Highlights: September 25, 2020 AMA Session with the AmpleSense DAO Founding Team

Today, the AmpleSense DAO founders held an AMA with the Ampleforth community to introduce the DAO more fully and take questions. The AMA was lively and provided the community with a lot of information about the DAO’s plans, its relationship to the core Ampleforth development team and more.

Below is a transcript from today’s AMA.

Note: The AmpleSense DAO founders are referenced by their handles:

@davoice321: DV
@solomonsollarsnsense: SSS
– @crypto-kav: CK
– @fudbuster: FB

1) What’s the AmpleSense DAO?

DV: Here’s the official answer about what the DAO is all about. The AmpleSense DAO is a community-launched Decentralized Autonomous Organization (DAO), powered by audited Aragon-developed infrastructure, that has two primary goals:

Accelerating the Development of Use Cases for Ample: The primary goal of the DAO is to foster the development of a robust Ampleforth ecosystem of products and services demanded by the community, or initiated by the DAO. This ecosystem can take many forms and we’re excited to see how it evolves.

Improving Understanding and Broadening Ampleforth’s Reach: Presently, there is a lot of confusion and misperceptions about the Ampleforth protocol. The DAO will work to help improve awareness, adoption and understanding of Ample globally.

Presently, there is a lot of confusion and misperceptions about the Ampleforth protocol. The DAO will work to help improve awareness, adoption and understanding of Ample globally.

2) Why create the DAO?

DV: That’s a really good question. First, let’s tackle what the DAO is all about versus the Ecosystem fund. We know that the Ampleforth core development team has allocated significant funding to developing the Ampleforth ecosystem and has plans to develop an elastic finance product and services stack.

However, Ampleforth is facing an intensely competitive landscape where teams are building and regularly releasing groundbreaking financial products and services. Because of these intense environmental and competitive pressures, it is imperative that robust use cases for Ample be aggressively developed and released to the market. This means ecosystem development activities must occur at a scale and pace that may go beyond what the core Ampleforth development team may be able (or willing) to pursue.

The AmpleSense DAO is being launched to fill this gap. People can view the DAO as a community-driven ecosystem seeding fund, working to gather ideas, vet and evaluate them and guide projects to launch and enduring success in the ecosystem.

3] Who founded the AmpleSense DAO and Why?

DV: Who founded the DAO? this is a question we get a lot. We’re not part of the Ampleforth team We’re not official advisors to the team. We are just community members, like you, who are big fans (and investors in) the Ampleforth protocol And more importantly, we are right there with the community when it comes to riding the ups and downs of Ampleforth. So we are from the community and have a community perspective on all this.

The DAO’s founding team leadership consists of the following Ampleforth community members (identified here by their handles: @davoice321, @FudBuster, @CryptoKav and @theekingsolomon. We each have committed to dedicating at least two years of intensive, daily work into making sure the DAO and the Ampleforth ecosystem are highly successful.

4) My question is, who else is bearish on a ampl?

SSS: How’s it going. I would say there is always a time and place to be bearish. Now may seem like the case because of recent price action but don’t let that distract you from what’s coming down the pipeline for this project. Every token I’ve seen that’s made something of itself always goes through a period as this one. Hold steadfast.

5) How is the AmpleSense DAO related to Ampleforth Organization? Will the AmpleSense DAO always be active on projects strictly limited to Ampleforth Organization Roadmap Goals?

DV: First, this goes back to the Ampleforth Ecosystem Fund. While it is possible that in the future the Ampleforth team may decide to provide the DAO with a grant, we’re not receiving funding from the Ecosystem fund currently. But we’ll get in to the DAO Treasury in a bit, because it has some exciting potential for community members.

As I mentioned before: The AmpleSense DAO is separate from the Ampleforth Foundation and the core development team. None of the DAO’s founders have any connection to the team. We are investors — just like many community members.

However, understanding AmpleSense’s relationship with the Ampleforth Foundation requires a brief explanation of its governance structure.[10:49 AM]The DAO has a dual governance structure.

One level is the Decision Level, populated by DAO Founders and DAO Members (community members who contribute to the DAO Treasury), who vet and ratify decisions made by the community (i.e., disperse funds, guide the DAO, develop infrastructure, etc.).

The DAO also has what we call the Advisory level. The community (which sits at the advisory level) will provide important advice to the DAO about its priorities and help to set its agenda by voting on major proposals, funded projects and other activities. using the DAO’s kMPL token (and AMPL), and other signaling activities via our multi-step proposal development and vetting process. The Ampleforth core development team is an important part of the advisory process, as we engage with them about DAO activities to make sure we are in sync with their overall goals.

