I believe this request is the greater good and sustainability of an essential sector of the Ampleforth project. I've seen the good works and dedications of all members forming this sector and I highly commend their diligence.
# One-Time USDC Grant to Fund Amplifiers Program
Requesting a one-time $350K USDC grant to fund a dedicated 5-person Core Unit (Zacharias, Bhau, Guzman, JAM, Nestor) and incentivize top contributors in the Amplifiers Program for 12 months. 
This will sustain and grow Ampleforth's community, boost governance participation, expand integrations, and deliver clear, accountable results aimed at driving long-term ecosystem value and high ROI.
Action: Send 350K USDC to 0x57981B1EaFe4b18EC97f8B10859B40207b364662
# Separate Positive and Negative Curves and their Parameters
This proposal introduces an update to the rebase curve logic that enables separate responsiveness parameters for positive and negative rebases. It also proposes restoring the deviation threshold to 5%, reversing the reduction to 2.5% introduced in Proposal #32.
The proposed update, implemented in PR #297, allows independent control over the steepness of the positive and negative sigmoid curves—unlocking more balanced and purposeful rebase behavior.
# Compensate Bill Broker LPs for Impermanent Loss During Fee Curve Transition
Please see [Discourse discussion](https://forum.ampleforth.org/t/proposal-to-compensate-bill-broker-lps-for-impermanent-loss-during-fee-curve-transition "Discourse discussion") for background.
# Spot v5.0
This is a proposal to upgrade the Spot contracts with the following functional improvements. See Discourse thread for details and configuration.
1. Decouple Enrichment/Debasement from Rotations
2. DR-based fees
3. Fees Directed to stAMPL holders
4. Pair Minting & Redemption of SPOT/stAMPL
5. Bill Broker Support for Negative Fees
# Seed USDaf Ecosystem Curve LP with DAO Funds
Deploy **$1 million USDC** from the treasury into the **USDaf / USDC / USDT Curve pool** for a **90-day pilot**.
Goal: **(1)** earn ~8-9 % yield on idle assets, **(2)** deepen USDaf liquidity as groundwork for the upcoming ampUSD stablecoin.
If this proposal passes, the **Kennel Club multisig** will receive an allowance to deploy the $1 M USDC **in coordination with Asymmetry Finance's recommendations** into the USDaf/USDC/USDT Curve pool.
Deployment will have a duration of **90 days** from time of execution.
At the end of the 90-day pilot the DAO may:
1. revoke the allowance and exit,
2. let the position roll, or
3. renew / expand the approval for a new term.
# Proposal: Ampli Grant
Ampli Technologies is proposing that the Forth DAO provides the ampli team with a grant of $100.000 in USDC in order to support the development of a consumer facing app enabling users to earn inflation-beating interest rates through DeFi and the Ampleforth and Spot ecosystem.
Please see the discourse URL for full discussion.
# Withdraw and Redeem SPOT liquidity from Billbroker
See forum for full proposal text
**Implementation**
1. Transfer Bill Broker and SPOT notes from the Timelock to Kennel Club multisig
2. Redeem the notes for SPOT & USDC
3. Redeem the SPOT for the underlying tranches
4. Once all tranches have matured, the AMPL and USDC will be sent back to the Timelock address
# Rollover Fee curve update
We propose adjusting the rollover fee parameters to increase the effectiveness of enrichment and debasement. Detailed explanation in the forum thread.
# FORTH Allocation for Liquidity Provisioning (2025)
# Description
Proposal to authorize the transfer of 800,000 FORTH from the DAO’s treasury in the form of a loan over 12 months.
# Specification
Ampleforth Foundation will work with market making partners to:
* Provide liquid markets across major centralized exchanges.
* Proactively guide discussions and support listings of FORTH on key exchanges
* Borrowed FORTH will be used exclusively for liquidity provision purposes. No farming, lending etc.
Ampleforth Foundation is requesting approval for a 12-month loan of 800,000 FORTH from the DAO’s treasury for liquidity provision services.
**Repayment Option:**
The Foundation agrees to return the full 800,000 FORTH loan amount to the DAO’s treasury at the end of the 12-month contract period OR exercise the repayment options below. The repayment options allows the purchase of the full 800,000 FORTH loan amount on the respective option expiry date at strike prices specified below.
* 400,000 FORTH at strike price at 120% of ATM
* 200,000 FORTH at strike price of 140% of ATM
* 200,000 FORTH at strike price of 180% of ATM
This represents a weighted average strike of 140% ATM.
The ATM price will be a 5 day TWAP starting on the date of receipt of the loan tokens, and the commencement date will be the final day of the TWAP.
Should the foundation choose to exercise its repayment option, the loan balance will be returned to the Ampleforth DAO treasury in the form of BTC, ETH or USDC assuming a USDC price of $1, and using BTC or ETH CoinGecko price at 23:59:59 UTC on the expiration date of the agreement.
# Implementation
The conclusion of [the previous agreement](https://forum.ampleforth.org/t/forth-allocation-for-liquidity-provisioning/725/1) resulted in the DAO being owned 200,000 FORTH. Should this proposal succeed, the DAO would only need to send 600,000 FORTH. In either case, it would still receive the full USDC amount owed from the previous aggrement.
If approved by governance, 600,000 FORTH will be sent from the DAO’s treasury to address:
* eth:0xc3a947372191453Dd9dB02B0852d378dCCBDf271
# Reduce Flash Mint Fee to .5% and Flash Redeem Fee to 5%
Proposal to reduce Flash Mint fee from 2.5% to 0.5% and Flash Redeem fee from 10% to 5%. The goal being to increase SPOT supply efficiency and increase overall system adaptability.
# Authorize Funds for Bootstrap Liquidity Program
**Background**
Bootstrap is meant to kickstart a liquidity landscape that grows SPOT and makes it more valuable for users and ecosystem projects like [Asymmetry Finance](https://www.asymmetry.finance/) and others. Bootstrap is separate from the geyser program and is intended to create a burst of energy that can quickly grow the project to the next level of sustainable use cases.
I propose to authorize the use of 4.167M AMPL to help fund [project bootstrap](https://www.spot.cash/staking/).
**Execution**
If this proposal passes, it would set an allowance for the Kennel Club multisig to deploy assets from the DAO Treasury.
* Assets would be deployed within a timeframe of 6 months from proposal execution.
* At the end of 6 months the Forth DAO has the option of ending the token approvals, letting it stand, or increasing the approvals once more.
**Summary**
Bootstrap is being kickstarted by the Ampleforth Foundation, and this AMPL allocation would help supplement the program. 4.167M AMPL accounts for roughly half of $10M of planned incentives.
# Deploy unused DAO AMPL into Rotation Vault
Allocate up to 5.5M AMPL for stAMPL position. Either by depositing into the vault or exchanging for stAMPL 1 for 1 with respect to the underlying AMPL. Deposits are subject to the following conditions:
* DAO will only deposit when the DR \< 0.95. This gives a (slight) opportunity for new entrants to come in first.
