In the Project Spotlight series, we interview projects developing on the Binance Smart Chain (BSC). Previously, we shared interviews with many projects including Tenderly, BunnyPark, MOBOX, Covalent, and most recently Cybertino. The next project you’ll get to know better is Ampleforth.
Spotlight on Ampleforth
IMPORTANT: Please note the following content does not constitute an endorsement or approval of any of the products or services of the project, organization, or individual.
What is your core business? Can you expand on your business strategy to those unfamiliar with your project?
AMPL is the first rebasing currency and a key DeFi building block for denominating stable contracts. The AMPL protocol adjusts total supply daily based on market conditions, transferring volatility from price to supply. AMPL's elastic supply policy does not rely on traditional banks or lenders of last resort, unlike stablecoin models. Because of this unique approach, AMPL can be used as a unit of account for smart contracts in a manner that's not possible with other cryptocurrencies. Together with the FORTH governance token, AMPL is a powerful DeFi building block with decentralized properties beyond that possible with stablecoins.
When was the idea behind Ampleforth born, and what led to it?
Ampleforth is unique within the Web3 space because its roots lie more in economics than in technology. Its founding team, Evan Kuo and Brandon Iles were intrigued by the idea of designing an independent currency that, unlike traditional fiat models, combined adaptive supply with a stable peg. This isn’t to be confused with so-called “stablecoins,” which, while good for maintaining a stable peg, cannot realize an adaptive supply, as they’re ultimately beholden to fiat currencies and the centralized authorities behind them.
AMPL represents the first and largest “rebasing” currency. It maintains a value that tracks closely to $1 USD, meaning it can be relied upon to denominate stable contracts, but it is not formally pegged to the dollar, insulating it from the inflationary pressures that can impact stablecoins.
Can you tell us more about your team's background and introduce the core members?
The Ampleforth team possesses a unique perspective that marries deep expertise in traditional economics with software development. AMPL is a pioneer in the space, beginning with introducing the concept of a rebasing currency -- and more recently, driving the trend of multi-chain DeFi. Extending AMPL to BSC is the latest milestone on this journey.
The Ampleforth team is a mission-driven group looking to tackle what they see as the biggest problems facing cryptocurrency: A truly decentralized unit of account. The people that make up the team are well suited for this objective. On the technical front, Brandon Iles is a veteran of Uber and Google, where he wrote the first Bitcoin wallet for Android.
An engineer by trade, Evan also possesses a deep interest in and understanding of macroeconomics, and how traditional models can be adapted within the decentralized Web3 ecosystem.
Manny Rincon-Cruz is also a key part of the Ampleforth team and has helped shape its economic model. A Hoover Institute fellow with an unparalleled understanding of economic history, Manny has helped shape AMPL’s unique rebalancing model.
When Brandon Evan and Manny came together to pursue the difficult problem of filling the gap of a decentralized unit of account that could serve as a DeFi building block, they learned a lot and created AMPL + FORTH the core components that make up the Ampleforth Protocol
What are the main advantages of Ampleforth for the user, compared to a similar project from a mainstream financial or DeFi market?
Ampleforth is a truly independent financial primitive. Like Bitcoin, it exists independent of any centralized body and is uniquely insulated from inflation and other external pressures that can cause sharp currency deviations. Unlike Bitcoin, AMPL retains a stable value over time, meaning it can be relied upon to denominate contracts in a way that’s simply not possible with Bitcoin. $100 of AMPL today will be worth approximately $100 worth of AMPL in 1 / 3 / 5 years. This is not the case with wildly volatile cryptocurrencies like bitcoin. Using AMPL as a unit of account unlocks a new and exciting wave of possibilities for digital currencies.
AMPL has another interesting component, one that draws the attention of users on a daily basis. At 2am UTC when AMPL’s daily rebase occurs, it brings together a wide assortment of crypto enthusiasts who closely watch and react to the project’s unique supply model in a way that doesn’t exist in any other corner of the DeFi universe.
Let’s say I want to use Ampleforth. Where do I start? Where can I find some how-to guides?
You can start by visiting ampleforth.org! We’ve developed a comprehensive guide that introduces you to the project, and instructs you on how to get started and where you can connect with the global AMPL community.
Why did you decide to build on the Binance Smart Chain?
Ampleforth has the ambition to serve as an independent currency in a multichain world. Binance Smart Chain has seen strong adoption, not just in users but also in platforms and interesting DeFi projects. Bridging AMPL to Binance Smart Chain provides the opportunity for Ampleforth to deliver on the long-term project goal of being a DeFi building block and unit of account for the cryptocurrency space by incorporating AMPL into the robust Binance Smart Chain ecosystem. AMPL has a lot of potentials when it comes to borrowing and lending as well as utilization in contracts including smart contracts and this includes performance characteristics you won’t find in Bitcoin or Stablecoins. So it makes sense to bring that unique functionality and AMPL’s power as a DeFi building block to the Binance Smart Chain ecosystem.
How does your roadmap look like? What can the Ampleforth community expect from you next?
AMPL is uniquely positioned to be the preeminent DeFi building block. These capabilities are unlocked as AMPL is able to be used in lending and borrowing capacities and when used in contracts, among other interesting uses. The first component is to expand AMPL across chains and into prominent DeFi platforms to unlock that building block functionality. The second and simultaneous component is the implementation and expansion of FORTH as FORTH the Ampleforth governance token is realizing a truly decentralized governance model for the AMPL DeFi building block.