[Crypto projects](https://revain.org/projects/) › Ampleforth

# 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

## Key facts

- **Ticker**: AMPL
- **Official site**: [ampleforth.org](https://www.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

| 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

| 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

| 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

| 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](https://governance.aave.com/t/ampl-problem-on-aave-v2-ethereum/15886) |

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

| Network | Contract address |
|---|---|
| Ethereum | [0xd46ba6d942050d489dbd938a2c909a5d5039a161](https://etherscan.io/address/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](https://www.ampleforth.org/)
- Docs: [docs.ampleforth.org](https://docs.ampleforth.org/)
- Source code: [github.com/fragmentsorg/ampleforth-contracts](https://github.com/fragmentsorg/ampleforth-contracts)
- Governance forum: [forum.ampleforth.org](https://forum.ampleforth.org/)
- Blog: [blog.ampleforth.org](https://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

- [Ampleforth - Home](https://www.ampleforth.org/)
- [Ampleforth Docs - About the Ampleforth Protocol](https://docs.ampleforth.org/learn/about-the-ampleforth-protocol)
- [Ampleforth Docs - About FORTH Governance](https://docs.ampleforth.org/learn/about-forth-governance)
- [Ampleforth Docs - About FORTH DAO](https://docs.ampleforth.org/learn/about-forth-dao)
- [Ampleforth Docs - About Wrapped AMPL](https://docs.ampleforth.org/learn/about-wrapped-ampl)
- [Ampleforth Docs - About SPOT](https://docs.ampleforth.org/learn/about-spot)
- [Ampleforth Docs - State of the Network, 4 August 2020](https://docs.ampleforth.org/reports/state-of-the-network-august-4th-2020)
- [GitHub - ampleforth-contracts README](https://github.com/fragmentsorg/ampleforth-contracts)
- [Ampleforth Forum - Recent FORTH Activity and Next Steps (Fragments Dev Team)](https://forum.ampleforth.org/t/recent-forth-activity-and-next-steps/901)
- [Ampleforth Forum - Proposed steps for Forth DAO sunset](https://forum.ampleforth.org/t/proposed-steps-for-forth-dao-sunset/911)
- [Aave Governance - AMPL problem on Aave v2 Ethereum (BGD Labs)](https://governance.aave.com/t/ampl-problem-on-aave-v2-ethereum/15886)
- [Aave Governance - aAMPL interim distribution (BGD Labs)](https://governance.aave.com/t/arfc-aampl-interim-distribution/17184)

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Page updated: 2026-11-01

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Source: https://revain.org/projects/ampleforth/