- Ampleforth has launched a governance token called FORTH. The contract is already live.
- The tokens are being distributed to previous liquidity miners and wallet holders.
- It will be used to vote on key changes to Ampleforth, with on-chain voting due to roll out soon.
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Ampleforth has announced a new token to govern the future of the protocol. Community members can claim it now.
Ampleforth Unveils FORTH
The team behind the protocol announced the launch of a governance token called FORTH today, with 15 million tokens going out 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…