> For the complete documentation index, see [llms.txt](https://docs.ampleforth.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ampleforth.org/learn/about-spot.md).

# 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](/learn/glossary.md#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](/learn/about-the-ampleforth-protocol.md#applications-now-and-looking-forward).