Meter proposes a token exchange between $MTRG and $AMPL to facilitate cooperation between the two parties.
OTC transaction amount: (not exceeding $100,000 in total), no premium transactions
Meter project parties contribute up to $50,000 MTRG
AMPL project parties contribute up to $50,000 AMPL
Token price calculation: Due to the huge volatility of cryptocurrencies, the price of MTRG and AMPL will be calculated based on the market price at the time the proposal is adopted
Meter is a high-performance infrastructure that allows smart contracts to interoperate on different blockchains. Meter’s mainnet uses HotStuff consensus and is secured by over 110 verified nodes (scalable to thousands) from the community. It is one of the most decentralized and highest performing ethereum sidechains.
AMPL is the first rebasing currency and a key DeFi building block for denominating stable contracts. The AMPL protocol adjusts total supply daily based on market conditions, transferring volatility from price to supply. AMPL’s elastic supply policy does not rely on traditional banks or lenders of last resort, unlike stablecoin models. Because of this unique approach, AMPL can be used as a unit of account for smart contracts in a manner that’s not possible with other cryptocurrencies.
Purpose of Token Exchange
1. Significance at the project governance level.
For AmplForth: Meter team, as a team with certain expertise in cross-chain protocols, has the ability to give AmplForth team more advice and help in cross-chain, and when AmplForth has some suggestions and actions in cross-chain, Meter team will give professional advice and help.
For Meter: AmplForth is part of Meter’s ecology, Meter and AmplForth itself is a community of interest, so Meter team should hold a part of Forth tokens and become an integral part of AmplForth community.
Future plans for cooperation
Meter will launch AMPL-MTRG flow pool and AMPL-BUSD flow pool on VoltSwap (Meter’s official launch Dex project), while Meter will officially give AMPL to these two flow pools as mining rewards (the current flow pool establishment has been voted by Meter community: https://snapshot.org /#/meter-mainnet.eth/proposal/QmR4CFbSRZN3tBSTLCQVJym4wbKMBUpKgVouuubXcC3Py3)
AmplForth will use the MTRG tokens held to pledge in the Meter wallet, and the revenue earned by users covers the AmplForth team’s fees on the Meter chain (mainly the fees incurred by the AMPL protocol for controlling multi-chain tokens through Meter).
Diversification of vaults on both sides
Both Meter and AmplForth are excellent teams, but as our respective ecosystems grow, we both increasingly need to further strengthen our partnerships with additional financial incentives and better secure our project partners by diversifying our tokens against market risk.
Partnership History | Meter and AmplForth
Meter and AmplForth are close partners. In June of this year, Ampleforth became one of the first projects to launch on Meter Passport, Meter’s official cross-chain bridge. The partnership allows Ampleforth to not only transfer AMPL tokens across chains, but also to control the multi-chain token variant base and total circulation via a master smart contract on Ether. (More details can be found in the article: Ampleforth is live on Meter Passport with Inter-Blockchain Communications!
Since Amplforth’s token price fluctuates frequently and therefore requires almost daily base change operations, the partnership has greatly advanced the AmplForth project and allowed for more decentralized, rather than human-controlled, manipulation of the multi-chain tokens.
AMPL tokens rebase over the last 120 days, source: DuneAnalytics
The entry of AmplForth project into Meter ecology has greatly enhanced the richness of Meter ecology and become the first project in the field of algorithmic stablecoin in Meter ecology.