Ampleforth (AMPL): how it works, supply and reviews

In short

Type: Protocol and ERC-20 token on Ethereum
Issuance: No fixed supply: the number of AMPL in wallets rises or falls with demand
Risks and caveats: Holders' AMPL balances change every day; the price target does not protect the value of a wallet.
Checked: 31 October 2026

Visitor ratings: do you like Ampleforth?

Key facts

Ticker: AMPL
Official site: ampleforth.org

Key facts checked on 31 October 2026 against official sources.

What is Ampleforth

Ampleforth (AMPL) is an ERC-20 token on Ethereum whose supply changes every day so that its price moves back towards one CPI-adjusted 2019 US dollar. When demand is high the number of AMPL in every wallet grows, and when demand is low it shrinks, in proportion for all holders.

Network and consensus

Network and consensus — Ampleforth
Parameter	Details
Type	Protocol and ERC-20 token on Ethereum
Consensus	Rebasing supply policy: a daily rebase targets the CPI-adjusted 2019 US dollar
Block time	One rebase a day at 2:00 UTC, applied to all addresses at once
Launched	Live since 2019
Smart contracts	Supply changes only when price is more than 5% from target (deviation threshold, adjustable)
Runs on	Ethereum; prices come from a network of oracles as a volume-weighted average

Supply and issuance

Supply and issuance — Ampleforth
Parameter	Details
Issuance	No fixed supply: the number of AMPL in wallets rises or falls with demand
Inflation	Rebases are proportional and non-dilutive: each holder keeps the same share of the network
Initial distribution	In August 2020 the Foundation moved 10% of the token supply to liquidity mining programmes (about 23.5% in total)
Maximum supply	Wrapped AMPL (WAMPL), a non-rebasing wrapper, has a fixed maximum supply of 10 million tokens

What AMPL is used for

AMPL is used as a unit of account and as collateral, for lending and borrowing and for derivatives.
FORTH, a separate ERC-20 token, was used to vote on protocol parameters and DAO treasury spending.

Who develops and governs Ampleforth

Company: Fragments, Inc. holds the copyright of the Ampleforth contracts (2018)
Developer: The Fragments development team builds the protocol
Governance: Since September 2026 the Forth DAO is being wound down; the timelock that controls the protocol passed to the 'Kennel Club' multisig
Legal entity: The Kennel Club multisig is a 2-of-n multisig with known signers
Open source: Contracts on GitHub under GPL-3.0

History

History — Ampleforth
Date	Event
2019	The Ampleforth protocol goes live.
22 June 2020	The Ampleforth Geyser liquidity rewards programme starts.
4 August 2020	The Foundation reports on decentralisation and adds 10% of the token supply to liquidity mining programmes.
12 September 2026	Two malicious governance proposals target the Forth DAO treasury; both are cancelled.
September 2026	FORTH holders vote to wind down the Forth DAO; protocol administration returns to a multisig with a timelock.

Security and audits

Ampleforth says oracle attacks cannot steal or redistribute AMPL because the token is non-custodial and rebases are proportional.
The AMPL token contract is immutable; the monetary policy, oracles and orchestrator are owned by a multisig behind a timelock.
Security issues are reported to the developers at dev-support@ampleforth.org.

Security incidents

Security incidents — Ampleforth
Date	What happened	Source
19 December 2023	Counterparty exposure: Aave's technical provider BGD Labs reported an inconsistent aToken/debt-token supply for the AMPL market on Aave v2 Ethereum, whose custom tokens were built by the Ampleforth team; it said the issue required governance action. Funds returned: In March 2024 an interim distribution of 300,000 USD in stablecoins from the Aave Collector was proposed to let aAMPL suppliers withdraw in part.	governance.aave.com

Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.

Official AMPL contracts

Official AMPL contracts
Network	Contract address
Ethereum	0xd46ba6d942050d489dbd938a2c909a5d5039a161

AMPL token contract on Ethereum as listed by ampleforth.org; the FORTH governance token is 0x77fba179c79de5b7653f68b5039af940ada60ce0.

Risks and caveats

Holders' AMPL balances change every day; the price target does not protect the value of a wallet.
From September 2026 the Forth DAO is being wound down and protocol administration sits with a multisig behind a timelock.
The SPOT product built on AMPL is proposed to be sunset; deposits are disabled and only redemptions are supported.
Rebases depend on market and CPI oracle data.

Official links

Website: www.ampleforth.org
Docs: docs.ampleforth.org
Source code: github.com/fragmentsorg/ampleforth-contracts
Governance forum: forum.ampleforth.org
Blog: blog.ampleforth.org

Questions and answers

What is Ampleforth?

Ampleforth (AMPL) is an Ethereum token whose supply rebases daily so that its price targets one CPI-adjusted 2019 US dollar.

Who created Ampleforth?

The protocol is developed by the Fragments team; Fragments, Inc. holds the 2018 copyright of the contracts.

What is the maximum supply of AMPL?

AMPL has no fixed supply; balances expand or contract with demand. Its non-rebasing wrapper, WAMPL, is capped at 10 million tokens.

Is the Forth DAO still running?

No. In September 2026 FORTH holders voted to wind down the Forth DAO and control of the timelock passed to the Kennel Club multisig; AMPL itself keeps rebasing.

Sources

How voting works

Votes are anonymous and carry no text. Each device has one vote per item; press the same button again to remove it. Cloudflare Turnstile checks that a person is voting. We keep a random device ID in a cookie and a salted hash of the IP address to limit abuse — no names, no accounts. Votes are visitors’ opinions, not investment advice.

Page updated: 2026-11-01