Community members will be able to use FORTH to propose and vote on changes to the Ampleforth protocol.
Shortly after announcing the launch of Ampleforth’s governance token, Coinbase Pro has now listed FORTH.
Ampleforth Unveils FORTH
Like Uniswap, Ampleforth is enjoying a day one listing on the leading American crypto exchange Coinbase.
The platform has been actively listing popular DeFi tokens throughout the year. They also listed the original AMPL token last July. FORTH, Ampleforth’s newly launched governance token, will now also be traded on Coinbase Pro.
Early adopters of the protocol, however, needn’t buy the coin on Coinbase to gain exposure. With today’s launch, 15 million tokens have been distributed to AMPL holders and previous participants in Ampleforth’s Geyser liquidity mining program.
It’s been created as a way of decentralizing the network; the community will use it to propose and vote on key changes to the protocol.
The Ampleforth project has been part of the crypto landscape for some time now. Its AMPL token is arguably the best known of a class of rebasing currencies, which also includes the likes of ESD, DSD, and BASED.
It has an elastic supply, which changes based on market conditions. In other words, its volatility is tied to the number of tokens in circulation rather than the price of the tokens. The price targets $1, but its rebasing mechanism makes it different from a stablecoin. AMPL aims to be a unit of account for stable smart contracts. It launched on DeFi’s leading smart contract platform, Ethereum, but has since expanded to Polkadot, NEAR, and TRON.
Its other recent updates include removing contract upgradeability, making the protocol censorship-resistant and community-owned.
In an attempt to encourage participation in governing Ampleforth, the token’s inflation rate will be 2% annually after the first year. There’ll also be an onboarding period ahead of on-chain voting going live in order to give the community time to get used to the governance system.
The token contract is live now, with a claiming deadline due to be announced soon. The community will then choose what to do with any unclaimed tokens next year. On the announcement, Richy Qiao, the chief business officer of Ampleforth, told Crypto Briefing:
“We’re really excited for what FORTH means to the AMPL community. This is a huge step towards greater decentralization and robustness while unlocking the full potential of AMPL as a building block for DeFi. We should see even more progress on this front in potential exciting lending+borrowing platform integrations and multi chain AMPLs later this year”
Ampleforth’s market cap is roughly $447.6 million. It’s currently the 150th ranked cryptocurrency project.