Tl;dr: if you’ve interacted with AMPL on-chain, you are eligible to claim FORTH tokens. Read on to learn more, and where to claim them.
AMPL introduced and validated the merits of rebasing cryptocurrency for both DeFi and traditional finance. Since then, it has proven to be a unique and resilient financial building block that does not rely on traditional banks or lenders of last resort.
AMPL matures, it’s important that the governance system continues to decentralize as well. Today, we’re excited to announce another major milestone in Ampleforth’s journey:
FORTH, the Ampleforth governance token, is now live!
FORTH is the mechanism by which the community will vote on parameter changes to the core
AMPL protocol and, more broadly, the tool the community will use to steer the continued evolution of the Ampleforth ecosystem.
AMPL represents an independent currency that functions as a unit of account,
FORTH is the governing mechanism that oversees its evolution.
FORTH is currently live and tokens can be claimed by members of the Ampleforth community.
Claim URL: https://www.ampleforth.org/governance/claim
Note: If you wish to claim your FORTH tokens, you must do so by April 16th, 2022. After this date, unclaimed FORTH will be placed in a community governed DAO.
To ensure an effective roll-out, an initial onboarding period will take place before binding on-chain voting with
FORTH is enabled. This period ensures that the Ampleforth community has adequate time to familiarize itself with the governance system.
During this onboarding period,
AMPL’s existing governance protocol will remain, with additional emphasis placed on conducting off-chain signaling votes. This process is further detailed here.
FORTH tokens that remain undistributed one year from the launch date will be reclaimed to a community-governed DAO. This is to ensure timely claiming of
FORTH tokens and that governance remains in the hands of those who are active in the community.
FORTH is an inflationary token that can be directly utilized or delegated to propose and vote on changes to the Ampleforth protocol. Its model is an extension of Compound Finance’s COMP. To ensure a fair system that offers proper incentives for all network participants, initial governance parameters will be set when the on-chain governance is deployed.
Additionally, you will be able to delegate your
FORTH to “representatives” who will then be able to utilize your voting power to propose changes or vote on your behalf.
FORTH have been minted at genesis and are available to be claimed by the community, participants and key contributors. The initial supply will be available immediately, and future inflation will be set at 2 percent annually. Allocation of the
FORTH token to the existing Ampleforth ecosystem will be as follows:
- 67% of
- 33% of
FORTHto early backers (e.g., the core development team, advisors, supporters and the Ampleforth Foundation)
AMPL community includes the following on-chain factors: Geyser participants, wallets that have interacted with
AMPL on-chain and community members that held during negative rebase periods.
Community allocation will be determined by the following factors:
- Past, on-chain interaction with
AMPL= 1 point (max)
- Geyser program participation (per day) = 1 point
- Negative rebase hold (per day) = 1 point
While each of the above factors will be scored evenly, the “on-chain interaction” factor is worth a maximum of one point in this equation. Geyser and Rebase are uncapped and can thus be worth more than one point each. This will cause those who supported the network long-term and through all market conditions to accrue the most points, and thus FORTH tokens.
The big takeaway here? More than 75,000 users will be eligible to receive
FORTH tokens and become founding members of Ampleforth’s governing body.
A perpetual inflation rate of 2% per year will start after 1 year, promoting continued contribution for the Ampleforth community and support of the network.
*Note: 2.5% will be carved out of the community allocation to fund a public community education program, with further details to be announced.
Governance Page & Resources:
Ampleforth Discord #governance Channel:
Come join the community discussion in the governance Discord channel, formulate ideas and have free-form general discussions.
Learn how the AIP process works and how to submit governance proposals.
Ampleforth Snapshot Labs Page:
Participate and let your voice be heard in non-binding off-chain votes. To be updated, check back soon!
FORTH Token Contract:
AMPL is the first rebasing currency and a key DeFi building block for denominating stable contracts. The AMPL protocol adjusts total supply daily based on market conditions, transferring volatility from price to supply. AMPL’s elastic supply policy does not rely on traditional banks or lenders of last resort, unlike stablecoin models. Because of this unique approach, AMPL can be used as a unit of account for smart contracts in a manner that’s not possible with other cryptocurrencies. Learn more about AMPL here and follow Ampleforth on Twitter.
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