What is Wrapped Ampleforth?

Wrapped Ampleforth (wAMPL) is a unique cryptocurrency that seeks to broaden access to the Ampleforth ecosystem. It is an ERC-20 token that is 1:1 redeemable for AMPL, another cryptocurrency. Unlike AMPL, wAMPL does not rebase and has a floating price. This feature makes wAMPL a composable token, simplifying platform integrations and enhancing opportunities to access the Ampleforth ecosystem. The maximum total supply of wAMPL is 10 million tokens, and holding a certain amount of wAMPL is equivalent to holding the same percentage of the AMPL network.

How does Wrapped Ampleforth work?

Wrapped Ampleforth operates through a simple contract that allows users to deposit AMPL and receive a non-rebasing ERC-20 token, and vice versa. This process is facilitated on the Ethereum platform, eliminating the need for bridges or third-party custodians when redeeming one token for another. The wAMPL token is fully redeemable for AMPL on-chain, and if a platform supports ERC-20 tokens, it will be compatible with wAMPL by default without any technical considerations. The wAMPL token does not rebase, meaning it has a floating price, which makes it easy for users to understand and gradually learn about AMPL through wAMPL.

What are the potential use cases for Wrapped Ampleforth?

Wrapped Ampleforth seeks to unlock technical integrations and expanded opportunities to access the Ampleforth ecosystem. It provides exposure to AMPL, making it an access point for end users who want to take a position in the AMPL network. The wAMPL token can be held by users and unwrapped on-the-fly as needed. It also seeks to facilitate ecosystem integrations on both centralized and decentralized platforms. In some cases, wAMPL will be used almost invisibly in the background for bridging, routing, custody, etc.

What is the history of Wrapped Ampleforth?

The concept of Wrapped Ampleforth was developed to address the challenges associated with the integration and listing of rebasing tokens like AMPL on various platforms. The introduction of wAMPL sought to simplify these processes and expand the role of AMPL. The wAMPL token was designed to be fully redeemable for AMPL on-chain, has a floating price, and is compatible with platforms that support ERC-20 tokens. The development of wAMPL has been a step in the growth of the Ampleforth ecosystem.