San Francisco. 13th June 2019 – Ampleforth, expected ticker symbol AMPL, has successfully completed its IEO through BitFinex and Ethfinex’s Tokinex platform, securing $5 million within 11 seconds. 10% of Ample’s token supply was allocated to the Tokinex sale.
Ampleforth’s whitepaper, co-authored by Manuel Ricon Cruz, researcher at the Hoover Institute, introduces the Ampleforth protocol. Further context for understanding the implications of AMPL as a new type of synthetic commodity and economic theory is provided in the accompanying Red Book.
“We are overwhelmed by the excitement we’ve seen around the IEO,” says Evan Kuo, CEO of Ampleforth. “The success of this raise is a strong indicator of the market needing more diversified assets other than what currently exists. Working with the Tokinex team gave us the opportunity to bring Ampleforth to life and we look forward to continually updating the community on our progress.”
Ampleforth’s protocol receives exchange-rate information from trusted oracles and propagates that to holders of Amples by proportionally increasing or decreasing the number of tokens each individual holds according to the magnitude of the exchange rate fluctuations over the previous 24 hours. For traders, these changes in the exchange rate and quantity translate into changes in Ample’s market capitalization. Ultimately, unique trader behavior in response to the protocol’s incentives is expected to produce an asset price with lower correlation to Bitcoin than other digital assets.
“We are delighted to see the successful completion of our first sale on Tokinex completed in record time,” says Jean Louis van der Velde, CEO of Bitfinex and Ethfinex. “The demand for the Ampleforth sale was incredibly high, and we were thrilled to provide the opportunity for people to contribute. We look forward to seeing how the Ampleforth project evolves and will announce Bitfinex and Ethfinex listings in due course.”
AMPL will be distributed to holders within the next few days, and time and date for Bitfinex and Ethfinex listing will follow shortly.