* DAO will not cause the DR to exceed 1.0 from its deposits
# Geyser Refresh for Q1 2025
The current round of geysers is ending, let's look toward the next.
# Bill Broker
We should first recognizing how well the Bill Broker is serving its LPs. It's currently showing a 75% [unincentivized APY](https://app.spot.cash/broker), followed by a 13.5% APY from geyser incentives. This organic APY is especially impressive given that it's on a stable pairing that is already greatly shielded from IL.
While we can't necessarily expect this APY to stay this high forever, since we've been able to extract this data it has stayed over 40%. Comparable projects have grown much larger with much smaller yields.
In order to have an impact on future LPs, the DAO would have to compete with an already very high organic APY. As such, I believe the SPOT/USDC pairing on the Bill Broker does not require any more incentives from the DAO, and the reward assets would be more productively used toward other uses.
# stAMPL
There have been many requests from the community for single sided staking options in the geyser. Depositors in the stAMPL vault take on the highest volatility, and as such I believe now would be the right time to launch a geyser for this platform for this critical group of users.
# Poolside
Following discussion in the forum, the DAO's poolside funds will be migrated to Bill Broker and WAMPL/WETH liquidity. ETH and USDC will be transferred from the Timelock to support.
# Treasury Spotlight
Below is a snapshot of DAO controlled assets, as of December 11th, 2024. Please note that all data below is summarized in a best effort form, from publicly available sources onchain.
| DAO Assets | Balance | Value |
| ---------- | ------------: | -------------: |
| AMPL | 18,894,929.60 | $24,941,307.07 |
| WAMPL | 7,496.17 | $203,671.04 |
| FORTH | 2,575,904.35 | $13,703,811.16 |
| SPOT | 8,013.81 | $11,299.47 |
| USDC | 5,338.79 | $5,338.79 |
| ETH | 4.19 | $16,082.52 |
| WETH | 1.75 | $6,743.94 |
| GRT | 47,500.10 | $13,436.26 |
| Total | | $38,901,690.25 |
| Liquidity Positions | Balance | Value |
| ------------------------ | -----------------: | -------------: |
| ETH/AMPL UniV2 | 0.07746149151 | $2,186,741.91 |
| SPOT/AMPL Poolside | 0.0000280312168 | $298,331.14 |
| Bill Broker (SPOT/USDC) | 433,597,593,092.88 | $574,176.77 |
| stAMPL | 144.5633359 | $1,182,060.213 |
| WETH/WAMPL UniV3 (Charm) | 45,052.93 | $2,204,081.324 |
| FORTH/WETH UniV3 (Charm) | 100,000.00 | $724,040 |
| Total | | $7,169,431.35 |
# Inflows From Managed Vaults
| Asset | Amount | Value |
| ----- | ---------------------- | ----------- |
| WETH | 1.751617211501443382 | $6,743.94 |
| WAMPL | 296.871042247507812327 | $8,065.99 |
| USDC | 3,006.82 | $3,006.82 |
| SPOT | 4,685.11722351 | $6,606.015 |
| Total | | $24,422.765 |
# Proposed Configuration
Note the proposed period of 6 months is longer than the previous 4 month rounds
| Geyser | Platform | Pair | Chain | Period | FORTH Amount |
| --------- | ---------------- | ---------- | -------- | -------: | -----------: |
| Crystal | Charm Uniswap v3 | WETH/WAMPL | Ethereum | 6 months | 37,500 FORTH |
| Riverside | Rotation Vault | stAMPL | Ethereum | 6 months | 37,500 FORTH |
| Total | | | | | 75,000 FORTH |
# Move Spot mint/redeem fees into flash mint/redeem fees
For full background, see the forum proposal thread linked below.
The proposed changes are:
| **Fee** | **Old** | **New** |
| --------------- | :----------- | ------- |
| SPOT Mint | 1% | 0% |
| SPOT Burn | 1% | 0% |
| SPOT Flash Mint | 4% | 2.5% |
| SPOT Flash Burn | 4% | 10% |
Full docs on system configuration and fees can be found in the [Spot docs](https://docs.spot.cash/spot-documentation/spot-documentation/about-spot-configurations#fees).
# Geyser Refresh for Q3 20204
Ref: [https://forum.ampleforth.org/t/geyser-refresh-for-q3-2024/770](https://forum.ampleforth.org/t/geyser-refresh-for-q3-2024/770)
1\) Transferring 55,000 FORTH to Kennal club to fund new round of geysers.
2\) Transferring 50% of the AMPL-ETH uniswap LP position to be unwound and deployed into charm.
# Increase growth rate of rebase curve and adjust deviation threshold
# [](#p-2071-summary-1)Summary
Steepen rebase curve and tighten equilibrium bands to promote faster equilibrium discovery
## [](#p-2071-abstract-2)Abstract
This proposes an update to the growth, upper asymptote, and lower asymptote configuration parameters of the Sigmoid reaction lag function. Additionally, it proposes tightening the equilibrium band within which no rebases occur.
## [](#p-2071-motivation-3)Motivation
The Sigmoid function ([implemented in AIP-5](https://aips.ampleforth.org/AIPs/aip-5)) replaced a linear function with an S-shaped function, allowing for sophisticated supply reaction tuning. However, to ease this transition, AIP-5 kept the steepest segment of the new curve as similar as possible to that of the original linear function. For commentary on the original proposal see: [Rebase curve upgrade proposal](https://forum.ampleforth.org/t/rebase-curve-upgrade-proposal/327)
There is now sufficient reason to believe that a steeper slope would result in a tighter price distribution around the target, and thus better serve AMPL’s unit of account function. Recognizing that the primary source of price discovery and liquidity exists on constant product AMM’s, we can more precisely estimate the supply change required to bring price into equilibrium as:
* *An **X% price deviation** requires an **X% supply adjustment** to restore price equilibrium.*
Moreover, tightening equilibrium bands (ie: the threshold of tolerance within which no rebases occur) would allow the system to adjust granularly according to smaller changes in demand rather than waiting until price is 5% away from its target to take effect, causing AMPL To spend more time at its precise target.
## [](#p-2071-specification-4)Specification
Recall that the sigmoid function curve is defined by:
* F(x) : fraction of supply added or removed (supply change %)
* x : normalized price deviation
It has shaping parameters that determine: lower asymptote, upper asymptote, and the steepness of the curve (ie: growth rate).
* l = lower asymptote
* u = upper asymptote
* g = growth rate
## [](#p-2071-proposed-parameter-values-5)Proposed Parameter Values
This update proposes changing the parameter values to:
* l = -0.077
* u = 0.05
* g = 45
The resulting reaction lag curve looks as follows:
The red line, pictured above, represents a linear curve that would offset an X% price deviation with an X% supply change.
