Transcript of the Ampleforth office hours on 05.05.2021
Evan:
Hey everyone! We are aware of concerns around the on-chain wallet activity with respect to the FORTH distribution. We are evaluating all possibilities and are taking the matter seriously.
Question 1:
Should we delegate our Aave to voting now that the proposal stage is over?
Brandon:
Thanks to everyone who’s delegated AAVE proposition power so far. We’re currently above the threshold, but have not yet submitted the payload onchain. That is what actually kicks off the voting and will hopefully happen soon.
Since we’re above threshold, there’s no need for extra power right now. However, if you’d like to delegate voting power we will vote with that when voting starts. Or you can just vote individually — that works too.
Question 2:
Will the 2% of FORTH inflation be awarded via a geyser to AMPL supporters?
Brandon:
That’s up to the community to decide. I envision it going to a smart contract-based distribution mechanism that works over the course of the following year. I think a geyser is a great option and would make a lot of sense.
Question 3:
Evan has been hinting at AMPL derivates being 100x bigger than AMPL clones, can anyone care to expand on that?
Evan:
Folks think the holy grail of #defi is a decentralized stablecoin, because such a coin would lock in the opportunity to recreate all meaningful financial instruments in a censorship resistant manner.
For this reason, I think they make the mistake of trying to “fix” AMPL by muddying it up with bonds, reserves, etc, with the aim of turning it into a stablecoin (hence all the forks). We’ve seen these approaches fail, and hopefully it has become more clear why we prioritized robustness (ie: unbreakability).
I think we need to use AMPL as collateral to create new financial instruments (ie: derivatives) and am collaborating with some very smart folks (like Manny) who have seriously thought the design of these things through. low-vol / low-yield collateral for the issuer of a stablecoin is but one of multiple “holy grails” we ought to be pursuing here.
Simon:
There is an additional whitepaper coming out soon co-written by Manny and Evan that touches on the virtues of AMPL as a building block. It’s a great read — excited for it to be released once final edits are complete.
Question 4:
So can we expect a stablecoin being built on AMPL developed by the team or is thought to use it as collateral for something already existing like Dai? How would AMPL being used as collateral be more beneficial than ETH or any other non stablecoin?
Evan:
You’ll have to wait until the primary team behind the project is ready to share that in detail — but my sense is it really exposes the design advantages of using AMPL in this way.
Question 5:
Speaking of Uniswap 3, was the Elastic AMM planned because of Uniswap and other AMM’s not natively supporting rebase tokens? Are there any updates on the elastic AMM?
Brandon:
For Uniswap v3 — Uniswap v3 in a lot of ways is a very different product than Uniswap v2. I think one reason why Uniswap has been so successful (beyond AMPL geysers) is it’s relative ease-of-use. v3 requires more sophistication from users to actively manage liquidity positions and reinvest fees, or requires people use yet another platform to do that for them.
For many projects, a new version replaces the old version but here, I wonder if we’ll see v2 and v3 continue alongside each other in parallel: v3 for institutions, v2 for everyone else. That’s something we’ll continue to watch.
In general we like the idea of supporting platforms that support ample. Balancer, SushiSwap, and 1inch are all great platforms, and all doing great, innovative work.
Question 6:
Will you be launching geyser v2 in the next few days? Or is another top-up potentially on the horizon?
Brandon:
Geyser v2 will launch when the frontend for it is complete. We’re hoping we can have that part ready when the current geyser crop finishes. Given the nature of the Universal Vaults, the migration from v1 to v2 will require people move their LP tokens. If we need a longer bridge to v2, I expect we’ll extend the existing ones again to save gas fees for users.
Question 7:
Is there a rough timeline for the geyser v2 launch? I don’t expect a concrete answer and understand that timelines change all the time.
Brandon:
“When it’s done,” I guess Wish I knew myself!
