Ampleforth (AMPL) Now Live at DeversiFi

Ampleforth (AMPL) Now Live at DeversiFi

DeversFi are continuing to improve their platform for traders amid the current global turmoil with the addition of Ampleforth (AMPL) being added to their service.

While some firms are slowing down the updates to their platforms while the market is in such disarray DeversiFi has used their time efficiently and added the AMPL token to their platform. The asset which operates on an elastic supply policy, known as “Amples” or 2AMPLs”, is now officially live for traders who will be able to trade it directly from their private wallets. These can be accessed by locking AMPL or USDT tokens in a DeversiFi smart contract. By opting to do so on their platform, the best prices, fast speeds and deeply liquid order books will all be guaranteed.

For some background on Ampleforth, it is described as a “synthetic commodity money” which works around the Ampleforth Protocol. This seeks a continuous “price-supply equilibrium” and if it is not in one at any given time, then it will enter into a state of unrest in the pursuit of it. Specifically, . “If the daily average trade-weighted price of AMPL tokens deviates from the CPI (Consumer Price Index) adjusted price of one USD, then the global supply of AMPL tokens changes, placing pressure on price”.

While this may sound like a bit of a confusing concept with a lot of technical syntax, the aim of the protocol is simpler and shares that of most other cryptos. Namely, the protocol aims to eventually replace global money. This is the long-term plan at least, with the short-term plan being slightly different. This is acting an asset that can be used as crypto portfolio diversification and as a way to combat volatility and uncertainty on the market. Both of these pursuits they are well on their way to achieving.

Speaking about the listing of the token on DeversiFi, – Will Harborne, Co-founder and CEO of the platform explained, “Ampleforth is a fundamental economic experiment which would only be possible on a blockchain. DeversiFi’s goal is to give our customers access to exactly these sorts of unique opportunities so that they can profit from the explosive growth of DeFi.” Hence why the asset was chosen to be added to the platform at this time.

In terms of those interested in investing in the token, there is one more element of the product that needs understanding. This is the AMPL rebase window which is a daily occurrence. This refers to the aforementioned elastic supply protocol. As a result of this, tokens in wallets will be reduced or expanded every single day at around 2:00 AM UTC. Whether they grow or deplete will be reflected in the price change of AMPL over that 24 hour period in the reflection of the price of the dollar.

DeversiFi is currently the only platform currently aggregating both centralised and decentralised liquidity. As a result of this, the way this daily rebase will work at Deversifi is as follows:

  • AMPL/USDT trading will be paused. Open (active) AMPL/USDT orders will not be able to be cancelled until the end of the period and no new orders will be permitted
  • AMPL deposits/locks and withdrawals/unlocks are still available via the UI up to the amount of AMPLs the traders does not have committed in open orders
  • After the rebase at c. 2.00 AM UTC, if a negative rebase (downward adjustment in a trader’s balance) occurs that results in the trader not having enough AMPL tokens locked in the DeversiFi smart contract to cover the entire amount of their orders, then their orders are partially reduced to the point the sum of the new orders matches the amount of their AMPL tokens locked.

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