The proposed parameter changes produce a sigmoid curve that closely resembles the slope of the red line near the origin, but asymptotes horizontally at a max supply change of +5% above and -7.7% below AMPL’s price target.
This update also proposes changing the deviation ratio values:
* deviation\_ratio = 0.025
## [](#p-2071-conclusion-6)Conclusion
The Ampleforth protocol’s rebase reaction curve will keep its existing structure, but will more quickly and precisely adjust supply in response to demand, such that AMPL spends a maximum amount of time near its target.
# Set validity time of the PCE Oracle data to 3 months
Following up on [https://www.tally.xyz/gov/ampleforth/proposal/30.](https://www.tally.xyz/gov/ampleforth/proposal/30.) This proposal sets the validity value of PCE Oracle data to 3 months. This would allow the older of the stored two reports to valid until the newer one has had 28 days to mature and also allows for one extra month of validity in the case there are any data source delays with PCE data source from the Bureau of Economic Analysis (BEA)
# Increase security delay for PCE Oracle from one day to 4 weeks
ref:https://forum.ampleforth.org/t/proposal-to-increase-security-delay-for-pce-cpi-oracle-from-one-day-to-4-weeks/
# AAVE AMPL liquidity shortfall recourse distribution
* This distribution uses same ratios as [AAVE's distributions](https://app.aave.com/governance/v3/proposal/?proposalId=93)
* The distributed tokens are WAMPL tokens
* Amounts with less than 5 AMPL equivelant based on total supply on 2024/8/8 are truncated and distributed to the rest. 
* [Distribution list](https://docs.google.com/spreadsheets/d/e/2PACX-1vSTFsUKqabvgH9SohFPJWs6tWXeNfmgpHdqyf0bm2yxyV8zkPtHLT8pSXwP6ZwUj7uWtWa4cgHi7xYm/pubhtml?gid=883024925)
This proposal mints 4021 WAMPL and approves them to the Kennel Club multisig to create the distribution campaign via [https://app.merkl.xyz/](https://app.merkl.xyz/) including 20WAMPL in fees for the merkl platform
# Proposal to setup protocol owned SPOT - USDC liquidity on Bill Broker
ref: <https://forum.ampleforth.org/t/proposal-to-setup-protocol-owned-spot-usdc-liquidity-on-bill-broker/760>
# Geyser Refresh for Q2 2024
# Ecosystem State
The proposal to begin rollout of Spot v2 [is live](https://forum.ampleforth.org/t/proposal-initiate-rollout-of-spot-v2) and so far showing solid support. This is a natural time to reexamine the structure of SPOT liquidity so we can ensure it's serving the needs of the market and protocol.
@Togenkyo suggested [here](https://forum.ampleforth.org/t/adjust-liquidity-range-of-the-spot-usdc-arrakis-vault) that the bands of the SPOT Arrakis vault are due to be updated. When the vault was first launched in January of 2023, the bands were set such that the AMPL price target was at the lower end. Now, the price target has approached nearly the top bound.
Demand for SPOT leading up to the rollout has exceeded these concentrated bands and, while the price has shown a remarkable ability to come down again towards the target, better liquidity provisioning could have reduced some of the unnecessary intermediary price action.
Another factor is that, provided the v2 rollout executes, we may [expect more short term volatility](https://blog.ampleforth.org/how-spot-v2-makes-arbitrage-more-efficient-4b5c13acaa95) of SPOT as the markets develop. So we should generally prefer wider bands in the near term, on top of moving them upwards.
Given the simplicity of the Arrakis v1 vault system, the best way to update bands is to migrate to a new vault. If so, this is also an opportunity to leverage [new v2 architecture](https://resources.arrakis.fi/arrakis-v2-protocol/introduction) from Arrakis that can be more dynamic in its liquidity management. This could simultaneously increase LP efficiency (leading to more fees) and decrease the need for future migrations.
The DAO could consider future programs on satellite networks, such as Base. But it's likely prudent to first ensure a healthy SPOT v2 ecosystem on Ethereum L1, before complicating the market and arbitrage structure with additional platforms. However, since these are open markets, anyone who would like to participate on the Base platform in the meantime can absolutely move forward as they desire. There is already $267k of SPOT liquidity on Aerodrome, and $557k of WAMPL liquidity on Base Uniswap v3.
# DAO Owned Liquidity
The FORTH PALM Vault ([dashboard](https://dashboard.arrakis.finance/?network=ethereum\&vault=0xe2cbdbc298d884a2ded6b554702f514ed3364264)) has been [highly successful](https://forum.ampleforth.org/t/proposal-use-arrakis-palm-for-deepening-dao-owned-liquidity/641/12) in delivering on the DAO's goals of bootstrapping liquidity. The performance of the vault is +21% vs hodling. This performance is something we can double down on, by allocating more FORTH tokens to what is already in the vault.
The DAO currently owns ~$1M in [FORTH/ETH liquidity](https://dashboard.arrakis.finance/?network=ethereum\&vault=0xe2cbdbc298d884a2ded6b554702f514ed3364264), and ~$3.5M in [AMPL/ETH liquidity](https://etherscan.io/token/0xc5be99a02c6857f9eac67bbce58df5572498f40c?a=0x223592a191ecfc7fdc38a9256c3bd96e771539a9). Additionally, the $500k USDC position can be used for future SPOT liquidity, if the DAO mints enough SPOT tokens to match.
# Proposed Configuration
| Geyser | Platform | Pair | Chain | FORTH Amount |
| ----------------- | ---------- | --------- | -------- | -----------: |
| Beehive v7 | Uniswap v2 | ETH/AMPL | Ethereum | 25,000 FORTH |
| Fly v2 (Superfly) | Uniswap v3 | SPOT/USDC | Ethereum | 35,000 FORTH |
| Total | | | | 60,000 FORTH |
Proposed allocation to PALM liquidity: 700K FORTH, which would bring the vault back to the 90:10 FORTH:ETH ratio it started with.
# FORTH Allocation for Liquidity Provisioning
# Description
The Ampleforth Foundation would like to put forward a FORTH liquidity provisioning proposal to the Forth DAO community. Specifically, this would authorize the transfer of 800,000 FORTH from the DAO’s treasury in the form of a loan over 12 months.
# Specification
Ampleforth Foundation will work with market making partners to:
* Provide liquid markets across major centralized exchanges.
* Proactively guide discussions and support listings of FORTH on key exchanges
* Borrowed FORTH will be used exclusively for liquidity provision purposes. No farming, lending etc.
Ampleforth Foundation is requesting approval for a 12-month loan of 800,000 FORTH from the DAO’s treasury for liquidity provision services.
**Repayment Option:**
The Foundation agrees to return the full 800,000 FORTH loan amount to the DAO’s treasury at the end of the 12-month contract period OR exercise the repayment option below. The repayment option allows the purchase of the full 800,000 FORTH loan amount on the respective option expiry date at a strike price specified below.
