Ampleforth to break into DeFi with Compound integration
Ampleforth and Compound
Ampleforth is thrilled to announce a new partnership with Compound Finance, which will assist Ampleforth in developing cAMPL, an interest-bearing version of AMPL tokens. This will increase the liquidity options for AMPLs and put them ‘to work’ in a decentralized fashion, giving AMPL investors the added ability to borrow supported assets from Compound. After developing the integration, Compound users will have the opportunity to approve AMPL as a supported asset in the next community vote.
Ampleforth is a new digital asset with an elastic supply policy and its partnership with Compound demonstrates Ampleforth’s progress towards achieving its goal of being a decentralized and politically-independent alternative to central bank money. At the same time, this planned integration will allow users to take even more advantage of AMPL’s unique ability to diversify digital asset portfolios by providing more financial service tools and options — another step towards bridging the service gap that traditional financial services users enjoy.
What is Compound?
Compound is a money market protocol that allows users to borrow and earn interest on Ethereum assets without a counterparty or peer. It is the largest trustless lending platform on Ethereum with $50M+ of assets earning interest. Compound’s ultimate objective is to enable any type of user — individual, hedge fund or application — to earn interest or borrow tokens while maintaining instant liquidity. AMPLs will be integrated into the Compound protocol by creating a new cToken — upon integration, users will be able to utilize AMPLs as collateral to borrow other assets, and AMPLs will become interest-bearing — giving sophisticated users and traders new tools to profit from market dynamics.
Both Ampleforth and Compound are dedicated to creating decentralized, efficient and fair monetary tools.
“Compound will catalyze our distribution,” said Richy Qiao, Chief Business Officer of Ampleforth. “We’re aligned with bringing more financial diversity into the decentralized financial space. With a rapidly digitizing economy, and an estimated $256 trillion in global assets still untapped, DeFi is one of the most underserved segments in our economy. Ampleforth and Compound is breaking ground on making it more accessible and valuable, adding much needed liquidity to the market.”
Robert Leshner, CEO of Compound Finance notes, “Compound is an economic experiment — and we applaud the teams building similarly unique assets on top of Ethereum. We look forward to assisting the Ampleforth team as they write a cToken contract, which will ‘upgrade’ AMPLs with new capabilities.”
More About Ampleforth
Ampleforth is a digital asset protocol for smart commodity-money funded by Brian Armstrong, True Ventures, Pantera Capital, FBG and Slow Ventures. For more information, please visit www.ampleforth.org or follow our Twitter or Telegram for the latest news and updates.
More About Compound
Compound is an Ethereum protocol that establishes money markets with algorithmically set interest rates. Users and dApps are able to earn interest on Ether and tokens, and borrow Ether and tokens to invest, use, or short-sell. For more information, visit compound.finance or join them on Discord or Twitter.