What Is Ampleforth

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What Is Ampleforth

In todays blog I thought I would go over one of the two main currencies used on publish0x. See before using publish0x I never even heard of this cryptocurrency. So this got me intrigued to look into what exactly this cryptocurrency was and what's its purpose and utility. I'm sure the same goes for many of you too. So that's why in this post where going to go into what is ampleforth.

Why Was Ampleforth Created

Ampleforth was created to be an alternate to a stable coins that are usually pegged to a fiat currency. Instead this coin is a stable coin that has an algorithm that fluctuates the supply based on demand. This allows for steady growth and a guaranteed profit if you plan on long term investing this coin. This makes it a better alternative to other stable coins where you won't see profits holding those coins like tether and USDC. Where as those coins are prone to inflation ample isn't since it's not backed by fiat.

How Does Ampleforth Work

So for this coin to make profit and to be stable it needs to not fluctuate the price to much. So how they go about doing this is they use an algorithm that monitors the price and creates a supply based on the demand for the coin. These supply adjustments are called Rebases. A rebase occurs once per day. So when the price is high for the coin more coins are made and supplied. When the price is low coins are burned it hopes of driving the price up. This coin also allows for stable contracts on it allowing for this coin to have some utility.

How Is Ampleforth Doing Right Now

As of (6/29/21) the price of this crypto is at $0.9225. The 24 hour change is 4.41% gain and a 7 day gain of 17.6%. If the market continues toward a bull trend we could see the price continue to go up and the even out and slow down. This isn't financial advice so don't take it as so.

What Is The Future Of Ampleforth

The road map for this coin looks bright. What they plan on doing is making the coin multichain. they also plan on adding more contract abilities to the coin as well giving it more utility. They are also going to offer more incentives for liquidly providers. I think the developers of this coin are dedicated to making this coin a useful crypto.