The Strike Price: $4.24723
Maturity Date: Jan 30th, 2025
Should the foundation choose to exercise its repayment option, the loan balance will be returned to the Ampleforth DAO treasury in the form of BTC, ETH or USDC assuming a USDC price of $1, and using BTC or ETH CoinGecko price at 23:59:59 UTC on the expiration date of the agreement.
# Implementation
If approved by governance, 800,000 FORTH will be sent from the DAO’s treasury to address:
* eth:0xc3a947372191453Dd9dB02B0852d378dCCBDf271
# Geyser Refresh for Q4 2023
[Governance Forum Discussion](https://forum.ampleforth.org/t/geyser-refresh-for-q4-2023 "Governance Forum Discussion")
# Ecosystem State
SPOT is closing in on it’s 1 year anniversary next month. It’s so far shown resilience through a fairly protracted down market period. The Spot Rotation Vault (aka stAMPL) was [launched 3 months ago 1](https://blog.ampleforth.org/the-spot-rotation-vault-4f1e9e7d408b) and in that short time has already amassed [6.5% of the AMPL network](https://app.spot.cash/vault).
AMPL has seen some growth lately seemingly connected to awareness and trust around SPOT. This is suggested by the strong demand for AMPL staking in the vault and also increasing sophistication in activity in community channels. More people seem to show an understanding of the SPOT system, how it works, and the benefits it brings compared to alternative systems.
The [FORTH/WETH PALM vault](https://dune.com/arrakis_finance/palm-mainnet?vault_tf7a34=0xe2cbdbc298d884a2ded6b554702f514ed3364264\&vaultName_e48fe2=selection+by+address\&vaultName_ea83cf=FORTH-WETH+%28Ethereum%29) is making good use of the market volatility and is showing some life. It’s earned $19K in fees and now owns 65.5 ETH in external assets. The value is up 8% vs holding the assets outside the vault.
The DAO still owns $1M of AMPL/ETH liquidity on Uniswap v2. Average volume [has been in the few $100k per day](https://v2.info.uniswap.org/pair/0xc5be99a02c6857f9eac67bbce58df5572498f40c), which is a healthy source of income.
The [SPOT/USDC Arrakis vault](https://beta.arrakis.finance/vaults/0xdf367477c5e596af88e8797c3cde8e28854cb79c?name=spot\&sortDirection=desc\&sort=tvl) is earning 1.58% APR from organic fees, all while 77% of the assets are already inflation resistant, which would mean ~5% already vs the dollar.
A new version of the rotation vault is in development, with some features that could help make market making operations for SPOT more efficient, and earn more fees for vault depositors simultaneously.
But, there is still a lot of work needed to grow SPOT. For SPOT to succeed, I believe we still need more people to treat it as a real and lasting store of value. Higher supportable supply, higher holders of SPOT or SPOT liquidity, more efficient market arbitrage, and perhaps new things to do with SPOT, could help bring SPOT to the next level.
# Proposed Configuration
I propose keeping largely the same configuration as last time with more weight to encouraging SPOT supply and liquidity.
The rotation vault has shown strong demand so far. We should closely watch the behavior of vault stakers during any possible market reversal.
The Forth DAO [Treasury](https://etherscan.io/address/0x223592a191ecfc7fdc38a9256c3bd96e771539a9) owns 3,665,664 FORTH directly and 134,595 FORTH in the [Arrakis PALM Vault](https://dune.com/arrakis_finance/palm-mainnet?vaultName_e48fe2=selection+by+address\&vault_tf7a34=0xe2cbdbc298d884a2ded6b554702f514ed3364264)
Proposed Configuration:
Geyser Platform Pair Chain FORTH Amount
Beehive v5 Uniswap v2 ETH/AMPL Ethereum 25,000 FORTH
Fly Uniswap v3 SPOT/USDC Ethereum 25,000 FORTH
Total 50,000 FORTH
# Capitalize the DAO with 500K USDC by purchasing FORTH at market price
[Governance Forum Discussion](https://forum.ampleforth.org/t/proposal-capitalize-the-dao-with-500k-usdc-by-purchasing-forth-at-market-price "Governance Forum Discussion")
The Forth DAO is currently in possession of several tokens but is deficient in USDC [Ampleforth Dashboard](https://www.ampleforth.org/dashboard/dao). This proposal requests to capitalize the DAO with 500K USDC by purchasing FORTH at market price.
To price the FORTH we’ll take the 7-day simple moving average price from TradingView looking back from the time of this submission ($3.331 / FORTH).
This USDC can be used by the DAO for many things including DAO-owned forever liquidity.
# Generalize CPI Oracle & Correct for BEA data revision
[Governance Forum Discussion](https://forum.ampleforth.org/t/proposal-to-generalize-cpi-oracle-correct-for-bea-data-revision/)
# Background
The Ampleforth protocol produces AMPL, a decentralized and durable digital currency, much like Bitcoin, but with a Unit of Account. AMPL's unit is designed to be long-term stable, independent even of the movement of fiat currencies.
To calculate the AMPL price target denominated in dollars, the protocol Policy contract consumes the [Personal Consumption Expenditures](https://www.bea.gov/data/personal-consumption-expenditures-price-index)(PCE) as a measure of prices paid by consumers. There is no particular tie to the PCE as a data source specifically. Meaning, there is no “peg” to CPI, inflation, or PCE. PCE is simply used as one measuring stick to ensure constant unit value of AMPL through time.
When AMPL was launched in July of 2019, the PCE value was 109.195. Later PCE values are compared against this base value to produce a % price inflation since inception. For example:
> Last month, a PCE value of 127.177 produced a price target of (127.177 / 109.195) = $1.16
You can view the history of the price feed and protocol operation on the [Ampleforth dashboard](https://www.ampleforth.org/dashboard).
# The BEA & Data Revision
PCE data is produced by the Bureau of Economic Analysis and updated monthly. One important aspect of the BEA is **it may sometimes revise previously published data**. We have seen a number of these revisions over time, but so far they've been small and over relatively recent data periods. However, last month there was a comprehensive revision going back to before the Ampleforth protocol was launched 4 years ago.
In addition to any other data changes, all values over this time span were *scaled down*:
> The PCE in July 2019 when AMPL launched was 109.195
> The recorded PCE for July 2019 today is now 103.422
This means that the protocol is calculating a price target of (120.550 / 109.195) = $1.10
rather than the more correct (120.550 / 103.422) = $1.16
# Proposed Changes
1) Remove the [baseCpi](https://github.com/ampleforth/ampleforth-contracts/blob/113254b4f6f6f69910c73654ac84eb796cb5857e/contracts/UFragmentsPolicy.sol#L50) constant from the Ampleforth Policy Contract
2) Add a more generalized scaling factor into the CPI oracle Medianizer, and have this be configurable through governance
Essentially, the Policy should not be concerned with how data sources change or evolve. The policy contract will simply consume the dollar-denominated price target directly. These CPI formatting details are better encapsulated within the CPI oracle itself, which is further on the protocol's periphery. This lets us more easily enshrine the core Policy contract behavior going forward by insulating it from future oracle changes.
