HomeCoinsAmpleforth (AMPL)A New Era for Rebasing: Coinbase Now Supports Wrapped AMPL (wAMPL) |...

A New Era for Rebasing: Coinbase Now Supports Wrapped AMPL (wAMPL) | by Ampleforth | Jun, 2022

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Today marks an exciting milestone, not only for Ampleforth but for the entire rebasing market. For the first time, Coinbase, one of the world’s largest, most well-known and secure cryptocurrency exchanges, supports a rebasing token. Wrapped AMPL, wAMPL for short, is now available on Coinbase.

Just as the Ampleforth protocol introduced the basing concept in the form of the AMPL token, wAMPL marks another watershed moment for massively increasing the accessibility of rebasing tokens. Rebasing tokens, which already have a collective market cap of more than $1 billion, are only just now matriculating on the radars of most cryptocurrency enthusiasts.

Due in large part to the elastic supply model that Ampleforth pioneered, rebasing tokens have gained popularity as an asset class. Algorithmically translating price volatility to the supply side can be a powerful hedge against more volatile assets.

The Next Step for the Ampleforth Ecosystem

Rebasing is a key step on a broader journey. Rebasing tokens are increasingly being considered for use as reserve collateral for decentralized assets. Now that wAMPL is broadly accessible, Ampleforth itself will soon release an AMPL-backed digital cash called SPOT. (Lots) more coming on this front soon, so stay tuned.

wAMPL 101

To date, rebasing tokens have been difficult for centralized exchanges to integrate and support. This is due in large part to rebasing tokens’ automatic supply change policies. Thanks to wAMPL’s wrapped nature, these historical concerns have been rendered moot. wAMPL is based on a series of open source contracts, termed “wrappers,” that abstract much of the integration process, allowing the token to be easily and securely integrated into centralized exchanges like Coinbase.

Wrapped AMPL is a token that wraps AMPL, similar to how wrapped ETH (wETH) or wrapped Bitcoin (wBTC) work with Ethereum and Bitcoin, respectively. It’s fully redeemable for AMPL. A key distinction about wAMPL: unlike AMPL, it has a fixed supply. It does not rebase, and maintains a floating price. This makes integrations on both centralized and decentralized platforms simpler by removing the need for rebasing calculations across platforms. wAMPL, like the rest of the Ampleforth ecosystem, will be governed by the FORTH DAO.

wAMPL also includes an “unbutton” wrapper, built in conjunction with the team at prl.one. With the unbutton wrapper, any rebasing token can be converted into a non-rebasing version, theoretically enabling it to be more integrated with major CEXes with no additional development effort needed.

This is just the beginning for rebasing, and a watershed moment in what can become one of the defining trends for cryptocurrency in 2022 and beyond. Coinbase upholds the highest of security standards for all projects it supports, and applied a rigorous diligence process to wAMPL.

Interested users can buy wAMPL on Coinbase.

To learn more about the Ampleforth protocol, which supports AMPL, aAMPL and FORTH as well, visit ampleforth.org



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