisar Srivastava and NFTVerse founder Neel Kamal will speak on "India's Creator Economy is Booming! How Web3 is Accelerating It." Learn more about Decipher, and download the full agenda at https://www.decipherevent.com
For media interested in a press pass for Decipher, please contact [email protected] . ABOUT ALGORAND FOUNDATION
The Algorand blockchain — designed by MIT professor and Turing Award winning cryptographer Silvio Micali — is capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, with immediate finality and near zero transaction costs, and without a second of downtime since it went live in June 2019.Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the "blockchain trilemma" by achieving both security and scalability on a decentralized protocol. The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. For more information, visit https://algorand.foundation
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Founders and Executives at Nine India-Based Companies will Present at Algorand's Decipher Conference in Dubai, 28-30 No...

Incubator/Accelerator

Fragments is a company focusing on cross-chain interoperability in the blockchain and cryptocurrency industry. The company offers a suite of products that enable the automation of transactions and conditional payment solutions across Ethereum Virtual Machine (EVM) chains. Its products allow users to automate payments, set conditional triggers, manage gas payments, and execute cross-chain and cross-token payments. It was founded in 2022 and is based in Singapore, Singapore.

Date	11/29/2022
Round	Incubator/Accelerator
Amount
Investors	Conquest
Valuation	$XXM
Revenue	0 FY undefined
Sources	1

First funding	11/29/2022
Last Funding	11/29/2022
Investor	Conquest
Rounds	1 Incubator/Accelerator
Board Seats
Type	Incubator/Accelerator
Location	India

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