Ampleforth (AMPL) Moves towards Decentralization Unveiling its New Governance Token, FORTH
Rebasing crypto protocol, Ampleforth launched its FORTH governance token on Wednesday. FORTH will be distributed to nearly 80,000 wallets.
Ampleforth, a base-money protocol, announced the launch of its governance token, FORTH, on Wednesday in a bid to increase adoption and expansion of the platform. According to a blog post on Medium, the FORTH tokens will be distributed to every wallet that has ever held its native AMPL token totaling nearly 80,000 wallets.
The FORTH tokens will allow holders to vote on proposals governing the platform, expanding the goal of decentralizing the process that keeps the AMPL, an uncollateralized token, stable around $1. According to the post, 15 million FORTH tokens (or 67% of the total supply) will be distributed to eligible wallets through April 2022, with active participants in the network receiving a higher share of the tokens.
Ampleforth is an Ethereum-powered protocol that balances price volatility and supply volatility to maintain a stable price. The project aims at having a “fully crypto-based stablecoin” that does not rely on traditional banks or lenders of last resort. AMPL is programmed to maintain an equilibrium price without any reserves, which disqualifies it as a stablecoin.
Evan Kuo, the founder of Ampleforth, describes the AMPL token as a censorship-resistant coin (like Bitcoin) with the relative stability of Tether, the largest stablecoin. Kuo further explained that when the token climbs too high above target, the protocol automatically adds units to holders’ wallets, which deflates the prices.
In light of the launch, Coinbase Pro has also added FORTH to its list of tokens allowing users to buy, sell, convert, send, receive, or store the tokens.