Ampl brings rebasing and elastic features to Polkadot
By Inkarias - 2020-12-11
The AMPL project, by its other name Ampleforth is a recent cryptocurrency that has made a lot of talk during the year 2020 thanks to its innovative operation compared to the market: the rebase. To put it simply, AMPL is an independent cryptocurrency that brings chain-agnostic and non-dilutive money to decentralized finance. From the official definition stated by the team :
Ample is a new base-money cryptocurrency with elastic supply and rules-based governance. Ample naturally adapts to changes in demand by universally expanding or contracting supply, these changes affect all wallets equally, ensuring AMPL remains non-dilutive like Bitcoin
The function of Rebase is a unique and attractive mechanism which ensures price-supply equilibrium for the entire ecosystem and at any moment. In this way, the Ampleforth currency automatically 'rebases' or recounts its supply in a proportional and non-dilutive way in response to price volatility on the market.
As officially announced by the team:
Ampleforth will likely launch on Acala (Polkadot) early next year, making it the first multichain independent money to serve the wider cross-chain crypto and DeFi community.
This addition will thus bring several benefits to the users such as : the integration of the Ample on Polkadot currency via Acala network, the payment of fees in Ampl during operations and more. Moreover Ampleforth contracts will be deployed on Acala’s EVM with the direct listing on Acala Swap Dex. RenVM will also initially provide an Ethereum to Acala (Polkadot) bridge that will be used for value transfer and state transfer in the network. This first step highlights the integration of this innovative DeFi model in several reputable projects offering investors reliable solutions. In the future, the Ampl team is working closely with Ren to make RenVM Ethereum to Acala bridge available in early 2021 without more details on the exact planned date.