6) So Advisors have votes as well? Can they veto initiatives?

DV: The community plays a role in determining which initiatives are funded by the DAO. But before we get into that, let’s talk about the funding for the DAO and the DAO’s governance token.

7) Will the AmpleSense DAO have an ERC20 token? What will the launch look like? What is the utility of the token?

DV: This is an important one. The DAO is launching a token called KiloAmple (kMPL). The primary source of funding will be the kMPL token, a multi-purpose crypto asset launched by the DAO. kMPL (or kiloAmple) has a maximum supply of 50,000 tokens.

Approximately 93% of the supply will be distributed to the community via our kGeyser liquidity program and DAO grants/projects designed to benefit the ecosystem.

kMPL has governance features (it will be used to power voting on DAO initiatives), and also deliver benefits to holders in the form of air drops from DAO-funded projects, token rewards from “elastic vaults” launched by the DAO and more.

So the bottom line is that the DAO is launching a token, kMPL with a 50,000 total supply. And the majority of tokens will be distributed to the community via our kGeyser programs. These tokens will be in the hands of the community and they can signal how they want the DAO to engage with solving issues in the Ampleforth Ecosystem using this token.

Here’s an overview of the DAO governance process, when it comes to vetting and funding initiatives that help grow the Ampleforth Ecosystem.

So, as you can see, the community plays a really important role in helping the DAO function. the community suggests ideas, they vote on ideas and provide oversight on initiatives that are pushed by the community and funded by the DAO.

Here’s an important personal point I want to make. The community is very important in terms of pushing this ahead and we need your support, attention and input.

8) How does the DAO support the open participation commitment to token distribution championed by the Ampleforth Organization?

DV: The DAO has committed to distributing approximately 93% of kMPL tokens to the community via the kGeysers or through Treasury allocations to projects, services and initiatives that help grow the Ampleforth ecosystem.

9) Why is the DAO labeled as “Elite” – how easy will it be for an average hodler to participate?

DV: Yes, as you can see in the image above, we’ve made it really easy for the community to provide input and direction to the DAO.

10) Are there plans to openly share code/data/resources to help foster collaboration?

DV: Absolutely. Open source decisions will be up to the teams funded by the DAO. As for projects initiated by the DAO itself, the plan is to open source these contributions wherever possible, subject to governance.

So, to sum it all up:

The DAO has a dedicated team: 2 year commitment at least
The DAO is community focused: We’re not on the Ampleforth team and are investors like you. And we will be focusing on delivering what the community wants to see.
The DAO will have its own Treasury: kMPL tokens and other cryptos that come into the DAO
The DAO will be pushing ideas and implementing projects: We have an aggressive focus. We want to launch projects and initiatives ASAP and really hit a lot of the key pain points the community is feeling right now.

11) How many current members on the 2 year dedicated team?

DV: We have four founding members (listed above). We all took a commitment to be with the DAO for at least the next two years (assuming we’re able to get the foundation set, kMPL token distribution and a reasonable Treasury size, and kMPL valuation).

We’re also recruiting community members to be part of the leadership team. They will obviously determine how long they want to be part of the DAO Membership on their own.

12) Does AmpleSense currently have any projects on their radar they are looking to fund?

DV: Yes. We’ve developed an Idea Incubator where community members can suggest ideas for the DAO to fund. It’s the first step in the proposal development process. People can check out current ideas (and suggest their own) here.

12) When to lanch kgeyser and the details ,thank u and what’s the relationship from DAO and THE official team?

DV: Relationship with the official team:

– We engage and collaborate with them around aligning activities where possible.
– They provide advise to the DAO, just like any other community member. – The founding team is not on the Ampleforth team, nor are we official advisors.

FB: If community signals strong demand through engagement we would view this as a signal that time is right.

13) What are the next projects you are looking at to build demand for the token?

DV: I’m particularity excited about my idea wAMPL. But we’re looking for other ideas too. You can read about wAMPL here.

FB: Wrapping Ample in a non rebasing token like wAMPL would make it more user friendly for exchanges, and could increase chances of getting listed on CEXs.

SSS: How’s it going BigBen. Good game last Sunday. We’ve already had some great submissions on the Ideas incubator from long time supporters and thought leaders in the community. Feel free to check them out on the incubator/ideas section on the forums.

