# Ampleforth Docs Welcome to the official documentation for the Ampleforth elastic finance ecosystem, a decentralized financial infrastructure powering innovations in money. Ampleforth provides and supports the use of foundational building blocks for a new digital economy through its unit of account protocol**`AMPL`**, its DAO governance protocol **`FORTH`**, and its upcoming inflation-resistant store of value protocol **`SPOT`**. * [Learn about the AMPL token and Protocol](/learn/about-the-ampleforth-protocol) * [Learn about the FORTH Governance token](/learn/about-forth-governance) * [Learn about WAMPL (Wrapped-AMPL)](/learn/about-wrapped-ampl) * [Learn about Lending & Borrowing AMPL](/learn/about-lending-and-borrowing-ampl) * [Explore the Ecosystem](/ecosystem/explore-the-ecosystem) * [How To Guides](/how-to-guides) Please join the Ampleforth community [discord](https://discord.gg/mptQ49m) server; our team and members of the community look forward to helping you understand and use AMPL. # Learn Discover how the Ampleforth Protocol works and learn about staking, lending, wrapping, governance, and the upcoming protocol SPOT (a AMPL backed inflation resistant store of value). For a comprehensive list of resources including the original white paper please visit the [Ecosystem Directory](/ecosystem/explore-the-ecosystem) page. * [What is AMPL?](/learn/about-the-ampleforth-protocol) * [How does FORTH governance work?](/learn/about-forth-governance) * [What is the FORTH DAO?](https://docs.ampleforth.org/learn/about-the-forth-dao) * [What is Wrapped AMPL?](/learn/about-wrapped-ampl) * [How does lending and borrowing work?](/learn/about-lending-and-borrowing-ampl) * [What is SPOT?](/learn/about-spot) # About the Ampleforth Protocol The Ampleforth protocol is a set of instructions on the Ethereum blockchain that produces a decentralized [unit of account](/learn/glossary#unit-of-account) called AMPL. The AMPL token is the primary building block of the Ampleforth Elastic Finance Ecosystem. It is used for lending & borrowing, for the creation of [derivatives](/learn/glossary#derivatives), and as collateral for a decentralized [stablecoin](https://docs.ampleforth.org/learn/glossary#stablecoin). ### AMPL and FORTH The protocol consists of two primary tokens, AMPL and FORTH. * **`AMPL`:** The [unit of account](/learn/glossary#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](/learn/about-forth-governance). 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. ## How the Ampleforth Protocol Works The Ampleforth Protocol targets the CPI adjusted 2019 US dollar and automatically expands or contracts the quantity of tokens in user wallets based on price. Think of AMPL as similar to Bitcoin, except the number of AMPL tokens in your wallet increases when there's more demand and decreases when there's less demand. ### Elastic Supply Policy * **Expansion**: When the `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. * **Contraction**: When the `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. 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 the CPI adjusted 2019 dollar. Holders of the AMPL token experience supply volatility, but contracts denominated using AMPL remain stable in the long-run. Because the Ampleforth protocol transfers the volatility of demand rather than attempting eliminate it altogether, AMPL cannot break by natural market forces and does not require any collateral, treasury, market-maker, or buyer-of-last-resort to return to its long-run target. For details on how supply changes are calculated and how often the protocol updates supply (or rebases), see [Additional Protocol Details](#additional-protocol-details). ## Applications Now and Looking Forward Price volatility prevents modern day cryptocurrencies from functioning as units of account. This function of money is important because it enables the denomination of predictable contracts that can serve as the basis of more complex banking systems. To this end many attempts have been made to produce [stablecoins](https://docs.ampleforth.org/learn/glossary#stablecoin) which can serve as both [unit of account](/learn/glossary#unit-of-account) and refuge from volatility. However, systems that have attempted to remove volatility altogether have thus far materialized as solutions that are either highly censorable or highly unreliable. ![Table 1 - Stablecoin Solution Space](/files/cSfm5caLlmC6apXiB93o) It is our view that fundamental building blocks should be made as robust as possible. For this reason, the Ampleforth ecosystem has elected to first separate this goal of creating a durable [unit of account](/learn/glossary#unit-of-account) from broader attempts to [store near-term value](/learn/glossary#store-of-value), and then rebuild the financial stack with more modular, durable, blocks. ![Elastic Finance Stack — building from the bottom up](/files/7CSpcDT9c9mqF3IsBEYo) As a building block AMPL enables the denomination of stable on-chain contracts without any reliance on centralized custodians or buyers of last resort. This capability propagates into a number of use cases including on-chain lending, on-chain borrowing, the creation of on-chain [derivatives](https://docs.ampleforth.org/learn/glossary#derivatives), and the creation of collateral for a decentralized [stablecoin](https://docs.ampleforth.org/learn/glossary#stablecoin). ### Decentralized Lending The simplest AMPL use case is decentralized debt denomination. Typically when a person borrows money they intend to put that money to work immediately and then pay it back later with interest. However, when a loan contract is denominated with a floating price currency like ETH, the borrower has to factor in the price volatility of ETH. To illustrate we can follow a simple example: * **ETH Denominated Loan Example** - Imagine Alice borrows `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. Because loans denominated in price-volatile currencies are so risky, the majority of borrowing activity on decentralized lending platforms is unfortunately denominated with centralized [stablecoins](https://docs.ampleforth.org/learn/glossary#stablecoin). AMPL eliminates this dependency and enables sustainable lending and borrowing on decentralized lending platforms. * **AMPL Denominated Loan Example** - Imagine Bob borrows `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. Although AMPL holders experience the same kind of fat-tailed stock volatility expected of floating-price tokens like ETH, contracts denominated in AMPL remain long-run stable, as is the case with Bob's loan example above. AMPL is currently available as a lend and borrow asset on AAVE. ### Decentralized Derivatives