- Akropolis is a modular framework for for-profit DAOs, i.e., DeFi dApps and pension funds
- The first two use cases: Delphi (a DeFi gateway) and Sparta (under-collateralized loan access)
- Backed by NueValue Capital and Kenetic Capital, public sales on Huobi Prime Offering
- Excellent security practice with smart contracts audited by Certik and MixBytes
- Proven transparency standard with Disclosure Verifications Badge from Messari
AKRO Token Specifications
At the time of writing, AKRO token specifications are as following:
- Current market cap (MC): $50.3M
- Circulating supply (CS): 1.996 billion AKRO
- Total supply (TS): 4 billion AKRO
- Token distribution, as shown in Figure 1.
Token Holder Rights
Accrue value from a claim on fees, staking rewards, and better AKRO liquidity on DEXes, gaining a pro-rata share of ADEL to align incentives.
Ability to control the economics and all critical parameters of the entire protocol like lending fee, spread on future yield products.
- Messari reported that two early-stage VCs, NueValue Capital and Kenetic, funded Akropolis on the pre-sale stage.
- In July 2019, Huobi hosted a Prime Offering – IEO for AKRO public sale.
- Before that, a private ICO is reported to take place in late 2017.
- Akropolis has a close relationship with Web3 Foundation (W3F) and its flagship blockchain – Polkadot, and one of Web3 Foundation’s advisor is Ana, Akropolis’s CEO. Akropolis won a grant from W3F while contributing towards Polkadot’s development on several open-source projects (PolkaHub). We can expect AKRO products will launch on Polkadot in the future.
- Akropolis also builds a solid foundation with notable projects, i.e., Polkadot, Maker DAO, Chainlink, and POA. On the application layer, there are Delphi, Sparta, Wyre, and Zerion. Such a strong network of industry partners can support Akropolis’s initial launch and grow hacking effectively.
- Akropolis also pays extensive attention to platform security, compliance, and transparency. The project established partnerships with Certik, MixBytes for smart contract audit, Aurum for legal consulting, and Messari and Xangle for transparent project report.
- A Coinbase Ventures-backed platform, FalconX, became the exclusive market maker and liquidity provider to support the Delphi launch and Akropolis growth in general.
Team & Advisors
- Ana Andrianova is CEO & Founder of Akropolis, also a Web3 Foundation advisor, a regulated investment manager, a board member of a regulated private equity fund, and an ex-Lehman Brothers. Her intensive experience in financial investment includes USD3.5B in transactions and advice on $300M+ of private equity and credit transactions.
- Kate Kurbanova – Co-Founder, Operations & People, was the second hire of the $15M-ICO project – Cindicator, also co-authored the project’s whitepaper and tokenomics, and later contributed as a Head of Analytics. At Akropolis, she is leading the operations and customer development. Kate holds a Master’s degree in Computer Science.
- Alex Maz – Technology Lead with a strong foundation in Blockchain Architecture, Product Strategy, Polkadot/Substrate, Solidity, and WASM. Alex is a Blockchain Developer since 2012, an open Source contributor, and author of 16 scientific publications and 10 commercial implementations, and also a Ph.D. candidate in Machine Learning.
- Development team leads have intensive experience in Solidity, Audit, and Frontend with several commercial implementations.
- Five advisors of Akropolis are experts in their areas, including Smart Contract development and security auditor, Actuary and Quantitative software development, asset management, and pension scheme, from fundraising, venture capital to communication, and operation.
Maker DAO (MRK)
Similarities: Ethereum-based projects that focus on DeFi with Lending & Saving products. Both projects follow the good practice of smart contract security.
- To support DeFi, Maker DAO issues stablecoin, while Akropolis targets building a modular and scalable framework for DeFi dApps to operate (Figure 3)
- Maker DAO – Oasis requires over collateral (150%) vs. under collateral (50%) in Akropolis – Sparta. Thus, the same amount of collateral on Sparta generates triple the capital as of Oasis. In other words, Akropolis’s users will have much more accessibility to their needed money.
- Akropolis introduced a long-term investment portfolio feature in Delphi, serving diversified risk flavor of the user.
Maker’s fully diluted market cap is roughly $512M. If Akropolis reaches that market cap at full distribution, the price of AKRO will reach $0.128 mark – x5.1.
Similarities: Ethereum-based projects that focus on DeFi lending and borrowing. Both projects follow the excellent practice of smart contract security.
