Ampleforth (AMPL) is a digital-asset-protocol for smart commodity-money.
The Ampleforth protocol always seeks a price-supply equilibrium, and will automatically enter a state of unrest until it finds one.
Ampleforth protocol programmatically sets supply targets, which is important because the promise of elastic supply needs to be strictly enforced. However, changing supply does not mean that traders will correspondingly adjust their bids. In practice, traders will respond to supply changes based on how quickly or slowly they think others will respond, ultimately seeking to buy low and sell high.
The Ampleforth Protocol has unique elastic supply properties which will see the number of tokens in traders’ exchange wallets change, once per day, in line with the global supply of AMPL expansion and contraction. Ampleforth will communicate more details of when the once-daily supply change mechanism will begin.
Traders that have open orders in AMPL markets on Bitfinex after the once-daily supply change event will not have those open orders amended. However, if they do not have the AMPL funds to cover the orders after the rebalancing event, then they will see their orders only partially filled if subsequently matched in the market.
Rebasing is a feature of the Ampleforth protocol that alters the supply of the tokens. This means that the amount of AMPLs held in your wallet will be modified every 24 hours based on the weighted average of the token price throughout this time. All users will be credited or debited AMPLs from their wallets based on the amount they hold. This rebase occurs at approximately 02:00 UTC each day and will appear in your reports as AMPL rebase. For a more detail overview of the rebasing calculations please see here.
The first supply adjustment operation occurred on Sunday 6/30/2019 at 20:00 UTC time, this was changed on 30/10/2019 to 02:00 UTC.
The first rebase took as input the 72hr volume weighted average price
Thereafter it will occur daily based on 24hr volume weighted average price
This inaugural rebase marked the beginning of the Ampleforth ecosystem’s “NETWORK LIVE” state, after which the rebase smart contract method will be publicly callable every 24hrs between at approximately 0200 UTC (the rebase time).
Open orders in AMPL markets on Bitfinex after the once-daily supply change event remain unchanged. However, if they do not have the AMPL funds to cover the orders after the rebalancing event, then they will see their orders only partially filled if subsequently matched in the market. All open orders are still cancellable during the trading pause.
Here is what to expect on Bitfinex during that time:
- Exchange Deposits & Withdrawals - are paused 10 minutes before the start of each rebase window
- New Trades are Paused - 1 minute before the start of each rebase window
- Everything Resumes - 30 minutes after the start of each rebase window
Please Note: Fees charged for deposits made during rebase
Be aware that users making deposits that confirm during the rebase period (approximately 02:00 UTC daily) will need their deposits manually credited and will be charged fees of 20% of their deposit. If you report the missing transaction over 48 hours following its confirmation, another 1% will be charged for each day over this time, ending when you have accepted the fee. The original (un-rebalanced) amount will be credited minus the 20% (+ any daily) fees.