Derivatives are a special type of financial contract whose value depends on an underlying asset. Such contracts require a unit of account for denomination and AMPL similarly enables the creation of on-chain [derivatives](https://docs.ampleforth.org/learn/glossary#derivatives). To help illustrate this, let's explore a simple example: ‌ * **AMPL Derivative Example** — Imagine Bob wants to split the stock-volatility of AMPL into two derivative tranches, a senior (low-risk) tranche and a junior (high-risk) tranche. Bob can author a simple smart contract that accepts a redeemable AMPL deposit, and attributes 1/10 of all future supply changes to the senior tranche token while attributing 9/10 of all future supply changes to the junior tranche token. At the time of maturity senior tranches are first in line to redeem followed by junior tranches second. Bob will have created a senior [derivative](https://docs.ampleforth.org/learn/glossary#derivatives) token that is considerably less volatile than the underlying AMPL and a junior [derivative](https://docs.ampleforth.org/learn/glossary#derivatives) token that is considerably more volatile, without any added oracle risk. Please see [ButtonWood](https://button.foundation/) to follow on-going progress on this. ### Decentralized Stablecoin Following from the concept of on-chain [derivatives](https://docs.ampleforth.org/learn/glossary#derivatives) above, correctly configured safe-asset (senior) tranches can be used as transparent and robust collateral by the issuer of a crypto-collateralized [stablecoin](https://docs.ampleforth.org/learn/glossary#stablecoin). ‌ Because the tranche ratios of the respective [derivatives](https://docs.ampleforth.org/learn/glossary#derivatives) are pre-defined and redeemable, the volatility tolerance of a senior tranche token can be clearly defined (ie: it can be initialized such that the safe-asset [derivative](https://docs.ampleforth.org/learn/glossary#derivatives) can tolerate an X% fall in demand). This sort of redeemable on-chain [derivative](https://docs.ampleforth.org/learn/glossary#derivatives) does not require liquidation markets and introduces no additional oracle risk. ‌ A breakthrough in safe-asset collateral would allow crypto-collateralized [stablecoins](https://docs.ampleforth.org/learn/glossary#stablecoin) to reduce their reliance on tokens backed by traditional assets (like USDC) as collateral, making them more decentralized. ## Oracle Risks To execute its automatic supply policy, the Ampleforth protocol accepts a volume-weighted-average price exchange-rate through a network of Oracles. Although attacks on this Oracle network can temporarily corrupt the inputs to Ampleforth's supply policy, in theory, great care has been taken to negate the impact of Oracle Attacks. Most importantly, because AMPL is non-custodial and the policy is proportional, no funds can be stolen or redistributed by an Oracle Attack. To help illustrate this, let's walk through a simple example. ### Stable Transfer Application Example Let's imagine a simple application that allows its users to send a dollar denominated amount of money from one wallet to another, we’ll call it Stable Transfer. * When Alice wants to transfer `$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. Since each transfer queries an oracle to calculate an ETH amount before transferring to its receivers, oracle requests are `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. ### AMPL Example Alternatively, the AMPL equivalent of the Stable Transfer application, isn’t really an application at all. Alice would simply transfer 100 AMPL to Bob and there would be no oracle query at the time of transfer. In the case of AMPL, rebases occur once daily and oracle requests are `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. ## Governance Governance over the Ampleforth protocol and ecosystem is controlled by the FORTH token. Please see the [Forth Governance](/learn/about-forth-governance) entry for more details. ## Additional Protocol Details * Supply adjustments, termed "rebases", are applied by updating a global scalar coefficient of expansion every day at `2AM UTC` . This adjustment is applied universally to all addresses and doesn't require any transaction between peers. * Rebases only adjust supply if the price of AMPL deviates from its target by > the `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](https://www.ampleforth.org/dashboard/). * Rebases are smoothed by a [`sigmoid curve`](https://forum.ampleforth.org/t/rebase-curve-upgrade-proposal/327) 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 respectively * The Ampleforth protocol's supply changes are proportional and non-dilutive. If a user owns `Y%` of the network before a rebase, the user will always own `Y%` of the network unless the user buys or sells more AMPL. # About FORTH Governance The Ampleforth protocol is governed through a series of sequential steps by holders of the **`$FORTH`** token, each representing increasing levels of consensus from the community. Proposals and ideas are surfaced on the [discord](https://discord.gg/mptQ49m) or our public [forum](https://forum.ampleforth.org/), and are finalized when they are deployed onchain. The progression of increasingly binding consensus can be seen below. Token contracts can be found on [github](https://github.com/fragmentsorg/Forth). ### Steps ![](/files/kMqsMEITGADL0T0q9eGL) ### Discussion The highest level discussions may surface ideas in many places including (but not limited to) the #governance channel on discord, Governance Forum, social media, or community DAOs. When it appears that there is enough general support, a champion may formalize the idea by submitting an Ampleforth Improvement Proposal (AIP) or Configuration Change Proposal (ACCP). [forum.ampleforth.org](https://forum.ampleforth.org/). ### Proposals (AIPs / ACCPs) AIPs and ACCPs are formal documents that describe the proposed change to the protocol or protocol configuration. [aips.ampleforth.org](https://aips.ampleforth.org/). ### Targeted Discussion Each proposal has a dedicated forum topic where outcome-driven discussion takes place. The goal at this step is to finalize any unresolved issues and formalize offchain consensus. [forum.ampleforth.org](https://forum.ampleforth.org/). ### Off-chain Signaling If the previous step did not arrive at obvious consensus, sentiment may be gathered in a non-binding way via off-chain signaling from token holders. This provides more insight into the likelihood of the outcome of the final binding vote by using actual voting power. [signal.ampleforth.org](https://signal.ampleforth.org/) ### Technical Development Requirements are