This is a contest to guess the initial rebase amount of Ampleforth with a prize of 50 AMPL
Ampleforth is not a stablecoin - it was designed to allow volatility!
A key element to how Ampleforth’s unique protocol functions is the supply rebase. The supply rebase is something that happens every 24 hours for the $AMPL token. Once a day, tokens are equally distributed to all wallets, or equally taken away from all wallets in direct response to the token's trading price activity over the previous 24 hours.
With the launch and listing of Ampleforth, we are approaching the very first supply rebase event - this rebase will occur on Sunday, June 30th at 8pm UTC. Tokens will either expand for all holders, or contract, based on the price of $AMPL. To better understand how the expansion and contraction works with Ampleforth, please read the Red Book, in particular chapter 1.6 which you can find here. For the first rebase, there are two special considerations. First, the volume weighted average price (VWAP) is based off of the previous 72 hours for the first supply rebase only. Be sure your contest entries reflect the prior 72 hour time period as the contest falls under this unique circumstance. Second, CPI which provides the equilibrium price target is shifting during this 72 hour period. Be sure to take into account the minor adjustment in equilibrium price target to make your guess as precise as possible.
This contest is for the most accurate guess of how many tokens are distributed to a holder if he or she hypothetically held 10,000 AMPL at the time of rebase.
So what exactly is the supply rebase and how does it function?
Ampleforth’s tokens, which are called Amples (Symbol $AMPL) are volatile in both price AND supply. Amples are free to fluctuate in price every as a result of the trading that takes place on the open market. However, Ampleforth has an equilibrium price target. Initially, that equilibrium price target is $1 USD.
What if you are an AMPL holder in real life? How do you participate in the daily rebase event?
To participate in the rebase, if you hold your tokens on Bitfinex or Ethfinex, those exchanges will automatically distribute your AMPL to you. You don’t need to remove your AMPL from your exchange wallet on Bitfinex or Ethfinex. If you are on a centralized exchange that has not properly accounted for AMPL expansion and contraction, you run the risk of not receiving your AMPL during the supply rebase expansion.
If you hold your AMPL in a private wallet (for example MyEtherWallet - MEW) you will also automatically have your expansion accounted for.
- Winner: 50 $AMPL
- Each participant is allowed only one entry. You will be disqualified for multiple entries
- Imagine you have 10,000 AMPL. This contest is to guess the number of AMPL you will have distributed to your wallet, or taken from your wallet after the first rebase event on Sunday June 30th at 8pm UTC. This number can be positive or negative.
- Entries are made by composing a tweet and typing in the body of the tweet "$AMPL"
- Entries must be made on Twitter
- Entrants must follow @AmpleforthOrg on Twitter
- In the event that there are multiple winners, one of the winning submissions will be selected at random
- Please include "#Ampleforth #Rebase" and entering your guess, displayed in digits
- The start of the challenge will be Friday June 28th at 15:00 UTC
- End of challenge will be on Sunday June 30th 2019 at 5:30 PM UTC