Welcome to the AmpleSense DAO Community Hub Forums General Conversation Do the users really understand AMPL, and what can be done about it? Reply To: Do the users really understand AMPL, and what can be done about it?

  • Jm3

    Member
    September 29, 2020 at 15:53

    Hi, FudBuster.

    I agree that with time the protocol may achieve equilibrium, but am sometimes afraid that with this wave of protocol clones the main idea of AMPL, which is to be a stable uncorrelated unit of value, gets lost and forgotten.

    I realize that most users are not interested in engaging in any community, DAOs, or governance. They want to buy and profit, the quicker the best. That does not help. But they are vitally needed for AMPL mechanics.

    That’s why I came up with this idea to guide them, kind of indicating that AMPL is different, and what to do, how to do, before understanding. The understanding at this stage is probably too conceptual to be grasped. When the protocol really starts to work, the utility will become more evident, and hopefully a better understanding will emerge. When many see that profiting in the crypto space or wherever else and then holding this wealth in fiat is unadvisable, and the possible answer for that is AMPL, I expect that the full potential will be unleashed.

    The ideas being discussed here are generally great, but they all require a functional AMPL as basically designed. And it will not be fully functional if human action is not happening accordingly. So, adding extra utilities may add complexity to an already very unusual protocol, and I don’t know if that should be the focus now.

    I am not tech savvy and don’t know if what I am about to say is feasible or not. But today another idea crossed my mind. What if another pool of tokens could be created to coordinate the pricing forces, in order to keep the price in the intended range? Everybody that has AMPL deposit them in this pool (I would suggest to name it Magma Chamber, to be sort of aligned with the geyser geological idea), and periodically (daily?) this pool – a smart contract – checks the current market price and buys or sells in an effort to keep the correct price range. So, people deposit their AMPL, gets back mAMPL (magmaAMPL, or more in the sense of managedAMPL), and this smart contract does all the price action on the people’s behalf, with all that volume at once, in one transaction to keep fees as low as possible. That would insert the human action back inside the protocol’s algorithm. One could redeem then from the magma anytime, but the work could have been done. Just food for thought…

    • This reply was modified 1 year ago by  Jm3.
    • This reply was modified 1 year ago by  Jm3.
    • This reply was modified 1 year ago by  Jm3.