implemented in code, launched on testnet, and audited for security. ### Binding Vote / Deployment The final step is a binding vote that happens onchain. The onchain vote is “binding” because its success results in execution of code, without intermediaries. This includes deploying new protocol contracts or modifying the state of existing ones. Members of the community may vote with their FORTH tokens directly or delegate to another address who many vote on their behalf. You can see proposals, delegate, and vote on the [Tally dashboard](https://www.withtally.com/governance/ampleforth). # About FORTH DAO The Forth DAO is a decentralized autonomous organization dedicated solely to the growth and adoption of AMPL”. It can do so through initiatives like protocol owned liquidity, ecosystem development, marketing etc) which are in service of the main goal. Holders of the FORTH token govern can participate in the direction of funds managed by the DAO. ## Overview * The FORTH token has protocol-enforced maximum inflation of 2% per year * New FORTH token emissions are controlled by the DAO * Each year the FORTH token holders may vote to skip or or mint up to the full amount * Proceeds from FORTH minting can be used as the DAO decides ### Treasury The Forth DAO treasury is a protocol controlled wallet that holds DAO assets. * To view AUM visit the [DAO dashboard](https://www.ampleforth.org/dashboard/dao) * Forth DAO treasury wallet [Etherscan](https://etherscan.io/address/0x223592a191ecfc7fdc38a9256c3bd96e771539a9) ### Protocol Owned Liquidity When a wallet deposits tokens into both sides of a liquidity pool on an automated market making platform (like Uniswap) it returns LP tokens to the depositor representing the wallet's share of the total liquidity pool and these LP tokens accrue trading fees to their holders. Protocol Owned Liquidity is the balance of LP tokens held in the FORTH DAO treasury. By participating in governance, FORTH token holders can direct the use of treasury assets to add or remove liquidity as they see fit. ### Ecosystem Grants If the pending [grants program proposal](https://forum.ampleforth.org/t/fgp-forth-community-grants-program/419/11) passes, holders of the FORTH token will also be able to vote on grants for teams and projects advancing the Ampleforth and broader elastic finance ecosystem. ### Governance To participate in active governance please: * Learn [About FORTH Governance](https://docs.ampleforth.org/learn/about-forth-governance) * Visit the [FORTH governance forum](https://forum.ampleforth.org) * Join the [Ampleforth Discord Community](https://discord.gg/mptQ49m) # About Wrapped AMPL Although `AMPL` is an ERC-20 token that works natively with on-chain wallets and many decentralized finance applications, the nature of automatically changing balances sometimes calls for special technical considerations. Wrapped-AMPL is a token that wraps `AMPL` similar to wrapped ETH. It facilitates ecosystem integrations on both centralized and decentralized platforms. In some cases wrapped-AMPL (`WAMPL`) will be used almost invisibly in the background for bridging, routing, custody, etc. In other cases `WAMPL` will be a direct access point for end users who want to take a position in the `AMPL` network, but don't immediately need to use it as a unit-of-account. ### Key Benefits * **Fully Redeemable On-Chain** — Wrapped-AMPL is fully redeemable for AMPL on-chain. A user interface for wrapping and unwrapping `AMPL` can be found at
* **Zero Technical Integration** — If your platform supports ERC-20 tokens, it will support WAMPL by default without any technical considerations.
* **Easy to Understand** — Users have come to expect that asset prices go up when there’s more demand and down when there’s less demand for it. `WAMPL` has this easy to understand property as well, which means there’s less initial education required. Users can gradually develop an understanding of `AMPL` through `WAMPL`
* **Non Rebasing** — `AMPL` automatically adjusts the quantity tokens in user wallets based on demand. This key feature allows `AMPL` to act as a decentralized unit of account and DeFi building-block. However, the nature of changing balances breaks traditional assumptions for matching engines, custodians, etc. Wrapped-AMPL has a simple floating price. Although `WAMPL` cannot be used as a unit-of-account as `AMPL` can, it can be held by users and network and unwrapped on-the-fly as needed.
* **Fixed Supply** — The maximum total supply of `WAMPL` is 10 million tokens. Holding 100,000 `WAMPL` is equivalent to holding 1% of the `AMPL` network.
* **Network Effects Transfer** — Because `AMPL` and `WAMPL` are fully redeemable for one another, the growth of the Ampleforth community and demand for `AMPL` translates directly to demand for `WAMPL`and vice-versa. ## Overview Wrapped-AMPL is the output of a simple contract that allows users to deposit `AMPL` and receive a non-rebasing ERC-20 token and vice-versa. Since both `WAMPL` and `AMPL` are on the Ethereum platform, there are no bridges or third-party custodians that stand between redeeming one token for another. * **Contract Address** —  The `WAMPL` mainnet contract address is: **`0xEDB171C18cE90B633DB442f2A6F72874093b49Ef`**, view it on [Etherscan](https://etherscan.io/address/0xEDB171C18cE90B633DB442f2A6F72874093b49Ef). * **Github Repo** — The contract code can be found on github at: . * **Logo** — Below is the official `WAMPL` logo to be used in integrations. ![](/files/KoZLqV2hglw3mqf7r8Dh) ## WAMPL FAQ Below we capture some of the most common questions asked about Wrapped-AMPL. Please join the [Ampleforth community Discord server](https://discord.gg/mptQ49m); our team and members of the community look forward to helping you understand and use `WAMPL`. #### 1. Is holding wAMPL as good as holding AMPL? Holding `WAMPL` provides exposure to `AMPL`. Although `WAMPL` has a floating price and cannot be used as a unit-of-account, from a portfolio's perspective buying and holding `WAMPL` is equivalent to buying and holding `AMPL`. #### 2. How many wAMPL are there? The supply of `WAMPL` depends on how much of the `AMPL` network has been wrapped by users. The maximum total supply of `WAMPL` is 10 million tokens—that is to say, if 100% of the world's `AMPL` were to be wrapped, the total supply of `WAMPL` would be 10 million. #### 3. Does demand for wAMPL impact the market cap growth of AMPL? Yes. If the demand for `WAMPL` suddenly changes, redemption arbitrage will propagate this change in demand to `AMPL`and vice-versa. # About Lending & Borrowing AMPL AMPL is an algorithmic unit of account, with a use case is debt denomination. This document expands on the unique