PancakeSwap Welcomes Ampleforth to Syrup Pool!
CAKE holders, today we are happy to be able to offer you a new Syrup Pool from Ampleforth, a cryptocurrency and financial building block. Much like Bitcoin, it is algorithmic and uncollateralized. However, unlike Bitcoin, AMPL can be used to denominate stable contracts.
The Syrup Pool:
Stake CAKE tokens to earn AMPL tokens!
Total Tokens: 688,000 AMPL
Distribution duration: 60 days
Start block: 8286000(approx. 9am UTC on June 14th)
Finish block: 10014000 (approx. 9am UTC on August 13th)
Token rewards per block: 0.398 AMPL
Max Stake per wallet:
100 CAKE for the first 48 hours, then unlimited CAKE staking.
To give as many CAKE holders the opportunity to Farm some juicy pool rewards at a high APY, we will have a 100 CAKE token cap staking limit per user for the first 48 hours.
In order to host the AMPL Syrup Pool, we will need to provide a AMPL-BUSD farm that will have 2x CAKE rewards for the first 48 hours and then 1x CAKE rewards after that.
Usually, there would be a vote, but as you may have noticed, there are currently issues with the nodes we have been using to support voting. As such, we hope that you will trust us on this one, and rest assured we are working to get the new version of voting deployed ASAP.
What is Ampleforth?
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. Together with the FORTH governance token, AMPL is a powerful DeFi building block with decentralized properties beyond what is possible with stablecoins.
How Does Ampleforth Work?
The Ampleforth protocol translates price-volatility into supply-volatility. This means the number of AMPL tokens in user wallets automatically increases or decreases based on price:
- When Price > $1, wallet balances Increase proportionally
- When Price < $1, wallet balances Decrease proportionally
These supply adjustments are called “Rebases” and rebases occur once each day. When the AMPL network grows you’ll automatically have more tokens, when the AMPL network shrinks you’ll automatically have fewer tokens, but the price per AMPL will tend to cycle around $1. This novel rebasing mechanism is what allows AMPL to be used in contracts.
AMPL is a cryptocurrency and financial building-block. Much like Bitcoin, it is algorithmic and uncollateralized. However unlike Bitcoin, AMPL can be used to denominate stable contracts.
To learn more about Ampleforth, the chefs advise you to visit their official communication channels:
How do you stake CAKE to earn AMPL rewards?
If you own CAKE tokens, congratulations! You’re the master of your … pancakes.
Time to step up your taste buds by learning how to stake CAKE with Syrup Pool.
- Visit this webpage: https://pancakeswap.finance/syrup
- Click “Approve CAKE” on the AMPL Syrup Pool
- Click on the stake button.
- Confirm the transaction.
BEP20 AMPL will also be circulating and transferable on BSC when we start the Syrup pool, so you will be able to harvest your AMPL tokens and trade on PancakeSwap at any time!
BEWARE OF FOOD POISONING! ⚠️⚠️⚠️💀
The official AMPL token contract address on Binance Smart Chain is:
Any other AMPL token will be a scam and will result in a financial loss for users. Do not buy tokens from any other token address. Always verify the token address before purchasing tokens. If you receive airdrops from another address for AMPL tokens, they will be rotten tokens (but not the cool kind!), and we advise you to ignore them.
Chef Hops 🐰