# About SPOT SPOT is a perpetual note backed by fully collateralized AMPL derivatives. SPOT can be held directly as a refuge from inflation, used as a peer-to-peer digital cash, or held as alternative collateral to USDC within reserves. Its price will likely float within a range similar to AMPL and you can think of SPOT as a derivative that strips away most of AMPL's supply volatility. For more about Spot, see the dedicated site [spot.cash](https://spot.cash) ### Key Points * SPOT is an ERC-20 token * SPOT is a perpetual wrapper that abstracts AMPL's supply volatility from holders. It's price will be similar to AMPL (which targets the CPI adjusted 2019 dollar). The asset can function as both a refuge from volatility and a refuge from inflation * SPOT is fully collateralized by AMPL backed [derivatives](https://docs.ampleforth.org/glossary#derivatives) * SPOT does not rebase and holders of SPOT do not experience supply volatility * SPOT is governed by FORTH governance To understand the high level concepts behind the SPOT perpetual have a look at [Applications Now and Looking Forward](https://docs.ampleforth.org/about-the-ampleforth-protocol#applications-now-and-looking-forward). --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.ampleforth.org/learn/about-spot.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.