The Ampleforth community has come a long way since the protocol launched over a year ago. As such, it feels it is the right time to review the state of the network on its continued progress towards decentralization.
The incredibly passionate and active Ampleforth community has driven the Ampleforth Geyser launch to be a tremendous success! Since its beginning on June 22nd, 2020, more than 6,036 unique users have tried the Geyser, with 4,242 users active to this day (~70%+ retention rate).
The growth has been astounding, resulting in an average 10% net increase in unique users per day. As of the writing of this report, the AMPL-ETH pool has ~$36m USD in liquidity. To put that into perspective: AMPL-ETH is the largest Uniswap pool, at one point accounting for over 50% of total daily volumes and about one third of the total liquidity on the Uniswap platform. On-chain wallets have seen growth as well, clocking in at over 19,500 unique wallets.
1. Foundation Treasury Donation
Now that the state of the network has become more clear, the Foundation has been able to examine and reallocate previously apportioned Ample tokens. The Foundation will donate 10% from the Foundation Treasury to the Ecosystem (measured as % of total token supply: ~77.9M AMPLs, subject to rebase, as of writing of this article).
The Ecosystem fund was created long before the concept of a “Geyser” had been born. However, given the rapid growth and success of the Geyser, the Ampleforth Foundation is delighted to publicly reinforce that the ecosystem fund will be devoted to supporting Geyser and Geyser-like programs moving forward. Accordingly, the Ecosystem Fund will now be dubbed “Liquidity Mining Programs” to better reflect the purpose of the token allocation.
The plan is to distribute the entirety of the Liquidity Mining Programs over the next 10 years in an open participation, rules-based, and decentralized fashion to community and ecosystem participants where possible. Additional details will be outlined in following posts.
Geyser and Geyser-like programs are expected to move Ampleforth further on the path to decentralization and provide fair rewards to those who contribute to a decentralized and liquid Ample network.
2. Updated AMPL Token Distribution Chart
Note: The chart above approximately reflects the state of the network as of August 4th, 2020, taking into account the Foundation Treasury donation, folding in of Unallocated Future Team tokens and based on information collected and analyzed from etherscan.
Highlights for Remaining Allocations
Liquidity Mining Programs (previously labeled Ecosystem) (13.47% + 10% = ~23.5%)
The Foundation has announced the addition of 10% of the token supply for liquidity mining programs from the Foundation Treasury. This transfer will occur by August 31st, 2020. This new total of ~23.5% of tokens are all earmarked to support Geyser or Geyser-like programs over the next 10 years (with a focus on decentralization, liquidity, network health, and broad rewards).
Foundation (previously labeled Treasury) (20% - 10% + 6.7% = 16.7%)
The Foundation’s treasury will be used to sustain the Foundation in a responsible manner, with the ultimate goal of driving awareness, furthering development, and fulfilling the mission of the Ample ecosystem. At this time, it is unclear what the future core teams needs will be, and as such, a previously allocated set of tokens that had been set aside for the next generation of core team and community developers will be folded into the Foundation. This transfer will occur by August 31st, 2020.
Seed Investors (6.5%)
The remaining locked allocations will be fully unlocked over the next 4 months.
Team & Advisors (10.8%)
The remaining project team and advisor pools will unlock over the next 2.75+ years. The project team has been committed to the long-term adoption and decentralization of the project from the start. All employees were placed on four year lock-up schedules, and the core team agreed to further lock-up restrictions at the time of listing. Note: advisors have 1 year lock up schedules.
3. AMPL Pool Addresses
- Liquidity Mining Programs (Locked): https://etherscan.io/address/0xf0d611b2610352600f7055e418e547e1c956c046
- Liquidity Mining Programs (Unlocked): https://etherscan.io/address/0x6723b7641c8ac48a61f5f505ab1e9c03bb44a301
- Foundation: https://etherscan.io/address/0xb22ed4bec314d475a8782e0b6869f0144d46859c
- Employee & Advisor Pool (Remaining Locked): https://etherscan.io/address/0xbdb30cf89efdd8c7410d9b3d0de04bc41b962770
- Investor Pool (Remaining Locked): https://etherscan.io/address/0x89fe954538a92eca58adaec339ca6374af079a13
4. Monthly Unlock Pool Transfers
Note: The foundation partners with a third party vendor to transfer tokens at the end of each calendar month. As such, the foundation cannot control the exact timing of the execution/finalization of such transfers due to these third parties’ internal processes and procedures. Please note that these transfers are expected to occur within approximately 1 week range towards the end of each calendar month for the remainder of the lock-up periods.