Basically the DAO is looking to support any initiatives that play into the original AMPLeFi (DeFi initiatives tailor made for AmpleForths protocols) and or general Rebase projects that expose our community to any of the upside coming from the EeFi space.

You can think of that as Bitshares (the original blockchain DAO) doing the right thing back in 2015 and trying to own a portion of all the DPOS tokens that would later come out and prosper from 2016 all the way to 2017.

In the immediate sense there is a lot of utility functionality that can be added to the KMPL token as a multi-purposed asset. And I suspect the community will be focused on exhausting all of our options (ie elastic vaults | Lending | Yield Farming connected to AmpleForth). Hope this help.

14) Hey! I think many of the projects that have been presented in the incubator require developers. Is the DAO trying to connect the ideas with potential makers somehow?

CV: Hey Timo, thats a great observation. Some of the ideas are proposed by developers themselves (who may need additional support) and others are simply ideas that will require technical support. Currently we are at the ideation phase but eventually yes, we will need to connect the ideas to developers and find the funding etc.

15): Hi guys, by way of introduction, i invested in AMPL in June and still hold a lot of AMPL. I appreciate the community initiative to get together, we have a lot of work to do. Thanks for pulling this together. I have my reservations about introducing yet another token for governance. This complicates things, screws up the incentive structure and is completely unnecessary (rough discord consensus works well for snx). IMHO we need to do 2 things: (1) Communication (eg counter FUD on VCs dumping on retail, educating community so AMPL is less scary). and (2) integrations to make sure AMPL goes beyond just a speculative asset to a real-use asset. AMPL is really unique and a lot of projects would benefit from using it as collateral in their defi projects. For example MKR is resorting to FFing bank coins like USDC. AMPL would be a great permissionless uncorrelated asset for them. Just an example, there are many more. So wrapping up, IMHo we should ditch the governance coin idea and just focus on communication and integrations.

DV: Thanks for your questions. First I think it’s important to understand what the AmpleSense DAO is all about. It’s about moving quickly from ideas to implementation. Without a Treasury and a means of allocating funding to development and implementation, that’s not going to happen.

Second, the Ampleforth team has indicated that governance is going to be very light for the token. There won’t — as far as we know — be an opportunity for the community to weigh in on development or create opportunities to increase demand for Ample in a sustained way — at least not yet. The AmpleSense governance process gives the community a real seat at the table and an opportunity to drive priorities the community cares about.

The AmpleSense DAO is very different from SNX, which is mainly an exchange product with some benefits. AmpleSense is an investment and innovation seeding organization that needs its own resources to achieve its objectives.

The governance token and process provides the community with the ability to drive the agenda in a concrete way and see projects, applications and initiatives come forward that benefit the community in the short-term.

As for the utilization of the Ampl token and movements, we have no control over that, and that’s outside of the DAO’s purview. We’re hoping everyone views the DAO as a means for the community to take control of its own fate and drive Ample in directions the community is interested in pursuing. It’s an opportunity for the community to take action in concrete ways.

Also a portion of the DAO Treasury is allocated toward communication and marketing of AMPL and helping people understand what it is and how to use it. We’re looking for ideas to fund in that area as well.

16) I am not opposed to generating a Treasury. Just against introducing yet another token. I like the idea behind wAMPL; sounds like a MKR-wrapper around AMPL. Why shouldn’t we use the power of composability and work with MKR to add AMPL as collateral?

DV: How would the DAO fund projects? Or drive community engagement or signaling? How would the DAO have the ability to do this without some means of funding?

The kMPL token has three purposes:

1. Provide funding for the DAO: Vitally important

2. Provide the community with a means of guiding the DAO: Very important

3. Providing the community with other benefits from the DAO’s activities.

17) Why build your own if we can leverage the power of composability?

SSS: I’ll add to what DaVoice has said. Moving forward you should expect there to be many tokens launched for very tailor made utilities. If we do not do it expect that someone else will. And when it happens they (not you and I) will own any upside that comes to it. We need to do the bold and courageous thing by making sure as many of these external utilities that can independently be launched (i.e. YAM for example) are actually launched in the context of this community and it’s actually participants. Also good to see you.

18) Which concrete steps have you figured out to start the DAO?

