Ampleforth and Ampleforth Geyser - step by step

As i was reading about Ampleforth, i decided to take a closer look. Short story, from what i see, is that using Metamask of Coinbase wallet, you put a mix of ethereum and Ampleforth on Uniswap-v2. The Uniswap tokens, and the ampleforth tokens, can be used on Ampleforth geyser, and they will provide a continuos dripping of Ampleforth, for as long as you stake them. 

Let's see how this works. 

Step one: We need to use Uniswap-v2, Metamask and Ampleforth Geyser. I connected Ampleforth Geyser to Metamask. I can see if i click deposit that they use some strange token named UWETHAMPL-V2. I think this is related to the ETH AMPLEFORTH staked on Uniswap-v2. 

Step two: Learn about what i need to stake on Uniswap exchange. I need an equal amount of Ampleforth and ETH to stake on ETH/AMPL pool on Uniswap-v2. After a quick check, i found how to put everything in the pool and provide liquidity. Now the detective work starts. Check on Binance: no Ampleforth in there. Check on Kucoin: happy finding, they got Ampleforth. I decided to move 1000$ in Stablecoins to Kucoin. While on Celsius, i set up the address for Kucoin exchange, and i am kindly informed that i need to wait 24 hours for the wallet to be activated. Anti-hacking measure, i presume. Can't complain, i'll be back in 24 hours. 

Step three: 24 hours later, i managed to transfer 1000 TrueUSD from Celsius to Kucoin. Then i exchanged them for 3.15 ETH. I look for Ampleforth and surprise, the only pair on the market are AMPL/USDT and AMPL/BTC. So 1.5 ETH become 284 AMPL. The rest of the ETH is transfered to Metamask. Then I look for the token contact address for AMPL, using Ethexplorer, in order to add it to the Metamask. Once this is done, i transfer all of them to Metamast, with a 1.5 AMPL fee. Two minutes later, i got both the ETH and the AMPL on my Metamask wallet.


Step four: Open Uniswap website, select pool, choose Ampleforth and Ethereum, realise that i need to pay two separate fees, one for AMPL, one for ETH, pay $0.66 and $0.60 for both of them, the third fee appear for the WETH (I think this is the pool fee for the synthetic token). And i am done, they are pending now. A bit confused as all my coin are still on my Metamask, but now i have something new that just appeared on my wallet, called WETH. I look online and i find out this on Binance academy:

''Wrapped Ether (WETH) refers to the ERC-20 compatible version of ether (wrapping ether with other ERC standards is also possible). WETH can be created by sending ether to a smart contract where the ether is placed on hold, in turn receiving the WETH ERC-20 token at a 1:1 ratio. This WETH can afterward be sent back into the same smart contract to be “unwrapped” or redeemed back for the original ether at a 1:1 ratio.''

So i realize that my ETH combined with my AMPL created this wrapped ETH. Seems that this was supposed to happen. 


Step five: Using the Geyser thingy. I realized that something is wrong. Went back to Uniswap. Apparently there is one more step called providing liquidity. Another $2.47 fee for the smart contract. Back to Geyser. Now i have some tokens UWETHAMPL-V2 and one lovely image showing me that everything works. But not for free, another $6.12 fee was paid to deposit the strange tokens on the Geyser faucet. I can see a monthly estimate of 52.10 AMPL (which today will be worth approx. $91). The total amount of fees paid for this complicated experience was $13.10. I am sure that i also need to pay to take them out from the pool. I will see in the end if all this is worthy of the whole effort or not. 


And with this, my adventure providing Ampleforth as liquidity for Uniswap is finished. I have just one question. Looking at Ampleforth Geyser stats, i noticed a countdown saying: Program duration 72.8 days left. Is that all that is left for the Geyser faucet experiment? Anyone knows?


Feel the rhythm of live, the energy flowing, and live like there is no tomorrow! See you soon!




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Disclaimer: This text also can be re-published on my personal blogs, such as this one.



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Crypto - I tested it, so you didn't need to...
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