Daily market cap history of DeFi payment protocol AMP up until August 2, 2022

The token from decentralized payment platform AMP saw its market cap decline by over 50 percent between late 2021 and early 2022. This decline is connected to global developments impacting the overall crypto market, as the invasion of Russia into Ukraine caused a drop in the market cap of all cryptocurrencies. AMP is regarded as one of the main Decentralized Finance applications aimed at payments. It operates as a collateral token inside a merchant network called Flexa, aimed at accepting low-cost digital payments whilst also acting as a way of transaction insurance - stepping in when the Flexa network fails to process a transaction. By doing so, AMP and Flexa hope to remove the uncertainty involved with payment settlements. Note, however, that some countries, such as China, are developing CBDC - or "official" digital currencies from a country's central bank, which, for some, may lower the need for payment solutions within Decentralized Finance.