I became familiar with Ampleforth (AMPL) because it's been the main token which PublishOX uses to pay authors, and because I've got some sitting in my wallet thanks to PublishOX I got to wondering what AMPLE actually is!
Simply put, it's an algorithmic stable coin built on Ethereum, so it benefits from all the strengths and limitations of that chain.
AMPLE maintains a broad dollar peg by simply increasing the supply when the token goes above $1.06 and decreasing supply when the token goes below $0.96.
The increase or decrease, known as 'rebasing' happens once a day and the changes applied to users' wallets so that they maintain the same percentage of tokens relative to the overall supply.
It follows that there is no max or min supply of AMPL, the supply simply adjusts to maintain that $1.06 to $0.96 range.
What's most interesting to me is that it's been broadly successful in maintaining the lowest target price but there are some juicy spikes over the last year, as such it kind of reminds me of HBDs, although the upward spikes aren't as dramatic....
What I like about AMPLE is its sheer simplicity. It simply aims to be a stablecoin which can act as stable unit of account for the basis of whatever DEFI projects link to it
To date, the relative price stability to the downside suggest it's been reasonably successful in this.
ATM it's only Uniswap which offers pooling options for AMPL and we are talking <1% APY here....
While there have been other options in the past, including on Avalanche, most of these have come to an end, and this suggests there simply isn't that much interest in the coin, even if it's proving successful as a stablecoin.
You can buy AMPLE on two CEXs: Kucoin and Bitfinex, and the main DEX options are Uniswap and Sushi.
While it's clearly not worth buying as an investment that's going to go the moon, it DOES seem to be a reasonable stable coin option built on Ethereum, if you like that sort of thing.
AND past trends show that it can pump 50% to the upside.. so maybe it's worth picking some up when it's floating around the $1 mark as you might be able offload some for a little bit more at some point.
Certainly it doesn't seem like you're going to lost money if you bought around the $1.
So maybe, if yer in the market for stablecoins this is one to condsider?