3) Update the new scaling factor to be inline with the revised data
4) Continue exploring alternative data sources which do not revise past data. This removes the potential impacts of future revisions and reduces the need for governance intervention.
# Implementation
- [Code Changes](https://github.com/ampleforth/ampleforth-contracts/compare/06567ad34d99304cb2a34ff07592dd6dc9e08d6e...v1.3)
- CPI Medianizer Deployment: [0x2A18bfb505b49AED12F19F271cC1183F98ff4f71](https://etherscan.io/address/0x2A18bfb505b49AED12F19F271cC1183F98ff4f71)
- Policy Implementation Deployment: [0x2C628463de226433820DD479Be27360Deb4592d1](https://etherscan.io/address/0x2c628463de226433820dd479be27360deb4592d1)
Will devalue FORTH, should be putting measures in place to protect Governance holders. Or creating a FORTH geyser to reward holders with Forth/gov revenue .
# Proposal to Seed Liquidity for AMPL-SPOT Pair on Button Swap
# TLDR: Use the FORTH DAO treasury to seed an AMPL-SPOT pool on Button Swap with 25,000 SPOT and 25,000 AMPL.
Proposal Actions: Transfer 150,000 AMPL out of the treasury to the community Kennel Club multisig at: eth:0x57981B1EaFe4b18EC97f8B10859B40207b364662
In order to seed 25,000 AMPL and 25,000 SPOT, you need 25,000 AMPL + (4x) 25,000 AMPL for the SPOT mint. Whatever is left over from the 150,000 will be sent back to the DAO.
After receiving support on the forum post and receiving 100% ‘For’ votes on Signal, we now seek approval on Tally to deploy funds on Button Swap.
Note: Since the initial discussion and proposal, Button Swap has rebranded to Poolside.
## Proposal
This proposal aligns our shared goals: to increase the utility and liquidity of SPOT, and to support the early growth of Button Swap, a new AMM for rebasing assets.
DAOs generally have two big problems:
1. How to diversify its treasury without putting downward pressure on its own token.
2. How to put its treasury assets to work and earn.
Providing liquidity on Swap solves the latter as FORTH DAO would earn fees from Swaps.
### Ampleforth x Buttonwood
As detailed in the forum, Buttonwood has had close ties with the Ampleforth team for years.
# LPs Earn More on Button Swap vs. Other AMMs
Through our involvement with AMPL and rebasing assets, we found and created a better solution for AMPL liquidity providers (LPs).
On other automated market makers (AMMs), rebasing alters the marginal price. This creates several problems:
- For positive rebases, existing AMMs think the asset is getting cheaper.
- For negative rebases, more expensive.
- As a result, traders arbitrage tokens from the pool that would otherwise be owned by LPs.
## Button Swap’s Solution
Button Swap doesn’t solve every type of impermanent loss, but it does solve the one described above. The design is similar to Uniswap v2, but introduces a novel innovation, reservoirs:
- Button Swap’s model includes both a liquidity pool and a “reservoir” for each asset.
- Liquidity pools and reservoirs together form a “pair.”
- Liquidity pools are the active liquidity that gives users the swap ratio between two unique tokens.
- Reservoirs hold “excess” tokens, representing inactive liquidity (Note: at least one reservoir is always empty).
With Button Swap, new tokens flow to the reservoir, rather than liquidity pools. This allows the active pool to maintain the marginal price (1 AMPL = 1 SPOT)
Negative rebases follow the same logic. For a 10% negative rebase to AMPL, each pool would hold 90,000, and the reservoir for SPOT would hold 10,000 SPOT.
The net result of our design is more money for LPs. With Button Swap, additional token incentives become lucrative rewards, rather than compensating LPs for predictable losses.
## Benefits of the Proposal
To establish a strong start and incentivize early liquidity providers, we kindly propose that FORTH DAO seed initial liquidity for a new asset pair on Button - Swap: AMPL-SPOT. We think a good starting point would be 25,000 AMPL and 25,000 SPOT.
1. We believe Button Swap has the best design for a AMPL-SPOT pool.
2. The AMPL-SPOT pair does not exist anywhere else.
3. The FORTH DAO already owns both of these assets, and will earn fees from this initiative.
In addition to earning fees on treasury funds, seeding liquidity for the SPOT-AMPL pair is a strategic move that generates additional benefits, including:
1. Enhanced Liquidity: A deep AMPL-SPOT pair will improve price stability and reduce slippage for traders.
2. Mitigated Impermanent Loss: Button Swap’s unique mechanism to handle rebasing events will result in reduced losses for LPs. This feature should attract even more LPs to this pair, thereby further enhancing its depth and stability.
3. Introduces New Market Opportunities: A successful AMPL-SPOT pair opens the door for additional rebasing pairs down the road. Pairs could be denominated in SPOT or AMPL. Button Swap can support two rebasing assets as well, so Lido stETH-AMPL would work nicely as well.
### Other Notes
- Button Swap (now known as Poolside) was audited by StateMind.
# Proposal to Seed Liquidity for AMPL-SPOT Pair on Button Swap
For the full background and discussion, please see the forum post: [https://forum.ampleforth.org/t/proposal-to-seed-liquidity-for-ampl-spot-pair-on-button-swap/684](url)
# TLDR: Use the FORTH DAO treasury to seed an AMPL-SPOT pool on ButtonSwap with 25,000 SPOT and 25,000 AMPL.
Proposal Actions: Transfer 150,000 AMPL out of the treasury to the community Kennel Club multisig at: eth:0x57981B1EaFe4b18EC97f8B10859B40207b364662
In order to seed 25,000 AMPL and 25,000 SPOT, you need 25,000 AMPL + (4x) 25,000 AMPL for the SPOT mint. Whatever is left over from the 150,000 will be sent back to the DAO.
After receiving support on the forum post and receiving 100% ‘For’ votes on Signal, we now seek approval on Tally to deploy funds on Button Swap.
## Proposal
This proposal aligns our shared goals: to increase the utility and liquidity of SPOT, and to support the early growth of Button Swap, a new AMM for rebasing assets.
DAOs generally have two big problems:
1. How to diversify its treasury without putting downward pressure on its own token
2. How to put its treasury assets to work and earn
Providing liquidity on Swap solves the latter as FORTH DAO would earn fees from swaps.
### Ampleforth x Buttonwood
As detailed in the forum, Buttonwood has had close ties with the Ampleforth team for years.
### LPs Earn More on Button Swap vs. Other AMMs
Through our involvement with AMPL and rebasing assets, we found and created a better solution for AMPL liquidity providers (LPs).
On other automated market makers (AMMs), rebasing alters the marginal price. This creates several problems:
- For positive rebases, existing AMMs think the asset is getting cheaper.
