AMPL: The unit of account ERC-20 token. AMPL's price targets the CPI adjusted 2019 USD, but the number of AMPL tokens in user wallets automatically increases or decreases based on demand. AMPL will deviate from its target when market demand indicates there is too much or too little supply, but the price per AMPL will always eventually return to its long-run target. FORTH: The Ampleforth ecosystem's governance token. FORTH is an ERC-20 token used to govern protocol parameter changes, direct liquidity mining emissions, and direct the use of DAO treasury assets dedicated to stimulating innovations in the elastic finance and broader DeFi space. Holders vote using their FORTH tokens. price_exchange_rate of AMPL > 1 2019 USD the market is indicating there is more demand than supply. In response the Ampleforth protocol automatically and proportionally increases the quantity of tokens in user wallets, gradually bringing price down to its target. price_exchange_rate of AMPL is < 1 2019 USD the market is indicating there is more supply than demand. In response the Ampleforth protocol automatically and proportionally decreases the quantity of tokens in user wallets, gradually bringing price up to its target. 1 ETH, valued at $1000/ETH, to be paid back at a later date. If Alice sells the ETH to put $1000 to work and the price of ETH increases to $3000/ETH, she will need to spend $3000 to acquire the ETH in order to pay back her loan. 1000 AMPL to be paid back at a later date. If Bob sells the AMPL to put $1000 to work, he can be reasonably certain that the cost of re-purchasing the AMPL to pay back her loan will be reasonably stable in the long-run due to AMPL's mean-reverting price, even if the AMPL network profoundly increases or decreases in size. $100 to Bob, the Stable Transfer contract queries an oracle for the price-exchange rate of ETH to US dollars, and then it transfers an automatically calculated quantity of ETH to Bob. O(n) with the number of transfers. Each of these oracle requests presents an exploit opportunity and incurs an added cost. Finally, if an attacker exploits the exchange-rate oracle, or if there’s a bug in the oracle, senders can transfer the wrong amount of money resulting in a loss of funds. O(1) per day. More importantly, because the protocol’s supply policy is proportional and non-dilutive, oracle attacks cannot result in the theft or redistribution of assets. 2AM UTC . This adjustment is applied universally to all addresses and doesn't require any transaction between peers. deviation_threshold. This threshold is set by an adjustable hyper-parameter and is currently set at 5%. To see the network's current volume-weight-average (VWAP) price, visit the dashboard. sigmoid curve that caps supply changes at its asymptotes. It has shaping parameters that determine: lower asymptote, upper asymptote, and the steepness of the curve (ie: growth rate). These parameters are currently set to -0.1, 0.1, and 3 respectivelyY% of the network before a rebase, the user will always own Y% of the network unless the user buys or sells more AMPL.