Ampleforth (AMPL), which Claims to be ‘the Best of Bitcoin and Stablecoins,’ Records Over $1.8 Million in AMPL/ETH 24-Hour Trading Volume on Uniswap
It has now been a little over a week since Ampleforth (AMPL) introduced decentralized finance (DeFi) liquidity rewards via its new program, called AMPL Geyser.
As noted in an update shared with Crowdfund Insider, there’s currently (at time of writing) around $2.34 million in total liquidity available on Uniswap for the Ethereum (ETH)-AMPL token trading pair.
Over $1.8 million in trades were conducted for this trading pair in the past 24 hours (via Uniswap) – which represents more than a 20% increase in the last 24 hours.
More than $5,500 in fees have been collected for these transactions (1057 transactions).
As noted in the update, the Ampleforth community has been “bootstrapping” liquidity and pulling up the AMPL/ ETH trading pair to one of the top 10 pools on Uniswap v2, a leading non-custodial digital asset exchange.
As explained in a note shared with CI:
“The AMPL token is a digital asset, like Bitcoin, but with a supply that adjusts every day according to demand in the marketplace.”
The Ampleforth team claims their token is “the best of both Bitcoin and stablecoins.”
The update confirmed that Ampleforth will be introducing liquidity mining for AMPL tokens with the release of the AMPL Geyser. The AMPL Geyser will be distributing AMPL tokens (taken from the ecosystem fund) to liquidity providers on Uniswap and other non-custodial digital asset exchanges.
As mentioned in the update, the AMPL Geyser allows users to deposit Ethereum (ETH) and AMPL into Uniswap 2.0. After making the deposit, users receive $UNI-V2 LP tokens, which can be staked in the Geyser.
After staking the tokens, users may earn AMPL through the Geyser “based on how much liquidity is provided and for how long — no minimum lockup or duration requirements.”
Staking rewards are “paid out continuously, block by block, and users can log in and see how many rewards they have at any given time. The more LP’s stake and the longer LP’s stake relative to others, the greater share of the unlock pool they receive.”
Blockchain-based staking of digital assets is not like traditional bank deposits because the process involves computer code, and not legal entities, according to Konstantin Kladko, the CTO at SKALE network.