- For negative rebases, more expensive.
- As a result, traders arbitrage tokens from the pool that would otherwise be owned by LPs.
## Button Swap’s Solution
Button Swap doesn’t solve every type of impermanent loss, but it does solve the one described above. The design is similar to Uniswap v2, but introduces a novel innovation, reservoirs:
- Button Swap’s model includes both a liquidity pool and a “reservoir” for each asset.
- Liquidity pools and reservoirs together form a “pair.”
- Liquidity pools are the active liquidity that gives users the swap ratio between two unique tokens.
- Reservoirs hold “excess” tokens, representing inactive liquidity (Note: at least one reservoir is always empty).
With Button Swap, new tokens flow to the reservoir, rather than liquidity pools. This allows the active pool to maintain the marginal price (1 AMPL = 1 SPOT).
Negative rebases follow the same logic. For a 10% negative rebase to AMPL, each pool would hold 90,000, and the reservoir for SPOT would hold 10,000 SPOT.
The net result of our design is more money for LPs. With Button Swap, additional token incentives become lucrative rewards, rather than compensating LPs for predictable losses.
## Benefits of the Proposal
To establish a strong start and incentivize early liquidity providers, we kindly propose that FORTH DAO seed initial liquidity for a new asset pair on Button - Swap: AMPL-SPOT. We think a good starting point would be 25,000 AMPL and 25,000 SPOT.
1. We believe Button Swap has the best design for a AMPL-SPOT pool
2. The AMPL-SPOT pair does not exist anywhere else
3. The FORTH DAO already owns both of these assets, and will earn fees from this initiative
In addition to earning fees on treasury funds, seeding liquidity for the SPOT-AMPL pair is a strategic move that generates additional benefits, including:
1. Enhanced Liquidity: A deep AMPL-SPOT pair will improve price stability and reduce slippage for traders.
2. Mitigated Impermanent Loss: Button Swap’s unique mechanism to handle rebasing events will result in reduced losses for LPs. This feature should attract even more LPs to this pair, thereby further enhancing its depth and stability.
3. Introduces New Market Opportunities: A successful AMPL-SPOT pair opens the door for additional rebasing pairs down the road. Pairs could be denominated in SPOT or AMPL. Button Swap can support two rebasing assets as well, so Lido stETH-AMPL would work nicely as well.
### Additional Notes:
Since the initial proposal, Button Swap has rebranded to Poolside. The DEX will shift from app.swap.button.finance to app.poolside.party
The Button Swap protocol was audited by StateMind
# Geyser Refresh for Q3 2023
[Link to Forum Discussion](https://forum.ampleforth.org/t/geyser-refresh-for-q3-2023/688)
[Link to Signal](https://signal.ampleforth.org/#/ampleforthorg.eth/proposal/0xdb30761644bdb32b6d89cb77826aa960d45fe41c4f67c047a0e3e396d183066c)
## Proposed Configuration
If passed, this will fund a 4 month program with the following breakdown:
```
Geyser Platform Pair Platform Amount
Beehive v5 Uniswap v2 ETH/AMPL Ethereum 35,000 FORTH
Fly Uniswap v3 SPOT/USDC Ethereum 15,000 FORTH
Total 50,000 FORTH
```
# Geyser Refresh for Q3 2023
[Link to Forum Discussion](https://forum.ampleforth.org/t/geyser-refresh-for-q3-2023/688/1)
[Link to Signal](https://signal.ampleforth.org/#/ampleforthorg.eth/proposal/0xdb30761644bdb32b6d89cb77826aa960d45fe41c4f67c047a0e3e396d183066c)
# Proposed Configuration
If passed, this will fund a 4 month program with the following breakdown:
```
Geyser Platform Pair Platform Amount
Beehive v5 Uniswap v2 ETH/AMPL Ethereum 35,000 FORTH
Fly Uniswap v3 SPOT/USDC Ethereum 15,000 FORTH
Total 50,000 FORTH
```
# Proposal to Seed Liquidity for AMPL-SPOT Pair on Button Swap
For the full background and discussion, please see the forum post: [https://forum.ampleforth.org/t/proposal-to-seed-liquidity-for-ampl-spot-pair-on-button-swap/684](url)
# TLDR: Use the FORTH DAO treasury to seed an AMPL-SPOT pool on ButtonSwap with 25,000 SPOT and 25,000 AMPL.
Proposal Actions: Transfer 150,000 AMPL out of the treasury to the community Kennel Club multisig at: eth:0x57981B1EaFe4b18EC97f8B10859B40207b364662
In order to seed 25,000 AMPL and 25,000 SPOT, you need 25,000 AMPL + (4x) 25,000 AMPL for the SPOT mint. Whatever is left over from the 150,000 will be sent back to the DAO.
After receiving support on the forum post and receiving 100% ‘For’ votes on Signal, we now seek approval on Tally to deploy funds on Button Swap.
## Proposal
This proposal aligns our shared goals: to increase the utility and liquidity of SPOT, and to support the early growth of Button Swap, a new AMM for rebasing assets.
DAOs generally have two big problems:
1. How to diversify its treasury without putting downward pressure on its own token
2. How to put its treasury assets to work and earn
Providing liquidity on Swap solves the latter as FORTH DAO would earn fees from Swaps.
### Ampleforth x Buttonwood
As detailed in the forum, Buttonwood has had close ties with the Ampleforth team for years.
## LPs Earn More on Button Swap vs. Other AMMs
Through our involvement with AMPL and rebasing assets, we found and created a better solution for AMPL liquidity providers (LPs).
On other automated market makers (AMMs), rebasing alters the marginal price. This creates several problems:
- For positive rebases, existing AMMs think the asset is getting cheaper.
- For negative rebases, more expensive.
- As a result, traders arbitrage tokens from the pool that would otherwise be owned by LPs.
## Button Swap’s Solution
Button Swap doesn’t solve every type of impermanent loss, but it does solve the one described above. The design is similar to Uniswap v2, but introduces a novel innovation, reservoirs:
- Button Swap’s model includes both a liquidity pool and a “reservoir” for each asset.
- Liquidity pools and reservoirs together form a “pair.”
- Liquidity pools are the active liquidity that gives users the swap ratio between two unique tokens.
- Reservoirs hold “excess” tokens, representing inactive liquidity (Note: at least one reservoir is always empty).
With Button Swap, new tokens flow to the reservoir, rather than liquidity pools. This allows the active pool to maintain the marginal price (1 AMPL = 1 SPOT) --> Diagram attached
Negative rebases follow the same logic. For a 10% negative rebase to AMPL, each pool would hold 90,000, and the reservoir for SPOT would hold 10,000 SPOT.
The net result of our design is more money for LPs. With Button Swap, additional token incentives become lucrative rewards, rather than compensating LPs for predictable losses.
