Smart commodity money protocol, Ampleforth, has joined its DeFi brethren with a new governance token announcement.
Ampleforth detailed the launch of its new governance token, FORTH. It will distribute to users of the protocol through a points system for those that have made on-chain transactions with its AMPL cryptocurrency.
“Where AMPL represents an independent currency that functions as a unit of account, FORTH is the governing mechanism that oversees its evolution.”
May the FORTH be with you
FORTH tokens are now live. The community can claim them until April 16, 2022. Any FORTH tokens remaining undistributed one year from the launch date will be reclaimed to a community-governed DAO.
The deflationary token is modeled on the Compound finance system to offer incentives for all network participants. There are 15 million FORTH minted at the genesis event. The initial supply will be available immediately, with future inflation set at 2% per year.
The distribution breakdown is pretty simple. 67% will go to the community, while the remaining 33% goes to early backers, the core development team, advisors, supporters, and the Ampleforth Foundation. Community allocation will be governed by a points system, scored by on-chain activity.
“This will cause those who supported the network long-term and through all market conditions to accrue the most points, and thus FORTH tokens.”
The announcement stated that more than 75,000 users would be eligible to receive the new tokens. They will also become founding members of Ampleforth’s governing body.
Ampleforth launched in 2018 to provide an elastic supply stablecoin that aims to be loosely pegged to the USD. In December 2020, the protocol branched off from Ethereum to offer multi-chain compatibility with integration into Polkadot, Tron, and NEAR.
Coinbase Pro lists FORTH
On April 22, Coinbase Pro announced that it would be listing the new FORTH tokens. Coinbase does not list the protocol’s native token, AMPL. This is possibly due to conflicts of interest with its own stablecoin, USDC.
“Please note that FORTH is a separate token from AMPL, which is not being offered for trading.”
It added that once a sufficient supply of FORTH is established on the platform, trading on FORTH/USD, FORTH/BTC, FORTH/EUR, and FORTH/GBP pairs will be enabled.
At the time of writing, AMPL was trading above its soft peg at $1.32 following a rebase. Meanwhile FORTH was hovering around $54.