properties that arise from lending and borrowing AMPL. ## Overview The Ampleforth protocol transfers the volatility of demand from price to supply. There are two important things to note about this: * The Ampleforth protocol adjusts supply in response to price algorithmically, but it is market actors reacting to supply changes that restores price to its target *behaviorally*. Large changes in demand take more time to restore price to its target and small changes in demand take less time to restore price to its target. * Although holders of `AMPL` can be certain that `AMPL` price reverts to its target over time, they experience unbounded stock volatility similar to that of floating-price tokens. Contract denomination using AMPL has the effect of separating AMPL’s price volatility from its stock volatility because contracts denominated with AMPL are only exposed to changes in price. * **Example 1:** Imagine *Alice* borrows `1000 AMPL` from *Bob* to be paid back at a later date. *Bob* does not have to worry about the supply changes associated with the `1000 AMPL` *Alice* borrowed because he is no longer in possession of the `1000 AMPL` he lent. *Bob* is simply owed `1000 AMPL` at some time in the future. ## Lending & Borrowing FAQ Below we capture some of the most common questions asked about lending and borrowing AMPL and about AMPL. Please join the [Ampleforth community Discord server](https://discord.gg/mptQ49m); our team and members of the community look forward to helping you understand and use AMPL. #### 1. **What are the benefits of lending and borrowing AMPL vs a typical token like ETH?** Typically when a person borrows money they intend to put that money to work immediately and then pay the money back at a later date with interest. When a loan contract is denominated using a floating price currency like ETH, the borrower has to take the price volatility of ETH into consideration. For this reason, most of borrow activity on today's decentralized lending platforms is denominated in centralized stablecoins. AMPL has a stable long-run average price. As a result, borrowers can take out a loan, knowing that eventually the amount borrowed can be repaid by a value that doesn't change in some unbounded way. For more information see the [Ampleforth Network Durability](/reports/ampleforth-network-durability) report. #### 2. What are the benefits of lending and borrowing AMPL vs a stablecoin? The decentralized finance movement aims to create an alternative financial ecosystem that is open-source, borderless, and resistant to political tampering. AMPL enables the denomination of stable on-chain contracts without any reliance on centralized custodians or buyers of last resort. For more information see the [Ampleforth Network Durability](/reports/ampleforth-network-durability) report. #### 3. What are the differences between lending and borrowing AMPL vs a stablecoin? AMPL has a long-run price target of one 2019 US dollar, but holders of AMPL experience supply volatility that is similar to typical floating-price tokens. Please see the [Overview](#overview) above for more detailed information. # 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#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#applications-now-and-looking-forward). # Glossary A glossary of terms commonly used when describing the Ampleforth Ecosystem ### Derivatives Derivates are a specific type of financial asset whose value depends solely on an underlying financial asset. ### Stablecoin Stablecoins are cryptocurrencies designed to be a refuge from volatility. The most common types include fiat collateralized stablecoins, crypto-collateralized stablecoins, and algorithmic stablecoins. Although AMPL has a price target, it should not be considered a stablecoin because holders of the token experience supply volatility comparable to that of a typical floating price token. ### Store of Value In economics, store of value is a monetary function. A store of value is an asset, commodity, or currency that can be saved, retrieved, and exchanged in the future without deteriorating in value. ### Unit of Account In economics, unit of account is monetary function. Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems. More than a measure, the unit of account is the actual asset tendered upon completion of an agreement. AMPL is a unit-of-account token. # Ecosystem Explore a comprehensive list of ecosystem community channels, papers, socials, projects, and more. Please join the Ampleforth community discord server; our team and members of the community look forward to helping you understand and use AMPL. * [Explore the Ecosystem (Full Directory)](/ecosystem/explore-the-ecosystem) * [Ampleforth Community Discord](https://discord.gg/mptQ49m) # Explore the Ecosystem ### Ampleforth Papers and Sites * [Website](https://www.ampleforth.org): The official Ampleforth website * [Docs](https://docs.ampleforth.org): The official documentation for the Ampleforth ecosystem * [Whitepaper](https://drive.google.com/file/d/1I-NmSnQ6E7wY1nyouuf-GuDdJWNCnJWl/view): The official Ampleforth white paper * [Durability Report](https://faq.ampleforth.org/durability): The latest Ampleforth network durability report * [Foreward to the Gauntlet Network Report](https://drive.google.com/file/d/1LxsjpOXrgL3xGL3_f35r-CabKDTPKuF9/view): A reflection on the Ampleforth motivation and correlation analysis. * [Gauntlet Network Report](https://gauntlet.network/reports/ampleforth): A third party report on the Ampleforth protocol and theory conducted by gauntlet network * [Redbook](https://web.archive.org/web/20200412055225/https://www.ampleforth.org/redbook/): The Ampleforth *Red Book* is a sequenced list of foundational reading materials on the Ampleforth protocol, and its units (Amples). * [Github](https://github.com/fragmentsorg): The official public repos ### Social Channels * [Twitter](https://twitter.com/ampleforthorg): Major news and updates regarding the Ampleforth ecosystem * [Discord](https://discord.gg/mptQ49m): The official Ampleforth community discord and primary channel for discussions around governance and works in progress. * [Telegram](https://t.me/Ampleforth): A community moderated telegram channel for enthusiasts. * [Reddit](https://www.reddit.com/r/AmpleforthOrg): A community moderated subreddit. Bring your bananas for scale. * [Forum](https://forum.ampleforth.org/): The Ampleforth forum, mostly governance focused. * [Medium](https://blog.ampleforth.org/): The place for long form content and major partnership announcements * [Youtube](https://www.youtube.com/channel/UC7-TK23giI9IllWZ3PHQhiA): The official Ampleforth YouTube channel ### Ecosystem Projects * [Geysers](https://geyser.ampleforth.org/): Geysers are smart faucets that incentivize AMPL and SPOT on-chain liquidity. The more liquidity you provide and for longer, the more rewards you receive. * [Spot](https://spot.cash): A decentralized flatcoin that uses tranching instead of liquidation markets to provide stability that scales. * [Asymmetry Finance](https://www.asymmetry.finance/): USDaf is a fully decentralized, USD denominated, Synthetic CDP Dollar built to sustainably outpace inflation. Collateralized by SPOT. * [Buttonwood](https://button.foundation/): Utilizes financial primitives to build the decentralized financial stack. Features AMPL in their risk-tranching protocol ButtonTranche * [Buttonwood Zero](https://app.zero.button.finance/): Buy and sell AMPL-backed zero-coupon bonds. Borrow or lend with zero liquidations and zero margin calls. * [Poolside](https://www.poolside.party/): Decentralized Exchange optimized for rebasing and value accruing assets. * [HourGlass](https://test.hourglass.wtf/): Financial derivatives for time preference built on top of Buttonwood’s lending platform, prominently featuring AMPL * [AMPLtools](https://ampltools.com/): Community created and maintained repository of Ampleforth links and projects * [Forth.Tools](https://forth.tools/): Community created and maintained repository of FORTH links and information ### AMPL Exchanges * [CoW Swap](https://swap.cow.fi/#/1/swap/ETH/AMPL): CoW Swap finds the lowest prices from all decentralized exchanges and DEX aggregators & saves you more with p2p trading and protection from MEV. * [1-inch](https://app.1inch.io/#/1/swap/MUSK/ETH): A DEX aggregator on Ethereum, Binance Smart Chain, Optimism, Polygon, and more * [Uniswap](https://app.uniswap.org/#/swap?use=v2): A decentralized automated market maker and swap exchange * [Bitfinex](https://www.bitfinex.com/): A major centralized cryptocurrency exchange * [KuCoin](https://www.kucoin.com/): A major centralized cryptocurrency exchange * [Gate.io](https://gate.io): A major centralized cryptocurrency exchange * [MXC](https://www.mxc.com/trade/easy#AMPL_USDT): A rapidly growing asian centralized cryptocurrency exchange * See more at [Coingecko](https://www.coingecko.com/en/coins/ampleforth) ### FORTH Exchanges * [Binance](https://www.binance.com/en): The largest cryptocurrency exchange by trade volume * [Coinbase](https://www.coinbase.com/): The largest US cryptocurrency exchange by trade volume * [Bitfinex](https://www.bitfinex.com/): A major centralized cryptocurrency exchange * See more at [Coingecko](https://www.coingecko.com/en/coins/ampleforth-governance-token) ### Avalanche * [Pangolin](https://app.pangolin.exchange/#/swap?inputCurrency=0x027dbca046ca156de9622cd1e2d907d375e53aa7\&outputCurrency=0xb31f66aa3c1e785363f0875a1b74e27b85fd66c7): DEX for AMPL assets on the Avalanche Network ### Binance Smart Chain * [Pancake Swap](https://pancakeswap.finance/add/BNB/0xDB021b1B247fe2F1fa57e0A87C748Cc1E321F07F): DEX for AMPL assets on Binance Smart Chain ### Security Audits * [Security Audit Repository](https://github.com/fragmentsorg/ampleforth-audits): A github directory hosting all of our security updates to date # How To Guides Welcome to the How To Guide section of the Ampleforth documentation. Guides are still being updated for consistency. In the meantime, we've linked to the community resources generously contributed below: * [How to Wrap AMPL](/how-to-guides/how-to-wrap-ampl) * [How to Bridge AMPL](/how-to-guides/how-to-bridge-ampl) * [How to Stake AMPL](/how-to-guides/how-to-stake-ampl) * [How to Lend & Borrow AMPL](https://developers.ampleforth.org/) # How to Wrap AMPL How to Wrap documentation is currently being written. In the meantime, please refer to the [community written tutorial](https://documentingampl.medium.com/wrapped-ampl-wampl-101-85c7cce3c110). # How to Bridge AMPL How to Bridge documentation is currently being written. In the meantime, please refer to the [community created video tutorial](https://youtu.be/lW89qBLA4ik). # How to Stake AMPL How to Stake documentation is currently still being written. In the meantime, please refer to the [community written tutorial](https://guz-massadoption.medium.com/ampleforth-geyser-v2-4193e54e91ac). # How to Lend & Borrow AMPL How to Lend & Borrow documentation is currently still being written. In the meantime please refer to the [community written tutorial](https://guz-massadoption.medium.com/ampl-supported-on-aave-c3a3bef20e53). # How to Mint SPOT Please stay tuned for updates on SPOT. In the meantime, check in on: * [About the SPOT Stablecoin](/learn/about-spot) * [Applications Now and Looking Ahead](/learn/about-the-ampleforth-protocol#applications-now-and-looking-forward) # Reports This section is for additional research reports. # Ampleforth Network Durability This entry expands on the motivation, design, and performance of the Ampleforth protocol under live market conditions. (Working Draft October 2021: Evan K., Manny R., Nithin K.). Ampleforth Network DurabilityThis entry expands on the motivation, design, and performance of the Ampleforth protocol under live market conditions. (Working Draft October 2021: Evan K., Manny R., Nithin K.). ## Abstract Since its launch in 2009, Bitcoin has proved to be a resilient, censorship-resistant asset. Like gold and many other physical commodities, Bitcoin does not rely on underlying collateral or any central authority to maintain its state of distribution. However, also like gold, Bitcoin experiences unit-price volatility and deflation, which undermines its use as a unit of account. One solution is to separate an asset’s float volatility, which can be fat-tailed and unbounded, from that asset’s unit price volatility, which can be mean-reverting. Launched in 2019, the Ampleforth protocol has shown that this is possible and sustainable through extreme market conditions.AMPL is a fully-algorithmic unit of account developed on the Ethereum blockchain. Its protocol transfers the volatility of demand from price per token to the number of tokens in user wallets by automatically adjusting supply in response to its volume-weighted-average price exchange rate.Holders of AMPL experience the high float volatility that characterizes all digital assets. Between July 2020 and October 2021 the market cap of AMPL expanded by a maximum of 84,736% from trough to peak and contracted by a maximum of 93%. However, contracts denominated in AMPL have remained relatively stable in value through both secular increases and decreases in demand over the same period. The price of AMPL has oscillated around $1.00, and remains within 20% of that target 70% of the time.AMPL has additional dependencies which make