It’s a question I’m asking… myself. The first thing I thought when I first learnt about the existence of Ampleforth was, “that’s a cool name”.
It sounds like a castle in Scotland, or an old liqueur. “Yeah, I’ll have an Ampleforth and Tonic, please”.
Ampleforth is a stablecoin, although it doesn’t exactly look it as I’ve seen the price fluctuate more than the term ‘stable’ would suggest. The supply of AMPL is adjusted daily (by a software) to keep its value at parity with the U.S. dollar.
According to their whitepaper, Ampleforth utilises supply volatility to make sure the price remains stable. They also say it’s “much like bitcoin, algorithmic and uncollateralised”. Well, yes, maybe, except for the fact that bitcoin is volatile.
They also say that unlike bitcoin it supports stable contracts.
Ampleforth says it wants to launch elastic AMM (Automated Market Makers), then AMPL will be available for lending and borrowing - on-chain - and then, it’ll eventually be supported on on cross-chain bridge.
It sounds interesting. To be honest I don’t really understand why they compare it to btc, I don’t see any similarities but maybe that’s just me.
I’m not sure whether I’ll buy some in the future, I might. I certainly won’t be exchanging the AMPL I get here, though.
UPDATE: After writing this article (before publishing) I googled Ampleforth images and found it is also the name of a village in England.