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What Is Akropolis (AKRO)?
Akropolis is a company that operates an Ethereum-based decentralized finance protocol that seeks to provide an autonomous financial ecosystem for saving and growing wealth, including through borrowing and lending. To do so, it offers a series of products including AkropolisOS, a framework for developing for-profit decentralized autonomous organizations, Sparta, a platform for uncollateralized lending, and Delphi, a yield farming aggregator and tool for dollar-cost averaging.
The project uses an ERC-20 token, AKRO, for protocol governance across its suite of products.
Akropoli was first announced in March 2018, launching on the Ethereum mainnet in June 2020.
Who Are the Founders of Akropolis?
Akropolis was founded in 2017 based on a vision of an alternative financial system, based on non-USD-denominated, real world assets (RWA)-based stablecoins and DAOs performing the roles equivalent to those of the pension funds, community banks and credit unions of today.
Since 2022, Akropolis has transitioned to a DAO, and has been operated by the contributors, some of whom are long-standing community members. Its key highlights to date have been:
(1) the first guarded launch in DeFi;
(2) all-time high total value locked (TVL) of US$25mn;
(3) being part of the IDEO Colab DeFi Incubator & Residency Programme.
AkropolisDAO continues to be operated by its contributors.
What Makes Akropolis Unique?
Akropolis was conceived as a distributed savings and pensions fund — a solution to what it described in its initial announcement as ""a looming pension deficit apocalypse"" resulting from the inevitable collapse of state pensions systems. But in August 2020, the company stated that it had shifted its focus to building the underlying framework for such a system by creating AkropolisOS to allow for the rapid launch of for-profit capital pools.
AkropolisOS is a Solidity-based, modular framework for the creation and management of distributed capital pools and serves as the base for the company's Sparta and Delphi platforms, with the former providing access to uncollateralized loans. Akropolis has claimed that unlike other DeFi protocols, its products reduce the risk associated with these loans by providing community incentives in the form of AKRO to those who provide accurate risk assessments.
The company provided some insight into its business model in December 2018, reporting that it would focus on building a pipeline of institutional partners and clients, developing technology and academic partnerships, and building out the Akropolis ecosystem. It also holds a significant number of AKRO to be used for internal operations such as marketing and partnership building.
How Many Akropolis (AKRO) Coins Are There in Circulation?
Akropolis has a fixed maximum supply of 4 billion AKRO tokens. The company carried out two initial private token presales between January 2018 and June 2018. The first round was for investors, advisors and strategic partners, while the second was for active community members. The two sales combined represent 22.5% of the total token supply, and the AKRO sold was locked up for two months following its public sale, vesting monthly for another 12 months.
460 million AKRO — 11.5% of the total supply — was released to form the initial circulating supply once the token was listed publicly on cryptocurrency exchange Huobi Global in July 2019, with 8% going to the exchange and 3.5% going to the company. All additional AKRO was subject to lock-up periods following its public listing on the exchange. 9.5% was reserved for team members and advisors, with a one-year lock-up and vesting monthly for 12 months — later extended to January 2021; 14% for marketing and community initiatives, with a two-month lock up and vesting 2%, 1.5%, 1%, 2.5%, 4% and 3% of the total supply each month, respectively; and an additional 42.5% for the company, with 40.5% having a one-year lock-up and vesting monthly over two years, and 0.5%, 0.5% and 1% of the total token supply being unlocked after 90, 120 and 180 days, respectively.
Updates to Akropolis' vesting schedules are made publicly available on an online spreadsheet.
How Is the Akropolis Network Secured?
The Akropolis suite of products utilizes a governance token, AKRO, to help secure its protocol. As an ERC-20 token, AKRO transactions rely on the Ethereum blockchain's proof-of-workconsensus algorithm to validate any on-chain records. With a PoW consensus, miners compete among each other to add new blocks to the blockchain, and a majority of all nodes in the network must confirm a record for it to be posted.
In August 2019, the smart contracts for AKRO were audited by blockchain security firm CertiK. The company found that the smart contracts — after Akropolis implemented some suggested changes — were ""structurally sound and not vulnerable to any classically known anti-patterns or security issues.""
In August 2020, Akropolis reported that there had been several attempted, but unsuccessful, hacks of its smart contracts. As a result, it moved all unlocked ARKO still in smart contracts to custodial wallets with higher-grade, institutional security. Later that month, it announced a bug bounty program, with rewards paid in AKRO or stablecoins to those who report a previously undiscovered security flaw.
The live Akropolis price today is $0.006320 USD with a 24-hour trading volume of $6,475,279 USD. We update our AKRO to USD price in real-time. Akropolis is up 5.96% in the last 24 hours. The current CoinMarketCap ranking is #765, with a live market cap of $28,037,634 USD. It has a circulating supply of 4,436,209,630 AKRO coins and the max. supply is not available.