DV: We’ve been focused on the following:

1. Creating an infrastructure and governance foundation for the DAO: Complete

2. Engaging with the core Ampleforth team to discuss the DAO and how it aligns with their strategy: Complete

3. Developing the governance token and distribution strategy: Complete

4. Launch: Now we’re preparing for launch of the DAO and this AMA is part of that process.

19) I understand the 3 purpose which are sound and valid imo. It is my belief that rough consensus is more effective and efficient then onchain mechanic voting (which usually only the whales do). A simpler and may be more effective way is just getting together in discord w a bunch of guys and gals (like now) and exchanging points of view on action items. IMO the activities that the DAO would employ wouldn’t necessarily be that expensive if it is education/communication. Integrations would be a bit more expensive and time consuming, but here i think it is reasonable that the Ecosystem fund chimes in. BTW my comments are meant in a constructive manner, happy to be corrected if i misunderstand things or am mistaken.

CV: Appreciate your engagement. Apart from using the AMA to increase awareness – questions like yours are much appreciated. I’m going to chime in as well because I’m sure your thoughts resonate with other members as well.

SSS: No worries you are fine

DV: From our understanding:

1. The Ecosystem fund is primarily going to be used to fund liquidity programs. And it’s going to take a while for the core team to understand what they are doing in that area

2. The DAO’s dual governance structure and idea generation and vetting process is designed to be anti-whale. It’s not a binary process of the whales determine the agenda. The community does and the DAO Founders are very cognizant of the problem of whale domination in DAO governance.

So we’ve thought carefully about these issues and have developed a strategy to ensure community members — whether they own large amounts of kMPL tokens or not — have a say.

The biggest problem I personally see in the community currently is an over-reliance on the Ampleforth team to drive and execute. That’s fine. But this is an opportunity for the community to drive the agenda — and have the resources and ability to do it in a faster time frame and in a highly transparent and dynamic way.

20) Maybe i don’t understand the new token well enough. Why would i want to invest my scarce USDs in that token rather than AMPLs?

DV: If you are providing AMPL/ETH liquidity you’ll be able to receive kMPL tokens as a reward.

21) So people in the AMPL/ETH geyser receive kMPLs and that gives them governance rights. Plus some kMPLs are sold to raise funds for the treasury?

SSS: BINGO. We have to start somewhere. This is the best way to do it.

DV: Thanks for your comments! I’m sure a lot of other people have the same questions. It goes back to: what’s the best way to organize the community?

For me it’s what’s the best way to EMPOWER the community. It’s great that the Ecosystem fund is out there. But it’s being allocated for purposes that are relevant to the Ampleforth’s team’s objectives.

That’s fine, but having an independent source of funding to drive activities the community is interested in, is vitally important.

kMPL = POWER The power to control our fates, drive Ample demand and utilization in ways that go beyond what I or anyone else can imagine.

SSS: We want the community to own as much of the upside of this project as WE built it. KMPL is the start to actually doing this in a big way.

DV: Yes. the kGeysers are being used to distribute the tokens, first to AMPL/ETH liquidity providers. If necessary the DAO can vote to sell a portion of the kMPL in the Treasury to raise ETH if that’s what development teams demand or is needed for core DAO activities. All of this will be transparent and clear to the community.

22) I really like that idea of distributing to the community that is supporting ampl through staking in geyser. These are the true believers like us. Q is kAMPL a pure governance token or is there also a monetary value? Is there anywhere where i can read more about kAMPL for efficiency sake?

DV: We’ve prepared a lot of documentation on KMPL. We’ll be releasing that information soon. Stay tuned please. :).

The one thing I’ll say is that kMPL is a multi-use token with real, defined use cases beyond governance. I think you’ll be excited to see what we have outlined for kMPL’s utility. Our biggest challenge to ourselves when designing this token was: What’s the utility? What’s the use case?

You’ll see this clearly communicated in our materials about kMPL.

23) I agree with you, any funding should be insured by ecosystem not external.

CV: Currently the team does not have a process in place for disbursement of ecosystem funds. If and when they do come up with the process, it will have stipulations around usage etc.

We are creating a more hands on and easy way for the community to be engaged and involved. Ampleforth, as a leader of elastic finance, has a strong first mover advantage. But it is certain that we will see a LOT of innovation and creativity in elastic finance.

Our hope is that Ampleforth stays ahead of the curve (which is easy right now) but I expect the competition to heat up soon. With AmpleSense we can signal to Ampleforth the direction they should be taking as well as channel and incubate some of the new and exciting opportunities in the space.

DV: Everyone has to remember that the Ecosystem fund is not going to be allocated quickly and is primarily focused on driving liquidity for the Ampl token (as outlined in the team’s roadmap).

An independent source of funding for ecosystem development is vitally needed to ensure the community’s areas of focus are understood and acted on.