it less resilient than BTC. Specifically, the Ampleforth protocol requires the existence of well-functioning exchange markets between AMPL and other assets. While the existence of these markets in 2017 and 2018 was not assured, it is clear today that these markets are here to stay. By separating its stock volatility from its unit volatility, AMPL allows the denomination of long-term on-chain contracts and the creation of fully-decentralized crypto-backed derivatives. ## 1. Rebasing Policy The Ampleforth Protocol targets the CPI adjusted 2019 US dollar and automatically expands or contracts the quantity of tokens in user wallets based on price. When the `price_exchange_rate` of AMPL > `1 2019 USD` the quantity of tokens in user wallets proportionally increases. When the `price_exchange_rate` of AMPL is < `1 2019 USD` the quantity of tokens in user wallets proportionally decreases. * Supply adjustments, termed "rebases", are applied by updating a global scalar coefficient of expansion every day at `2AM UTC` . This adjustment is applied universally to all addresses and doesn't require any transaction between peers. * Rebases only adjust supply if the price of AMPL deviates from its target by > the `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](https://www.ampleforth.org/dashboard/). * Rebases are smoothed by a `reaction_lag` parameter. If the price of AMPL is X% above the target, the policy adjusts supply by (`X%/reaction_lag`). This parameter is currently set to 10. * The Ampleforth protocol's supply changes are proportional and non-dilutive. If a user owns `Y%` of the network before a rebase, the user will always own `Y%` of the network unless the user buys or sells more AMPL. For more detailed information about the Ampleforth protocol and policy see the [Developer Docs](https://developers.ampleforth.org/) or visit the [Ampleforth community Discord server](https://discord.gg/mptQ49m). ## 2. Separating Price and Stock Volatility Price and stock volatility are often conflated, and for good reason. Most assets have an inelastic number of units in their float. As a result, changes in their unit value produces exactly proportional changes in their float value. Looking at Facebook's stock as an example, if the stock price of a Facebook share were to increase by 10% its market cap would correspondingly increase by 10%. The same is generally true of currencies. Ampleforth's elastic supply policy, however, deliberately counteracts this. Recall that when the volume-weighted-average unit price of AMPL trades above the protocol's price target, the stock of AMPL increases proportionally *until* price is restored to its equilibrium band and vice-versa. Below, we show that the Ampleforth rebasing policy produces a unit price distribution that is structurally different from the network's stock distribution. Notably, AMPL's price volatility distribution reverts to its mean target price, while AMPL's stock volatility remains fat-tailed. ### 2.1. Price Volatility Distribution Here, we present the distribution of time spent across AMPL price deviations from its target from (December 2019 to October 2021). Although there is no theoretical upper bound to price, the pattern demonstrates a clear average around the Ampleforth protocol's price target.
### 2.2. Stock Volatility Distribution Here we present AMPL's supply series over the same period (December 2019 - October 2021). It can be seen below that, like a typical floating price token, AMPL's supply series (blue) shows no clear long-run average, while it's price series (red) hovers around a target price.
Finally we present the distribution of AMPL's supply changes over time. The distribution takes as its inputs, rolling relative monthly supply changes. Below, it can be seen that the distribution is asymmetric and fat-tailed, as is common for equities and floating price cryptocurrencies.
### 2.3. General Comments The Ampleforth protocol's supply adjustments serve as an outflow for extreme swings in demand, allowing AMPL's unit price to remain stable in the long-run. For this reason, contracts denominated in AMPL remain similarly stable, even in the face of extreme market conditions where other approaches are likely to require discretionary intervention or fail outright. ## 3. Alternative Approaches The inevitable regulation of centralized stablecoins—and the rapid growth of decentralized finance platforms that rely on them—has underscored the need for a decentralized unit of account. To that end, many attempts have been made to produce decentralized stablecoins. However few efforts, outside of AMPL, have elected to isolate this goal of creating a durable unit-of-account from broader attempts to store near-term value. The key to AMPL's durability is that it returns to a stable price by transferring the volatility of demand to supply, rather than attempting to eliminate volatility. Systems that have attempted to remove volatility altogether have thus far materialized as solutions that are either highly censorable or highly unreliable.The vast majority of alternatives fall under: coupon-based, crypto-collateralized, and fractionally-collateralized approaches. Although exhaustive commentary on alternative systems is beyond the scope of this document, we cover these three major categories below. ### 3.1. Coupon Based "Bond Token" Approaches "Coupon coins” peg their exchange rates by minting coins when their price is above the peg and issuing interest-bearing coupons. Although these coupons are often referred to in project whitepapers as "bonds," they more closely resemble binary options that are paid off—if and when a network needs to expand beyond its former all-time-high market cap in the future—or not at all. Examples of this approach include Basis, BasisCash, Elastic Set Dollar, and FEI—all of which have suffered major collapses.Although these approaches, like AMPL, are fully algorithmic and do not rely on centralized collateral; unlike AMPL they [cannot survive secular decreases in demand](http://thinking.farm/essays/2021-01-17-beware-the-coupon-clipper/). The key issue here is that these systems cannot force a permanent reduction in supply. Once demand growth flatlines after a correction the protocols create and magnify instability. ### 3.2. "Crypto-Collateralized" Approaches Although more promising than coupon-coins in theory, crypto-collateralized systems are vulnerable to the volatility of underlying collateral. Most famously, DAI suffered a massive collapse on [Black Thursday](https://blog.makerdao.com/the-market-collapse-of-march-12-2020-how-it-impacted-makerdao/) when cryptocurrencies like ETH suffered rapid price declines. In an emergency governance