Victor Ugochukwu · Dec 14, 2020 . 5min read
AmpleSense DAO goes live with liquidity mining challenge to help grow Ampleforth’s ecosystem
AmpleSense DAO’s liquidity mining kGeyser program enables participants to vote on proposals with kiloAmple tokens (kMPL)
By Victor Ugochukwu · Oct 15, 2020 . 6min read
Community-led Ampleforth’s DAO dubbed AmpleSense has gone live with a liquidity mining challenge that unlocks DAO’s kiloAmple earnings for participants.
To start with, Ampleforth is the first among DeFi projects that introduced and popularized the elastic supply concept which decided to expand its ecosystem by floating a DAO managed from the core team. AmpleSense, therefore, is to help accelerate the development of the Ampleforth ecosystem. Specifically, it aims to broaden the use cases for the AMPL token, which includes commerce, lending, etc.
In addition to that, AmpleSense DAO’s liquidity mining kGeyser program enables participants to vote on proposals with kiloAmple tokens (kMPL). With a 50,000 total supply, the community will get 91% of kMPL through liquidity mining through the Zeus and Apollo. As well as that, the community will draw earnings from the DAO’s Treasury. AmpleSense DAO has structured kGeyser challenge in a special way. Zeus and Apollo will be launched after the community works together to unlock four achievements. These are:
- Twitter promotion by retweeting or liking the kGeyser Challenge announcement tweet.
- Joining the Community Hub
- Generating community points by joining and participating in the DAO’s Community Hub
- Earning the Educated Amplifier Badge. And to get this badge, members must read the Ampleforth Redbook and read and understand the DAO’s governance documentation. After these, they will have to pass some quiz questions.
Why is the AmpleSense DAO kGeyser Challenge important?
Undoubtedly, Ampleforth is an innovation in the circulating supply concept of cryptocurrencies. Particularly, it’s the first project to introduce the elastic supply in cryptocurrencies. It does this by implementing a “countercyclical” economic policy. Simply put, when demand for AMPL increases, the supply of the tokens also increases to offset any price changes. Besides, this helps to decouple it from the volatility of other established cryptocurrencies like Bitcoin and Ethereum.
However, interesting this concept is, not everyone really understands this concept. Clearly, the kGeyser Challenge through AmpleSense DAO helps to makes Ampleforth’s underlying concept understandable to many. Moreso, as a way to ignite community participation in every DAO.
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