What Ampleforth does

Ampleforth is a decentralized finance protocol that builds and operates algorithmic cryptocurrencies designed to function as a unit of account and on-chain collateral. The company's flagship product, AMPL, is a price-stable but supply-volatile cryptocurrency that uses an elastic supply mechanism called rebasing to maintain a CPI-adjusted price target of approximately $1; supply expands when market price exceeds the target and contracts when below, with daily adjustments derived from oracle price feeds (ampleforth.org, Chainlink, Tellor). The protocol went live in 2019 and has maintained price reversion to target through multiple extreme market cycles. Ampleforth has extended this architecture with the SPOT protocol, a flatcoin that uses tranching mechanics (via the Buttonwood Tranche integration) to reorganize AMPL's volatility into senior and junior derivative tranches, creating Low Volatility Assets (LVAs) intended to bridge the gap between volatile DeFi tokens and inflation-prone stablecoins. A FORTH governance token controls protocol-level decisions through token-weighted DAO voting.

The protocol operates without traditional revenue mechanics: tokens are traded on exchanges (Binance, Bitfinex, Coinbase) and decentralized venues (Aerodrome Finance, Coinbase Base Network), and there is no disclosed fee, subscription, or service revenue. The team is small (1-10 employees) and the company is headquartered in San Francisco. Total disclosed funding is approximately $10.75M across rounds in 2018-2019, with a single more recent corporate investment of $1M from Coinbase Ventures in July 2024 tied to the SPOT product. Go-to-market is product-led and community-led: distribution occurs through decentralized exchanges and Base, while adoption is driven by developer relations on Telegram, Discord, GitHub, and X. Primary customer segments are DAO treasuries, institutional allocators, and DeFi protocols that require a decentralized, non-custodial store of value and collateral asset for on-chain contracts.

Name

Ampleforth

Website

https://ampleforth.org

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Ampleforth is a decentralized finance protocol operating AMPL, an algorithmic cryptocurrency using elastic supply rebasing to maintain CPI-adjusted price stability, and SPOT, a flatcoin protocol using tranching mechanics for low-volatility assets, serving DAO treasuries, DeFi protocols, and institutional allocators.

Ownership category

akta.pro rank

Product category

Decentralized Finance Protocol

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Market Making & Liquidity Provision (FSADAJAC)

Keywords

• Decentralized finance protocol
• Algorithmic stablecoin
• Elastic supply cryptocurrency
• Flatcoin protocol
• Decentralized governance

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. AMPL Token Economics: AMPL operates as a decentralized unit of account and collateral asset. The protocol maintains price stability through algorithmic supply adjustments. Revenue generation is implicit through network growth - holders benefit from supply rebasing as the network expands.
2. SPOT Protocol: The SPOT token employs tranching mechanics to create Low Volatility Assets (LVAs). Trading occurs on Coinbase's Ethereum Layer 2 Network and decentralized exchanges like Aerodrome Finance. Revenue mechanics are embedded in the token design for DAO treasuries and institutional allocators.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Ampleforth develops and operates a decentralized finance protocol built around two complementary tokens: AMPL, an algorithmic cryptocurrency with elastic supply (rebasing) that maintains a CPI-adjusted price target of approximately $1, and SPOT, a flatcoin protocol using tranching mechanics to create Low Volatility Assets. The ecosystem is governed via the FORTH governance token, with multi-oracle architecture (Chainlink, Tellor, ampleforth.org) providing price feed data.

Product overview

Ampleforth is a decentralized finance protocol offering a suite of crypto assets centered on price stability through algorithmic supply mechanisms. The core products include AMPL (a CPI-adjusted unit of account with elastic supply), SPOT (a flatcoin using tranching mechanics for low-volatility), and FORTH (governance token for DAO control). The ecosystem includes analytical dashboards for oracles, correlations, and DAO governance, along with tranching features that simplify creation of on-chain derivatives with different volatility profiles.

