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Golden Observation | Pantera Partner: AMPL that automatically adjusts supply is a better Bitcoin



The author of this article is Paul Veradittakit, a partner of Pantera Capital, and authorizes Jinse Finance to translate and publish it. Interests: Pantera Capital was an early investor in Ampleforth.

Ampleforth (AMPL) is a synthetic commodity that represents a new type of money. Ampleforth is unique in that the protocol automatically adjusts the money supply based on demand.

Other early investors in Ampleforth include PanteraTrue Ventures, Founder Collective and Coinbase CEO Brian Armstrong.

Ampleforth has jumped to become one of Pantera's best-performing assets since mid-June. While its price target is $1, the price is over $4, giving it a fully diluted market cap of over $1 billion. There is a daily rebase (supply adjustment) at 7pm PST. If the price is above $1.06, AMPL holders will receive a positive benchmark adjustment, which increases the number of tokens held by the holder according to the rules. If the price falls below $0.96, AMPL holders will receive a negative basis adjustment, which reduces the number of coins held by the holder according to the rules. It is not yet a stablecoin, but as liquidity and users increase, its volatility may decrease. Stephen McKeon of Collaborative Currency wrote a great article detailing the mechanics of how the Ampleforth protocol works.

Golden hot search-ethexc list: BIX is at the top of the list: According to the data of Golden Finance and Economics ranking list, in the past 24 hours, BIX ranked first in terms of search-ethexc volume. The specific top five list is as follows: BIX, BTS, ONT, DOGE, IOST. [2021/1/3 16:20:23]

Liquidity mining is an important factor to make DeFi project tokens more widely distributed and increase users. After listing on Uniswap and launching the geyser plan, Ampleforth has become the largest liquidity pool on Uniswap, currently reaching $44 million. Although the protocol is not the first to deploy liquidity mining on Uniswap, one of its unique mechanisms is that the reward is 1x at the beginning and 3x after 8 weeks. As a result it has attracted a lot of investors who create very creative memes to celebrate benchmarking, and meme culture is a key factor in keeping many communities active-ethexc in this industry.

Golden Morning News | November 16 Overnight Important Updates: 21:00-7:00 Keywords: BCH Fork Completed, Stellar, SUSHI, Polkadot Weekly Report

1. has passed the YIP-54 governance proposal;

2. SUSHI once touched $1.6, and the highest increase in 24H exceeded 50%;

3. Stellar will launch a vote to upgrade the public network to Protocol 15 on November 24;

4. After BCH officially completed the hard fork, BCHA reached the height of the hard fork block for the first time;

5. Willy Woo: Capital inflows into Bitcoin have reached the highest level since the last bull market;

6. Polkadot Weekly: 11th referendum passed, Polkadot high-priority upgrade 0.8.26-1 has been released;

7. Data: Since October 1, the trading price of Grayscale Bitcoin Trust GBTC has increased by 63%;

8. Bitcoin continued to fluctuate, with a daily low of $15,777.77 and a high of $16,115. [2020/11/16 20:54:37]

Recently, the project published its network status, a report summarizing geyser's success, unique users, Both the wallet and the retention rate demonstrate the strength of the community. Ampleforth also detailed its latest token supply breakdown and how the protocol will gradually decentralize governance through community governance and the removal of pause functions (essentially emergency switches).

Golden Evening News | Important news on the evening of June 24: 12:00-21:00 Keywords: Filecoin, US Department of Homeland Security, Swedish central bank

1. The preparations for the Filecoin testnet reward program are expected to be completed on July 6.

2. Circle announced support for USDC on the Algorand blockchain.

3. The US Department of Homeland Security SVIP will continue to fund the blockchain anti-counterfeiting project.

4. The Monetary Authority of Singapore: has been exploring the use of wholesale central bank digital currency.

5. South Korea's Ministry of Science and Technology Information and Communications issued a blockchain strategy that will introduce blockchain in seven areas.

6. The Swedish central bank released a research report on the central bank's CBDC to discuss different models of the electronic version of the Swedish krona.

7. Topic of the FATF plenary meeting: Submitting a stablecoin report to the G20.

8. Hangzhou solicits the first batch of financial technology innovation supervision pilot application projects including blockchain.

9. The U.S. Supreme Court limiting SEC penalties for financial crimes will have an impact on crypto scams.

10. Bitcoin fell, with a daily high of $9,694.33 and a low of $9,283. [2020/6/24]

Use cases for Ampleforth include diversifying portfolio assets, as DeFi collateral, and as the ultimate currency. Gauntlet, a DeFi protocol economic analysis company, released a report stating that the historical returns of AMPL are not correlated with BTC and ETH on all time scales. This is very similar to how investors feel about Bitcoin’s value proposition. Stephen McKeon wrote a second post on Ampleforth's vision.

Jinse Finance’s exclusive analysis of blockchain technology is not applicable to all industries: Today, the People’s Daily Overseas Edition published an article saying: Not all fields can achieve “blockchain +”. At the current stage of blockchain development, not all fields can achieve "Blockchain +" can be realized, and it is necessary to prevent new bottles of old wine, especially to prevent behaviors that touch the regulatory red line. According to the analysis of Jinse Finance, the development of the blockchain is still in its early stage, and there are many areas that need to be developed in technology. Although the blockchain has a lot of application scenarios in financial products, it also includes the vertical empowerment field where the blockchain is implemented. Content, marketing, supply chain, Internet of Things, finance and other directions have strong application scenarios. However, various fields in the market are currently combining blockchain technology, and blockchain technology is not necessarily suitable for all industries. Many so-called blockchain projects are suspected of being "hyped". [2018/5/23]

Success breeds following and cloning. Following the success of Ampleforth, there have been projects replicating Ampleforth, most notably Yam Finance. Yam Finance has similar goals, such as a price target of $1 and elastic supply, but the difference is 2 benchmark adjustments per day, a reserve fund (a mechanism pioneered by Fragments, the predecessor of Ampleforth), and an on-chain governance token without pre-mining (similar to YFI ). The team behind Yam warned that the protocol was created within 10 days, and the code had not been audited, and the tokens had no value.

The funds locked in Yam once exceeded $400 million and provided very attractive returns, but on August 13th, it crashed due to a fatal rebase bug. In the ensuing 24 hours, YAM price had an epic crash, dropping -98.9%.

All in all, I think Ampleforth is a fascinating asset with a lot of educational and demonstration significance, and it can truly become the financial foundation and underlying currency of DeFi. This is a good case study on elastic supply and liquidity incentives, and it deserves to be studied by new DeFi protocols. Although it is not very decentralized at the beginning, it can gradually achieve a certain degree of decentralization (similar to Compound) during the development process to achieve the ultimate vision, which is to become a decentralized currency that operates according to the rules.

Yam Finance, on the other hand, was very decentralized from the start, merging Ampleforth and YFI. The team is careful to warn people that Yam Financ is an experimental project and investors should participate with funds they can afford to lose. After the vulnerability was discovered, the community united within a short period of time and passed a proposal to fix the vulnerability, but in the end the bug fix could not be completed.

While Yam Finance looks a bit like DAO 2.0, both YFI and Yam Finance have had some success with voting and community engagement. I think these are some useful lessons that hold promise for successful DAOs (Decentralized Autonomous Organizations) in the future. It also brings vigilance that there are risks in DeFi investment, and the code should be audited before it is open to public investors. Investors should also understand the risks and invest carefully.

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