For example, the DAO is not being funded by the Ecosystem fund, given the team’s priorities. External funding is required for us to move the ecosystem faster. Again, kMPL provides the community with the POWER to control its own fate. No need to wait for external parties to do anything for us. We can take the lead ourselves: TODAY.

SSS: And WE will own all the upside. The community.

24) Did you think about using the (we hope soon coming) new balancer smart pool as geyser?

DV: From an efficiency standpoint, we made the decision to basically utilize the existing Ampleforth geyser contracts for the kMPL token, meaning Uniswap. But we have some proposals about what the kMPL token geyser could be paired with in terms of rewards. You’ll be hearing about this after we launch the first kGeyser: Zeus, which provides kMPL rewards to AMPL/ETH liquidity providers.

25) How can we (investors, community members, aficionados) start to help/contribute?

Excellent question, there are a couple of things basically anyone can contribute with.

1. Learn about Ample, read the white paper and the red book, make sure you understand the fundamentals of Ample

2. Spread the word, you all may have some friends that might be interested in putting small investment into crypto but just don’t know how to get started, just give them the risk management talk so they understand not to put in more then they can afford to loose and show them how everything works.

3. Do not complain about Ample’s price action in public forums as this only adds to negative sentiment

4. Join the Community Hub and engage in discussion

5. Accumulate Ample.

26) Despite I like your effort and move, I believe it’s not fair to ask community time and money. In the opposite way, community should be rewarded for bringing up ideas and help with use cases. It’s excellent to involve community, it’s on core team and AMPL foundation to fund such initiatives. If the core team didn’t plan it, well they can do it now. They have enough funds to help your initiative guys.

DV: Just so you understand. The kMPL token is not being sold. It’s being given to the community via our liquidity programs.

From a fairness perspective, if the community wants to fund activities that are not necessarily a priority for the team, there’s nothing wrong with the community organizing and driving this ourselves.

Question: Is BTC driven by one development team? Is ETH driven by one development team? Why should AMPL? That’s why we’re focusing on doing this ourselves and working with the community to do it.

27) BTC and ETH are driven by major foundations and whales. Basically a generic user has no way to “drive” Ethereum but only follow. And Ethereum foundation funds many community based initiatives. Don’t misunderstand me, I like your idea just I disagree with AMPL core team not being involved nor funding it.

DV: I’ll say that we’ve been in conversations with the core team about the DAO and they’ve been very supportive of the effort.

We’re moving forward in a way that provides the community with some agency, maintains the DAO’s independence and ties to the community and allows us to move rapidly to achieve the community’s priorities.

I’m looking forward to moving ahead with all of you on this effort. We’re beyond excited to be able to finally discuss all of this with you and introduce our ideas and approach.

28) I think @LucaL doesn’t make an unreasonable point tbh. The ecosystem fund is quite rich and some support would be appreciated. I know of very few protocols where the community takes over from the original dev team to arrange for integrations. We would need a convincing narrative on upside for people who are driving integrations. Not entirely clear to me how this should be done, but haven’t given it much thought.

DV: For me personally, the DAO is all about developing an ecosystem of products and services around AMPL that actually have AMPL at the core. It’s less about integrating into existing protocols, as I don’t anticipate the community pushing for that, and that’s something that can be more easily handled by the core development team.

SSS: We obviously don’t disagree with this sentiment. At the same time this initiative is about the community and not our sole reliance on the AmpleForth team. A lot of the DAO founders were instrumental in actually building the AmpleForth community to what it became. And we can do it again, this time with even more emphasis on community ownership.

29) Yeah that makes sense so you want to extend the ampl protocol into a new product? let me know when u r ready to share more info.

DV: We’ve kind of seen that many protocols are and DeFi influencers are … not too keen on Ampl.

So, I want to talk next steps here.

1. Look out for a big announcement from us about the kGeysers soon. Basically we’re going to be relying on the community in a big way to jumpstart those, so stay tuned.

2. We’ll be releasing along with that announcement a lot of information about kMPL and DAO governance. If you want to get a head start on that, please register at the Community Hub here: https://forum.amplesense.io/register/

3. Please get ready on your social channels to spread the word about the DAO and our message of community power. Together we can do anything and we need as many people as possible to understand that and join us on this journey.

Thanks to @Block Enthusiast for moderating and @hebbianloop for suggesting an AMA. We enjoyed this.

-End of AMA-

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  1. Thanks for participating everyone! If any questions were left unanswered please post them here and we will be happy to address them.