Transcript of the Ampleforth office hours on 21.04.2021
Hey Everyone, happy to be here today!
You’ve probably heard the news around the FORTH rollout already. Here’s a medium piece with a bit more background that I’d encourage everyone to take a look at for more background: https://medium.com/ampleforth/the-state-of-discretion-and-governance-forth-ec2f710d2635
Ok, serious question: what’s a “point” exactly?
Good question, 1 point is about 2.8 FORTH, without going into the math too much
Can someone please clarify the circulating supply of FORTH?
For circulating supply it depends on how many people claim. There are 75,000+ eligible wallets able to claim ~67% of all supply. As such the circulating supply number will constantly be changing. I recommend looking at holders and claims on-chain if you’d like exact details
So, FORTH supply starts at 15M but will grow after year 1, do I get that right? People here are claiming it’s 15M max supply, would be good to clarify.
Right, FORTH has a 2% yearly inflation. The first inflation event will be basically 1 year from now, then it will be another year before the next event. While that may seem very “chunky” those new tokens will be directed to smart contract distributors like geysers that spreads that out over time.
We also built in a burn ability, so there is that option as a network mechanic if the community really wanted to pursue that. (Like a buy-back-and burn) That was more speculative, than anything.
Hi guys is there an expiry for claiming this airdrop?
Claiming is open until April 16th of next year. After that, any unclaimed forth will go into a community controlled wallet.
Do the Kucoin holders get the FORTH airdrop?
Totally hear you on this, we wish we could have included exchange wallets in the calculation, but unfortunately couldn’t. As you all may know, exchanges use omnibus wallets to collect customer deposits. We had to make the difficult decision to exclude this in order to maintain network security as we could not rely on exchanges to accurately distribute tokens or provide (private) information on customer balances and wallets.
Since the number of AMPL that you held didn’t matter to calculate the # of FORTH (just number of days in geyser + number of days in negative rebase — regardless of how many amples you held) it feels unfair that it rewards people who left 0.1 AMPL in their wallet for years, instead of those who have been holding 10k+ for months.
There was a minimum threshold implemented to avoid this. Our intent and goal is a wide and fair, decentralized distribution.
Was the FORTH governance token always part of the plan?
It has always been our intention to decentralize the governance of AMPL hyperparameters and orchestrator additions. There was a brief moment when we were going back and forth about whether to introduce a separate governance token or AMPL itself.
Ultimately we didn’t want to introduce any non-monetary utility to AMPL itself. And we wanted AMPL to be able to continue integrating with platform partners — even as the underlying ecosystem evolves. Based on that, a separate governance token made the most sense.
When was the date of the snapshot for FORTH drop? I only discovered (and bought) AMPL on 3rd of April and the website says no claimable FORTH.
We chose an earlier date to avoid any possibility of wallet manipulation. I believe the exact snapshot block is found on the website claim page.
Could you please comment on the proposal process of aAMPL on Aave; what’s the hold up? Any plans to go forward from here?
We’re working hard to get this ready as quickly as possible given the constraints around us — we view this as one of the most important initiatives for the network.
The hardest part of collaborating with outside teams is that you lose a lot of control over your timeline. Even when you hear specific dates, they’re still not something you can always affect. While we could YOLO a proposal onchain completely independently, it’s best for everyone that we work with core devs along the way.
The timeline for this project is actually not too different from the one with the Balancer Smart Pool, if anyone here remembers that. The main difference is we didn’t really talk about the smart pool until it was about ready to go. Most development groups try not to announce projects until they’re “done” because technical project management is so notoriously difficult to predict. Some transparency is good, I think, but overcommunication can also be destructive. I don’t know if we’ve struck the right balance per se, but we’re doing our best.
Any updates on the Aave Trinity collateral proposal? what should we expect going forward? https://governance.aave.com/t/proposal-balancer-trinity-liquidity-pool-tokens-as-collateral/3173
I think first priority is borrow/lend for AMPL itself, but I’d love to follow on with the Trinity pool in the AMM market soon after if all looks good. I’m not sure how many users I’d expect on this in the beginning if it were added, though. We do need to recognize that it would compete with the Trinity geyser, and there are only so many LPs to draw from today.
Does Coinbase wallet count as an exchange or your own wallet??
Coinbase Wallet is considered you’re own wallet.
Will the current Geysers be topped up again or do we have to move out and back into a new Geyser?
I don’t expect to ask users to migrate LP tokens until Geyser v2 is rolled out. That schedule depends on how quickly we can launch the Frontend. Gas prices are still very high.
For the governance itself, say there is a proposal to change the rebase window (as an example) how would you implement the proposal itself if you removed upgradeability of the token contract?
The rebase window is defined by two configurable hyperparameters, so no logic would need to change. These two setter functions would only be able to be called by the Governor/Timelock contracts, which require a successful vote to execute.