The AmpleSense DAO: Rationale and Mission

Situation Overview #

When Bitcoin was introduced, early holders suggested a number of potential use cases for the currency. Originally, the thinking was that Bitcoin would serve as peer-to-peer digital cash and used in everyday transactions.

Over time, as Bitcoin increased in value, the narrative shifted. Today, Bitcoin’s primary use case is as a store of value. This is because it provides protection against inflation and its price is expected to continually increase as demand for the asset (digital gold) increases.

Ample: New Asset, Different Expectations

Due to its elastic supply and sound money properties, Ample, and the rebase mechanic it introduced, is a revolutionary as Bitcoin and Ethereum.

Bitcoin is the world’s first provably scarce digital asset.

Ethereum is a blockchain-based computing engine that birthed the decentralized financial era.

Ample is the first of a new breed of crypto assets that are elastic in supply, resistant to supply and demand shocks, and (over time) will be reliably used as a stable store of value and unit of account.

However, unlike Bitcoin, which enjoyed a long period of relative obscurity and was allowed to organically develop use cases, Ampleforth (and other elastic assets) are being birthed in a different era. One where expectations are higher for elastic assets to rapidly develop powerful use cases and be quickly integrated into the decentralized and centralized financial landscape.

Why Create the AmpleSense DAO? #

As mentioned above, the cryptocurrency landscape is evolving more rapidly than ever. Market cycles that once took years to play out now evolve in the span of months.

The rise of Bitcoin and Ethereum have generated massive interest and funding. Also, the market is now benefiting from a period of intensive development and innovation that took place between 2017 and 2019 (and continues to this day).

Likewise, the rebase mechanic, introduced by Ampleforth, has generated significant interest and projects that have helped to expand the elastic finance ecosystem.

However, to date, the majority of development activity has focused on simply copying the rebase mechanic, rather than developing robust and use cases for these assets. For elastic finance to be successful, it is important that high-impact applications be developed that leverage, rather than run away from, the rebase.

Success also requires a diverse, passionate, educated and engaged community that can help elastic finance reach its maximum potential.

The AmpleSense Decentralized Autonomous Organization (ASDAO) is a fully independent, community-developed initiative focused on:

  • Accelerating the Development of Use Cases for Ample and Select Elastic Finance Assets: The primary goal of the DAO is to foster the development of a robust elastic finance products and services demanded by the community.
  • Improving Understanding and Broadening Elastic Finance’s Reach: Presently, there is a lot of confusion and misperceptions about the rebase and elastic finance. ASDAO will work to help improve awareness, adoption and understanding of these assets globally.

Note: It is not within the DAO’s mandate to provide governance for the Ampleforth protocol itself (or for protocols not developed solely by the DAO).