- Aave is an open-source money market protocol that has many innovations such as Flash Loans, stable rates, and recently, Credit Delegation. On the other hand, Akropolis has been building not only its signature modular OS for dApps developer but also introducing very first applications. Its goal is to become a decentralized bank, a pension fund for its users.
- Aave can compete with Akropolis on under collateralized loan segment with the innovative Flash Loan product (0 collateral). However, the product targets for arbitrage and rebalance activities, instead of serving a sustainable need for under-collateralized loans.
Aave’s fully diluted market cap is around $971M. If Akropolis reaches that market cap at full distribution, the price of AKRO will be about $0.243 – 9.6x.
At the moment, Akropolis is under the product development phase yet shown a positive sign of adoption even with its Beta launch, as compared to the two older projects, i.e., Maker (since 2015) & Aave (since 2017). There are high potentials for the project to grow when considering key on-chain specifications, as depicted in Figure 4.
As mentioned above, Delphi and Sparta are crucial for Akropolis since they are the very first use cases of the protocol, showcasing more complete components in Akropolis architecture.
- Sparta v2.0 mainnet / Delphi v1.0 launch – Aug 2020. The latest updates on more stablecoin support, including USDT, USDC, and RSV, and Sparta Pool UI/UX enhancement.
- Delphi v2.0 launch – Oct 2020. For Delphi, the team is working on adding its contracts to the Nexus Mutual platform for insurance staking. Meanwhile, the Certik audit completed on Delphi smart contract recently, and two more auditors will review the codes before its mainnet launch.
AKRO Token Release Schedule
By Q3 2022, Akropolis will have a full token released to the market at a max cap of 4 billion AKRO, from nearly 2 billion AKRO at the time of writing (Figure 5). The project token release plan is well-structured with a steady curve, preventing any possible supply shocks that can drive the market sentiment negatively.
The 2-year token release plan also allows Akropolis’s team to develop their technology and expand the ecosystem as their roadmap. The long-term lock shows that the team, advisors, and partners are all committed to their end goals, not short-term profit.
- DeFi market has reached $16B in market cap, showing upside potential for all players, veteran teams, or just a-few-week-launched projects like Sushi. AKRO targets the unserved market with under-collateralized loans that are 3x more accessible than existing products. In other words, Akropolis will serve the mass audience who need the loan rather than speculators.
- As DeFi grows to the mainstream and has enormous potential to transform traditional finance, Akropolis’s total serviceable market now worth $32 trillion of global pension funds.
- The ability to operate on both Ethereum and Polkadot is the most important advantage for Akropolis to stand out and boost its adoption faster than any other project. The Ethereum-based protocol makes this possible by creating PolkaHub – a Web3Foundation-granted project. Polkadot just hit the top 5 recently with over $4 billion in market cap.
- In partnership with top-notch smart contract auditors like Certik (Figure 6) and MixBytes, Akropolis builds up community confidence through excellent security practice. Its Sparta project is in the top 4 highest scores of an Audit list by DeFi Safety. Such a high confidence level can attract more teams to build on top of Akropolis. Ultimately, it will boost the utility of AKRO and ADEL tokens.
- Fierce competition from other DeFi projects, especially newly-born yield farming projects that can draw huge attention. If Akropolis cannot catch up with that speed, the chances are that they will miss the trend and become a follower.
- Akropolis’s competitor launch of under-collateralize loans and long-term investment portfolio can hit its market share hard. Thus the company must watch closely to its competitor move and any newly launch DeFi initiatives.
Executive Summary – Pricing Estimates
- Maker’s fully diluted market cap is roughly $512M. If Akropolis reaches that market cap at full distribution, the price of AKRO will reach $0.128 mark – x5.1.
- Aave’s fully diluted market cap is around $971M. If Akropolis reaches that market cap at full distribution, the price of AKRO will be about $0.243 – x9.6.
- Condition: full distribution of 4B AKRO to the circulating supply, excluding the amount of burnt tokens.
Both AKRO token price and AKRO token circulating supply are subject to change over time. Figure 7 visualizes how the AKRO market cap could be, having three scenarios below:
- AKRO is at $0.0252, total circulating supply (CS) of 1.996 billion AKRO, $50.3M market cap
- By Q3 2021, Akropolis total circulating supply (CS) reaches 3 billion AKRO
- By Q3 2022, Akropolis total circulating supply (CS) reaches a max cap of 4 billion AKRO.