Differentiator

Problem solved

Functional benefit

Brands

• AMPL: The native cryptocurrency token that uses elastic supply rebasing to target the CPI-adjusted dollar. It is used as a unit of account and collateral asset.
• SPOT Protocol
• FORTH
• AMPL Tranching
• Low Volatility Assets (LVAs)

Products and services

• AMPL AMPL is a price-stable but supply-volatile cryptocurrency that targets the CPI-adjusted dollar. It uses an algorithmic rebasing mechanism that automatically increases or decreases token quantity in user wallets to maintain a price target of 1 CPI-adjusted dollar. Used as a decentralized unit of account and collateral asset for DAO treasuries, institutional allocators, and DeFi protocols.
• SPOT Protocol SPOT is Ampleforth's flatcoin that employs tranching mechanics to create a low-volatility store of value. It reorganizes AMPL's supply volatility into senior and junior tranches with different volatility profiles, serving as the next evolution of the AMPL protocol for DAO treasuries, institutional allocators, and DeFi protocols.
• FORTH FORTH is the governance token used to control the Ampleforth Protocol and DAO. Token holders vote on proposals and ideas surfaced on Discord or the public forum to finalize protocol decisions.

Quantifiable outcome

• Price consistently returns to CPI-adjusted target through extreme market conditions since 2019
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Coinbase (Base Network)coreTechnology or Integration · 8 July 2024SPOT token will be actively traded on Coinbase's Ethereum Layer 2 Network (Base), providing institutional-grade infrastructure for the flatcoin protocol.
• Aerodrome FinanceflagshipTechnology or Integration · 8 July 2024SPOT token launched on Aerodrome Finance as the primary decentralized exchange venue for trading the flatcoin.
• ChainlinkcoreTechnology or IntegrationChainlink provides oracle price feeds for the AMPL protocol's rebasing mechanism, contributing to the multi-oracle safety architecture.
• TellorcoreTechnology or IntegrationTellor provides oracle price feeds and CPI data as part of the multi-oracle system used by the AMPL protocol for rebasing decisions.
• Buttonwood TrancheflagshipTechnology or IntegrationButtonwood Tranche integration enables AMPL's simplified tranching operation, allowing complex financial operations like creating derivative assets with different volatility profiles to be executed in a single operation.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MakerDAO: MakerDAO operates the DAI stablecoin, the dominant decentralized stablecoin. It is the most direct competitor to AMPL in the decentralized, algorithmically-managed stable-value token category, with far larger scale.
• Frax Finance: Frax is a fractional-algorithmic stablecoin protocol combining collateralization and algorithmic mechanisms. It directly competes with AMPL in the algorithmic stablecoin space and shares the goal of decentralized dollar-denominated value.
• Reflexer (RAI): Reflexer's RAI is a governance-minimized, ETH-backed stable asset targeting the CPI-adjusted value rather than a USD peg, conceptually the closest analog to AMPL's CPI-adjusted design philosophy.
• Angle Protocol: Angle is a decentralized stablecoin protocol using both collateralized debt positions and algorithmic mechanisms. It competes in the same decentralized, crypto-native stable-value token space as AMPL.
• Reserve Protocol: Reserve Protocol issues decentralized, asset-backed stablecoins (RSV, RSR) targeting inflation resistance. It overlaps with Ampleforth's positioning of AMPL/SPOT as inflation-resistant on-chain value stores.

Emerging players

• Element Finance: Element Finance is a DeFi fixed-income/yield-tranching protocol that splits yield-bearing positions into senior and junior tranches, conceptually similar to AMPL's tranching primitive but applied to yield rather than supply volatility.
• Olympus DAO: Olympus pioneered DeFi-native supply mechanics and protocol-owned liquidity through its bonding and rebasing model. It is conceptually adjacent to Ampleforth's elastic-supply rebasing mechanism though focused on treasury-backed value.

Broad incumbents

• Liquity: Liquity issues LUSD, an immutable, governance-free decentralized stablecoin against ETH collateral. It is part of the broader decentralized stablecoin category that AMPL competes within for DeFi collateral and on-chain contract use.
• Synthetix: Synthetix is a leading DeFi derivatives protocol enabling on-chain synthetic assets. It overlaps with Ampleforth's on-chain derivatives ambitions via tranching and serves a similar DeFi-builder audience.

Others

• Buttonwood (Parallel Finance): Buttonwood Tranche is the underlying protocol powering AMPL's tranching primitive. It is a direct technology partner and adjacent infrastructure provider in the on-chain fixed-income/derivatives space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fragmentsorg
• GitHubgithub.com/ampleforth

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds5 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ampleforth