## Benefits of the Proposal
To establish a strong start and incentivize early liquidity providers, we kindly propose that FORTH DAO seed initial liquidity for a new asset pair on Button - Swap: AMPL-SPOT. We think a good starting point would be 25,000 AMPL and 25,000 SPOT.
1. We believe Button Swap has the best design for a AMPL-SPOT pool
2. The AMPL-SPOT pair does not exist anywhere else
3. The FORTH DAO already owns both of these assets, and will earn fees from this initiative
In addition to earning fees on treasury funds, seeding liquidity for the SPOT-AMPL pair is a strategic move that generates additional benefits, including:
1. Enhanced Liquidity: A deep AMPL-SPOT pair will improve price stability and reduce slippage for traders.
2. Mitigated Impermanent Loss: Button Swap’s unique mechanism to handle rebasing events will result in reduced losses for LPs. This feature should attract even more LPs to this pair, thereby further enhancing its depth and stability.
3. Introduces New Market Opportunities: A successful AMPL-SPOT pair opens the door for additional rebasing pairs down the road. Pairs could be denominated in SPOT or AMPL. Button Swap can support two rebasing assets as well, so Lido stETH-AMPL would work nicely as well.
# Chainlink CPI Architecture Upgrade
This proposal is to upgrade the CPI oracle used by Ampleforth to the latest version of Chainlink’s decentralized oracle network infrastructure and automation solution for the monthly on-chain delivery of the consumer price index.
Signal vote: https://signal.ampleforth.org/#/proposal/0xc9faa16b44c91d3199857b5c53c00bb4c0d765af447e5cd75c8453f5ca309aa2
Forum post:https://forum.ampleforth.org/t/proposal-chainlink-cpi-architecture-upgrade/657
# Geyser Refresh for April 25th, 2023
For full background and discussion, please see the forum thread [here](https://forum.ampleforth.org/t/geyser-refresh-for-april-25th-2023).
## Proposed Configuration
Background:
- Original EcoFund carveout was 23.5% of network
- [Forth DAO Treasury](https://etherscan.io/address/0x223592a191ecfc7fdc38a9256c3bd96e771539a9) owns 4,273,629 AMPL, so 42.66% of original EcoFund carveout is liquid
(not counting the 549K AMPL and 319 WETH in Uni v2)
```
Geyser Platform Pair Chain SPOT Amount
Beehive v5 Uniswap v2 ETH/AMPL Ethereum 75,000 SPOT
Fly Uniswap v3 SPOT/USDC Ethereum 10,000 SPOT
Total 85,000 SPOT
```
# Use Arrakis PALM for Deepening DAO Owned Liquidity
# Summary
Deploy Arrakis PALM to conduct market-making on UniV3 for FORTH.
[Forum Discussion](https://forum.ampleforth.org/t/proposal-use-arrakis-palm-for-deepening-dao-owned-liquidity)
[Signal Vote](https://signal.ampleforth.org/#/proposal/0x44903b6fc5f4b78c450e9a8873e530e6f1d9e00c2c4485b50ad4491b48c22d21)
# Arrakis and PALM
**Arrakis Finance** is a trustless market-making infrastructure protocol that enables running algorithmic strategies on top of Uniswap V3.
Since launch, Arrakis has acquired:
* \>$1.7b in TVL at its peak (currently around $460m), across Ethereum, Optimism and Polygon
* \>25% Uniswap V3 total TVL
* \>80 projects have their liquidity managed via Arrakis vaults
A SPOT/USDC [Arrakis vault](https://beta.arrakis.finance/vaults/1/0xDF367477C5E596af88E8797c3CDe8E28854cb79c) is already used within the Ampleforth ecosystem to create an easy entrypoint to being a SPOT Liquidity Provider. It is also used as a way to tokenize LP positions so the geyser program can work with Uniswap V3. This vault currently holds > 40% of the [SPOT/USDC liquidity pool](https://info.uniswap.org/#/pools/0x7e0c73af898e1ad50a8efd7d3a678c23cd90b74c) on Uniswap.
**Arrakis PALM**, Protocol Automated Liquidity Management, is a liquidity bootstrapping mechanism that taps into the organic trading volume on UniV3.
PALM is designed to bootstrap liquidity by acquiring more base asset inventory. For instance, the Forth DAO can seed liquidity with an initial asset ratio of 90/10 in FORTH/ETH. PALM can progressively balance it towards a target ratio, like 50/50, only by taking advantage of the volatility to make markets for FORTH. Not only will this approach save the DAO Treasury from spending ETH on liquidity and FORTH/AMPL/SPOT on LP incentives, but it will also put no downward pressure on FORTH price since the market-making is done via setting up LP positions instead of doing swaps.
During the time of deployment, the Forth DAO community would have full transparency of the execution and performance of PALM via a custom dashboard, and it retains full custody of the liquidity in the vault. At any point in time, the DAO could withdraw the fund from the vault or revoke the managing access from PALM. PALM can only conduct market-making with the liquidity deposited in the vault, and will never be able to remove the fund.
A case study of Arrakis' first PALM deployment for Gelato's GEL token showed [very good results](https://twitter.com/ArrakisFinance/status/1623319923559636994), accumulating from 2 ETH to nearly 170 ETH in under 3 months.
Arrakis charges two fees:
* Management fee: 1% AUM fee on a yearly basis
* Performance fee: 50% of trading fees generated
Read more at--
Website: https://www.arrakis.finance/
Docs: https://resources.arrakis.fi/
# Current State of FORTH Liquidity
FORTH is listed on a variety of [Tier-1 centralized exchanges](https://www.coingecko.com/en/coins/ampleforth-governance-token#markets) like Binance, Coinbase, Kucoin, Kraken and does in excess of $5M of daily volume. Despite this, there is no meaningful FORTH liquidity onchain. Creating a pool onchain would allow the DAO to tap into the already decent volume in the surrounding ecosystem.
The Forth DAO Treasury [currently owns](https://www.ampleforth.org/dashboard/dao) 3.8M idle FORTH tokens. Deploying some of these into PALM would simultaneously support the ecosystem by providing liquidity and also safely diversity the treasury over time.
# Proposed Phase 1 Deployment
The DAO also holds $1.14M of AMPL/ETH liquidity on Uniswap V2, which includes ~552 ETH (~$595K). We could utilize 10% of the ETH in the AMPL/ETH pool to initialize the FORTH PALM vault in a 90:10 FORTH/ETH configuration.
That would initialize PALM with approximately:
* $540K in FORTH and
* $60K in ETH
totaling ~$600K to start.
Since PALM is a new system, an option to minimize risk is to start with $200K of assets, then reserve a follow on with the remaining $400K after a period of observation--perhaps after 1 quarter.
# Phase 2
After 50:50 equilibrium is reached, the DAO can revisit market making objectives. Since PALM is non-custodial and exists onchain, the DAO retains ownership of the assets and is free to withdraw them at any time. At this point, we can revisit if/how to adjust the parameters, or if/how much liquidity should be added or removed.