response, the protocol added USDC as collateral which now represents \~60% of their collateral pool.A key problem here is the use and reliance on fixed collateralization ratios. When such collateralization ratios are held constant, the risk of liquidation is pushed off to market participants in a manner that cannot be priced. So long as the network is over-collateralized, stablecoins like DAI can maintain their price, but as a result it becomes the role of outside markets to take on the black-swan risk of a price collapse in the underlying collateral assets, and this type of risk is impossible to price. Many of these problems go away if the underlying collateral asset is stable, as is the case with USDC, but introducing traditional assets trades market risks for custodial and regulatory risks.An alternative method of risk stratification has been developed by [prl.one](https://prl.one/) that transparently re-segments the risk of underlying cryptocurrencies into tranches on-chain. Such derivatives can eventually be used to produce on-chain safe-assets that serve as an alternative collateral to USDC; and could therefore be used to salvage crypto-collateralized systems. But efforts on this front are still in the early stages of development. ### 3.3. "Fractionally-Collateralized" Approaches Fractionally collateralized systems promise less than 100% collateralization, noting that in traditional finance we typically use capital more efficiently. All else being equal, this provides less buffer for collateral collapse than over-collateralized systems, placing more reliance on centralized collateral like USDC. Innovations in on-chain safe-asset collateral are necessary for advancing these approaches. ## 4. Applications Now and Looking Forward The decentralized finance movement aims to create an alternative financial ecosystem that is open-source, borderless, and resistant to political tampering. AMPL enables the denomination of stable on-chain contracts without any reliance on centralized custodians or buyers of last resort. This capability propagates into a number of use cases including on-chain lending, on-chain borrowing, and the creation of on-chain derivatives. ### 4.1. Decentralized Debt Denomination The simplest AMPL use case is decentralized debt denomination. Typically when a person borrows money they intend to put that money to work immediately and then pay it back later with interest. However, when a loan contract is denominated with a floating price currency like ETH, the borrower has to factor in the price volatility of ETH. To illustrate we can follow a simple example: * **4.1.1. ETH Denominated Loan Example** - Imagine Alice borrows `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. Because loans denominated in price-volatile currencies are so risky, the majority of borrowing activity on decentralized lending platforms is unfortunately denominated with centralized stablecoins. AMPL eliminates this dependency and enables sustainable lending and borrowing on decentralized lending platforms. * **4.1.2 AMPL Denominated Loan Example** - Imagine Bob borrows `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. Although AMPL holders experience the same kind of fat-tailed stock volatility expected of floating-price tokens like ETH, contracts denominated in AMPL remain long-run stable, as is the case with Bob's loan example above. AMPL is currently available as a lend and borrow asset on AAVE. ### 4.2. Decentralized Derivatives Derivatives are a special type of financial contract whose value depends on an underlying asset. Such contracts require a unit of account for denomination and AMPL similarly enables the creation of on-chain derivatives. To help illustrate this, let's explore a simple example: ‌ * **4.2.1 AMPL Derivative Example** — Imagine Bob wants to split the stock-volatility of AMPL into two derivative tranches, a senior (low-risk) tranche and a junior (high-risk) tranche. Bob can author a simple smart contract that accepts a redeemable AMPL deposit, and attributes 1/10 of all future supply changes to the senior tranche token while attributing 9/10 of all future supply changes to the junior tranche token. At the time of maturity senior tranches are first in line to redeem followed by junior tranches second. Bob will have created a senior derivative token that is considerably less volatile than the underlying AMPL and a junior derivative token that is considerably more volatile, without any added oracle risk. Please see [prl.one](https://prl.one/) to follow on-going progress on this. ### 4.3. Decentralized "Safe-Asset" Collateral Following from the concept of on-chain derivatives above, correctly configured safe-asset (senior) tranches can be used as transparent and robust collateral by the issuer of a crypto-collateralized stablecoin. ‌Because the tranche ratios of the respective derivatives are pre-defined and redeemable, the volatility tolerance of a senior tranche token can be clearly defined (ie: it can be initialized such that the safe-asset derivative can tolerate an X% fall in demand). This sort of redeemable on-chain derivative does not require liquidation markets and introduces no additional oracle risk. ‌A breakthrough in safe-asset collateral would allow crypto-collateralized stablecoins to reduce their reliance on tokens backed by traditional assets (like USDC) as collateral, making them more decentralized. ## 5. Oracle Risks To execute its automatic supply policy, the Ampleforth protocol accepts a volumed-weighted-average price exchange-rate through a network of Oracles. Although attacks on this Oracle network can temporarily corrupt the inputs to Ampleforth's supply policy, in theory, great care has been taken to negate the impact of Oracle Attacks. Most importantly, because AMPL is non-custodial and the policy is proportional, no funds can be stolen or redistributed by an Oracle Attack. To help illustrate this, let's walk through a simple example. ### 5.1. Stable Transfer Application Example Let's imagine a simple application that allows its users to send a dollar denominated amount of money from one wallet to another, we’ll call it Stable Transfer. * When Alice wants to transfer `$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. Since each transfer queries an oracle to calculate an ETH amount before transferring to its receivers, oracle requests are `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. ### 5.2 AMPL Example Alternatively, the AMPL equivalent of the Stable Transfer application, isn’t really an application at all. Alice would simply transfer 100 AMPL to Bob and there would be no oracle query at the time of transfer. In the case of AMPL, rebases occur once daily and oracle requests are `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. ## 6. Conclusion As mentioned above, floating price tokens like Bitcoin experience unit-price volatility and deflation, which undermines their use as a unit of account. The Ampleforth solution transfers the volatility of demand from price to supply using a simple, transparent, and non-custodial policy. We've shown here that this policy separates AMPL's price volatility from its stock volatility, allowing AMPL's price to revert to its target through both secular increases and decreases in demand, without requiring centralized custodians, collateral, or buyers of last resort.