Here’s why Ethereum’s Ampleforth (AMPL) is shooting 35% higher today ๐จ This article is 4 years old...
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Here’s why Ethereum’s Ampleforth (AMPL) is shooting 35% higher today
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Updated: Aug. 30, 2020 at 9:09 pm UTC
Photo by ลahin Yeลilyaprak on Unsplash
After spiking parabolically into the end of July, the pseudo-stablecoin Ampleforth (AMPL) suffered a large correction. Since its Jul. 26 highs, the price of the cryptocurrency has dropped around 70 percent. And the market cap of AMPL, which is how the coin’s performance is supposed to be measured, has collapsed by more than 50 percent.
The drop was triggered by a loss of capital inflows into Ampleforth as other DeFi projects like Yearn.finance and Tendies decisively took the spotlight.
AMPL is finally bouncing back after its drop, though, rallying over 30 percent in the past 24 hours according to CryptoSlate data. Data from DEX tracker ChartEx has corroborated this.
This strong bounce in the multi-million-dollar asset can be boiled down to one thing: the launch of the latest decentralized finance craze, Yam Finance, whose native token is YAM.
Ampleforth jumps 35% as Yam Finance launches
On Aug. 11, the Ethereum ecosystem was blessed with its latest protocol: Yam Finance. Created by five developers, the protocol is an experiment attempting to meld the best the DeFi world has to offer, including the fair distribution of YFI, equitable on-chain governance, and the elastic price supply of AMPL.
YAMs = Ponzinomics of AMPL + Chad launch of YFI + Meme math of Tendies
— Ryan Watkins (@RyanWatkins_) August 12, 2020
Core to Yam Finance is YAM, an Ethereum-based token that can only be obtained through one of three ways:
- Buy it on Uniswap, other decentralized exchanges, or the limited number of centralized exchanges that support it.
- Add yCRV, a “meta” or aggregate stablecoin issued by Curve, and YAM to a specific Uniswap pool
- Add one or multiple of the eight following tokens to Yam’s stake pools to earn YAM on a per-block basis: Wrapped Ethereum, Yearn.finance, Chainlink, Maker, Aave’s LEND, Synthetix Network Token, Compound, and the ETH-AMPL Uniswap Pool Share.
To obtain the latter token mentioned, the Uniswap Pool Share for ETH-AMPL, one must deposit an equal amount (dollar-value-wise) of ETH and AMPL into Uniswap.
Ampleforth is surging because there has been an influx of demand for the cryptocurrency as investors have sought to maximize their YAM returns by obtaining pool shares, then depositing that token into Yam Finance.
AMPL isn’t the only DeFi coin affected
AMPL isn’t the only token being affected by the YAM craze.
Maker, Aave’s LEND, Synthetix Network Token, Compound, and Chainlink have seen serious rallies in the 24 hours since the launch of Yam Finance. All these tokens have gained at least 20 percent, with LEND and LINK in particular establishing new all-time highs due to the one protocol.
It’s important to note that despite pulling in hundreds of millions of dollars worth of value, Yam Finance is entirely unaudited.
Ampleforth Market Data
At the time of press 9:09 pm UTC on Aug. 30, 2020, Ampleforth is ranked #60 by market cap and the price is up 39.52% over the past 24 hours. Ampleforth has a market capitalization of $274.7 million with a 24-hour trading volume of $66.73 million. Learn more about Ampleforth ›
Crypto Market Summary
At the time of press 9:09 pm UTC on Aug. 30, 2020, the total crypto market is valued at at $372.58 billion with a 24-hour volume of $91.38 billion. Bitcoin dominance is currently at 57.84%. Learn more about the crypto market ›
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Ampleforth
$1.21345
Ampleforth is a digital-asset-protocol for smart commodity-money.
YAM v1
$0.10396
Yam is an experimental protocol building upon the most exciting innovations in programmable money and governance.
Tendies
$0.00467
Tendies is a next-generation autonomous and hyper deflationary coin.
Maker
$1,632.19
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token โ the Dai โ against the IMFโs international currency basket SDR.
Synthetix
$1.80788
Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets.
Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.