For example, the DAO could maintain the vault as is, repurpose the accumulated ETH and deepen AMPL or SPOT liquidity, or deploy the ETH for yield completely independently.
# Use Arrakis PALM for Deepening DAO Owned Liquidity
# Summary
Deploy Arrakis PALM to conduct market-making on UniV3 for FORTH.
[Forum Discussion](https://forum.ampleforth.org/t/proposal-use-arrakis-palm-for-deepening-dao-owned-liquidity)
[Signal Vote](https://signal.ampleforth.org/#/proposal/0x44903b6fc5f4b78c450e9a8873e530e6f1d9e00c2c4485b50ad4491b48c22d21)
# Arrakis and PALM
**Arrakis Finance** is a trustless market-making infrastructure protocol that enables running algorithmic strategies on top of Uniswap V3.
Since launch, Arrakis has acquired:
* \>$1.7b in TVL at its peak (currently around $460m), across Ethereum, Optimism and Polygon
* \>25% Uniswap V3 total TVL
* \>80 projects have their liquidity managed via Arrakis vaults
A SPOT/USDC [Arrakis vault](https://beta.arrakis.finance/vaults/1/0xDF367477C5E596af88E8797c3CDe8E28854cb79c) is already used within the Ampleforth ecosystem to create an easy entrypoint to being a SPOT Liquidity Provider. It is also used as a way to tokenize LP positions so the geyser program can work with Uniswap V3. This vault currently holds > 40% of the [SPOT/USDC liquidity pool](https://info.uniswap.org/#/pools/0x7e0c73af898e1ad50a8efd7d3a678c23cd90b74c) on Uniswap.
**Arrakis PALM**, Protocol Automated Liquidity Management, is a liquidity bootstrapping mechanism that taps into the organic trading volume on UniV3.
PALM is designed to bootstrap liquidity by acquiring more base asset inventory. For instance, the Forth DAO can seed liquidity with an initial asset ratio of 90/10 in FORTH/ETH. PALM can progressively balance it towards a target ratio, like 50/50, only by taking advantage of the volatility to make markets for FORTH. Not only will this approach save the DAO Treasury from spending ETH on liquidity and FORTH/AMPL/SPOT on LP incentives, but it will also put no downward pressure on FORTH price since the market-making is done via setting up LP positions instead of doing swaps.
During the time of deployment, the Forth DAO community would have full transparency of the execution and performance of PALM via a custom dashboard, and it retains full custody of the liquidity in the vault. At any point in time, the DAO could withdraw the fund from the vault or revoke the managing access from PALM. PALM can only conduct market-making with the liquidity deposited in the vault, and will never be able to remove the fund.
A case study of Arrakis' first PALM deployment for Gelato's GEL token showed [very good results](https://twitter.com/ArrakisFinance/status/1623319923559636994), accumulating from 2 ETH to nearly 170 ETH in under 3 months.
Arrakis charges two fees:
* Management fee: 1% AUM fee on a yearly basis
* Performance fee: 50% of trading fees generated
Read more at--
Website: https://www.arrakis.finance/
Docs: https://resources.arrakis.fi/
# Current State of FORTH Liquidity
FORTH is listed on a variety of [Tier-1 centralized exchanges](https://www.coingecko.com/en/coins/ampleforth-governance-token#markets) like Binance, Coinbase, Kucoin, Kraken and does in excess of $5M of daily volume. Despite this, there is no meaningful FORTH liquidity onchain. Creating a pool onchain would allow the DAO to tap into the already decent volume in the surrounding ecosystem.
The Forth DAO Treasury [currently owns](https://www.ampleforth.org/dashboard/dao) 3.8M idle FORTH tokens. Deploying some of these into PALM would simultaneously support the ecosystem by providing liquidity and also safely diversity the treasury over time.
# Proposed Phase 1 Deployment
The DAO also holds $1.14M of AMPL/ETH liquidity on Uniswap V2, which includes ~552 ETH (~$595K). We could utilize 10% of the ETH in the AMPL/ETH pool to initialize the FORTH PALM vault in a 90:10 FORTH/ETH configuration.
That would initialize PALM with approximately:
* $540K in FORTH and
* $60K in ETH
totaling ~$600K to start.
Since PALM is a new system, an option to minimize risk is to start with $200K of assets, then reserve a follow on with the remaining $400K after a period of observation--perhaps after 1 quarter.
# Phase 2
After 50:50 equilibrium is reached, the DAO can revisit market making objectives. Since PALM is non-custodial and exists onchain, the DAO retains ownership of the assets and is free to withdraw them at any time. At this point, we can revisit if/how to adjust the parameters, or if/how much liquidity should be added or removed.
For example, the DAO could maintain the vault as is, repurpose the accumulated ETH and deepen AMPL or SPOT liquidity, or deploy the ETH for yield completely independently.
# Chainlink Pricefeed Migration
This proposal is to upgrade the AMPL price feed to Chainlink’s latest decentralized oracle network and automation solution for daily delivery of on-chain price updates.
Signal vote: https://signal.ampleforth.org/#/proposal/0xfaca3febb7c27059187b1cc8c20f420e88e9024469aec05afca8c38a0f8bc6e9
Forum post: https://forum.ampleforth.org/t/proposal-chainlink-pricefeed-migration/621
# Geyser Refresh for January 23rd, 2023
For full background and discussion, please see the forum thread [here](https://forum.ampleforth.org/t/geyser-refresh-for-january-23rd-2023/).
## Proposed Configuration
Background:
- Original EcoFund carveout was 23.5% of network
- [Forth DAO Treasury](https://etherscan.io/address/0x223592a191ecfc7fdc38a9256c3bd96e771539a9) owns 5,133,813 AMPL, so 42.34% of original EcoFund carveout is liquid
(not counting the 412K AMPL and 498 ETH in Uni v2 and 130K AMPL in Mooniswap [which will be reclaimed](https://forum.ampleforth.org/t/unwind-ampl-aampl-liquidity-position/630/1))
```
Geyser Platform Pair Chain SPOT Amount
Beehive v5 Uniswap v2 ETH/AMPL Ethereum 75,000 SPOT
Fly Pilot Uniswap v3 SPOT/USDC Ethereum 10,000 SPOT
Total 85,000 SPOT
```
This proposal will also reclaim the aAMPL/AMPL Mooniswap LP position.
# Chainlink Pricefeed Migration
**Summary**
This proposal is to upgrade the AMPL price feed to Chainlink’s latest decentralized oracle network and automation solution for daily delivery of on-chain price updates.
Signal vote: https://signal.ampleforth.org/#/proposal/0xfaca3febb7c27059187b1cc8c20f420e88e9024469aec05afca8c38a0f8bc6e9
Forum post:
https://forum.ampleforth.org/t/proposal-chainlink-pricefeed-migration/621