What is Alongside? Alongside is a platform that builds index products that give users access to a group of assets with just a single token. Let’s find out what is special about this project with Weakhand in this article.
What is Alongside?
Overview of Alongside
Alongside is a platform for building index products on the Ethereum ecosystem that helps users access a group of assets with just a single token.
An index is a method for tracking the performance of a group of assets. For example, the S&P 500 index is a stock index based on the capitalization of the 500 largest companies in the United States. Users can buy the S&P 500 index fund instead of investing in the 500 largest companies with the largest capitalization in the United States.
AMKT is the first index launched on Alongside representing an asset basket of 25 different tokens in the crypto market. The AMKT token is designed to measure the performance of digital assets. As shown below, we can see that Bitcoin and Ethereum are the two tokens that account for the majority of the proportion.
Therefore, users investing in AMKT have the same growth performance as investing in two tokens BTC and ETH simultaneously.
Alongside establishes the Alongside DAO community where users can vote on proposals for assets in the index. Every month AMKT continuously updates and rebalances the indexes.
The Alongside difference
Indexes on Alongside are built by a network of participants who mint or burn tokens by depositing collateral into a vault. This gives the indicators on Alongside some special properties such as:
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Full mortgage: Each index is fully backed by the asset it represents.
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Can be converted: Users can convert the index into asset components according to the weight in the asset basket. For example: Users can completely convert AMKT into BTC according to the weight of BTC in the asset basket.
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Each index is an ERC20 standard token, so users can absolutely use the index on Defi platforms.
Core Team
Austin Diamond : Co Founder & CEO
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He started working at Partnered – a company specializing in connecting emerging startups with big brands and he held the Business Development position at the company since June 2014.
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In May 2017, he moved to work as Product and Growth at Omni Rentals – a company working in the rental industry.
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In April 2019, he quit his job and moved to work for The Longevity Fund as deputy executive director.
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In August 2021, he decided to start a business and founded Alongside.
Gaut from Alongside : Co Founder & COO
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He graduated with a bachelor of science in business administration from Babson College.
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He had a short time working at large companies such as Facebook and Amazon since June 2017.
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In early 2019, he joined Google as Partnerships Manager.
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In August 2021, he quit his job and became Co Founder of the startup company Alongside.
Rai Sur : Co Founder & CTO
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He joined Microsoft company as a Software Engineer in March 2016.
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He quit his job at Microsoft and had a short period of 4 months studying Blockchain at Recurse Center from September 2018.
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In May 2019, he joined ConsenSys as Ethereum Core Developer.
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In September 2021, he decided to quit his job and become Co Founder of Alongside.
Investor
February 15, 2023: Alongside announced the successful call for $11M led by A16z, in addition to the participation of other investment funds such as: Coinbase Venture, Franklin Templeton Investments, Village Global,…
Tokenomics
AMKT is Alongside’s first product
Basic information about AMKT token
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Token Name: Alongside Crypto Market Index
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Ticker: AMKT
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Blockchain: Ethereum, Polygon
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Contract
Polygon: 0xB87904DB461005FC716a6BF9F2d451c33b10b80bEthereum: 0xF17A3fE536F8F7847F1385ec1bC967b2Ca9caE8D
Exchanges
AMKT token can be traded on both DEX and CEX exchanges such as Uniswap, Gate.io
Alongside Project Information Channel
- Website: https://alongside.xyz/
- Twitter: https://twitter.com/alongsidefi
- Discord:
summary
Alongside creates a new market with indices representing a group of assets. It seems we have seen that the crypto market already has index products that people are familiar with in the stock market such as: S&P500, Dow Jones,… Hopefully through this article, everyone will have Useful information about Alongside.