​​ # State of the Network, August 4th, 2020 The Ampleforth community has come a long way since the protocol launched over a year ago. As such, it feels it is the right time to review the state of the network on its continued progress towards decentralization. The incredibly passionate and active Ampleforth community has driven the Ampleforth Geyser launch to be a tremendous success! Since its beginning on June 22nd, 2020, more than 6,036 unique users have tried the Geyser, with 4,242 users active to this day (\~70%+ retention rate). The growth has been astounding, resulting in an average 10% net increase in unique users per day. As of the writing of this report, the AMPL-ETH pool has \~$36m USD in liquidity. To put that into perspective: AMPL-ETH is the largest Uniswap pool, at one point accounting for over 50% of total daily volumes and about one third of the total liquidity on the Uniswap platform. On-chain wallets have seen growth as well, clocking in at over 19,500 unique wallets. ## 1. Foundation Treasury Donation The Ecosystem fund was created long before the concept of a “Geyser” had been born. However, given the rapid growth and success of the [Geyser](https://web.archive.org/web/20201124045012/https://www.ampleforth.org/geyser/), the Ampleforth Foundation is delighted to publicly reinforce that the ecosystem fund will be devoted to supporting Geyser and Geyser-like programs moving forward. Accordingly, the Ecosystem Fund will now be dubbed “Liquidity Mining Programs” to better reflect the purpose of the token allocation. The plan is to distribute the entirety of the Liquidity Mining Programs over the next 10 years in an open participation, rules-based, and decentralized fashion to community and ecosystem participants where possible. Additional details will be outlined in following posts. Geyser and Geyser-like programs are expected to move Ampleforth further on the path to decentralization and provide fair rewards to those who contribute to a decentralized and liquid Ample network. ## 2. Updated AMPL Token Distribution Chart
> *Note*: The chart above approximately reflects the state of the network as of August 4th, 2020, taking into account the Foundation Treasury donation, folding in of Unallocated Future Team tokens and based on information collected and analyzed from etherscan. ### Highlights for Remaining Allocations **Liquidity Mining Programs (previously labeled Ecosystem) (13.47% + 10% = \~23.5%)** The Foundation has announced the addition of 10% of the token supply for liquidity mining programs from the Foundation Treasury. This transfer will occur by August 31st, 2020. This new total of \~23.5% of tokens are all earmarked to support Geyser or Geyser-like programs over the next 10 years (with a focus on decentralization, liquidity, network health, and broad rewards). **Foundation (previously labeled Treasury) (20% - 10% + 6.65% = \~16.7%)** The Foundation’s treasury will be used to sustain the Foundation in a responsible manner, with the ultimate goal of driving awareness, furthering development, and fulfilling the mission of the Ample ecosystem. At this time, it is unclear what the future core teams needs will be, and as such, a previously allocated set of tokens that had been set aside for the next generation of core team and community developers will be folded into the Foundation. This transfer will occur by August 31st, 2020. **Seed Investors (6.5%)** The remaining locked allocations will be fully unlocked over the next 4 months. **Team & Advisors (10.8%)** The remaining project team and advisor pools will unlock over the next 2.75+ years. The project team has been committed to the long-term adoption and decentralization of the project from the start. All employees were placed on four year lock-up schedules, and the core team agreed to further lock-up restrictions at the time of listing. Note: advisors have 1 year lock up schedules. ## 3. AMPL Pool Addresses * Liquidity Mining Programs (Locked): [https://etherscan.io/address/0xf0d611b2610352600f7055e418e547e1c956c046](https://web.archive.org/web/20201124045012/https://etherscan.io/address/0xf0d611b2610352600f7055e418e547e1c956c046) * Liquidity Mining Programs (Unlocked): [https://etherscan.io/address/0x6723b7641c8ac48a61f5f505ab1e9c03bb44a301](https://web.archive.org/web/20201124045012/https://etherscan.io/address/0x6723b7641c8ac48a61f5f505ab1e9c03bb44a301) * Foundation: [https://etherscan.io/address/0xb22ed4bec314d475a8782e0b6869f0144d46859c](https://web.archive.org/web/20201124045012/https://etherscan.io/address/0xb22ed4bec314d475a8782e0b6869f0144d46859c) * Employee & Advisor Pool (Remaining Locked): [https://etherscan.io/address/0xbdb30cf89efdd8c7410d9b3d0de04bc41b962770](https://web.archive.org/web/20201124045012/https://etherscan.io/address/0xbdb30cf89efdd8c7410d9b3d0de04bc41b962770) * Investor Pool (Remaining Locked): [https://etherscan.io/address/0x89fe954538a92eca58adaec339ca6374af079a13](https://web.archive.org/web/20201124045012/https://etherscan.io/address/0x89fe954538a92eca58adaec339ca6374af079a13) ## 4. Monthly Unlock Pool Transfers *Note*: The foundation partners with a third party vendor to transfer tokens at the end of each calendar month. As such, the foundation cannot control the exact timing of the execution/finalization of such transfers due to these third parties’ internal processes and procedures. Please note that these transfers are expected to occur within approximately 1 week range towards the end of each calendar month for the remainder of the lock-up periods. # Media Assets / Logos Ampleforth logos in SVG, 32x32, and 128x128 pngs {% file src="/files/m6009XQn5T1DtA9yxxrr" %} {% file src="/files/xYoHR0FsyAZNJBJ7jkbA" %} {% file src="/files/vZJwHTNkfeWkZ2rtXuxA" %} {% file src="/files/7pg1toL5uzdYT031cwqA" %} {% file src="/files/DqRgr8VWSz2QJWa3WOrK" %} {% file src="/files/LNhQLvB5Y9P8t5JfhUUV" %} {% file src="/files/5UOZsCov8QOB3IXklnTf" %} {% file src="/files/ZsTpX80fTTx9KVw7WGEr" %} {% file src="/files/jakaSaGrOApUlAl6t9ER" %}