Idea Title: Amplify.Money – Introducing a daily game to win up to millions of Ampl during a positive rebase cycle.
Idea summary: Ampleforth, with its unique rebasing system is one of a kind. Amplify.Money also aims to give traders/investors a first of a kind opportunity – a way to win an significant portion of Ampl’s during a positive rebase cycle.
Idea implementation/execution: Amplify.Money is a smart contract platform that relies on a schedule and a data oracle, similarly as Ampleforth. The Amplify.Momey user interface will be a dapp that users can access similar to Uniswap or Zapper.finance.
The dapp will give the user an opportunity to Amplify their Ampl holdings by sending their Ample to one of 5 pools. Each pool gives the user an opportunity to win the total amount of ample (plus the positive rebase) contained in the pool.
The pools are essentially a lottery system, and each one presents its own level of risk and reward.
Each pool will cost a minimum of 1 Ample to play, with the maximum depending on the pool. The users sign their transaction with their picks that can be entered manually or randomly generated. A data oracle feeds the Amplify smart contract with the winning numbers of a lottery, and the Amplify smart contract performs a lookup on the signed tx for the winning numbers. The ample in the pool, including the positive rebase, will be distributed amongst the winner(s) following the same rules as the lottery system. If no one wins the jackpot, the pool rolls over to the next day, and users can contribute additional amples if they choose.
Everyday at 11pm eastern(one hour after Ampleforths rebase), the winning numbers are selected. Amples must be contributed to the pools before the positive rebase(10pm eastern).
Pool 1 will model itself against a pick 3 lottery system, with a cap of 1000 ample each day.
Pool 2 will model itself against a pick 4 lottery system, with a cap of 10,000 ampl each day.
Pool 3 will model itself against a pick 5 lottery system, with a cap of 100,000 ampl each day.
Pool 4 will model itself against a pick 6 lottery system, with a cap of 250,000 ampl each day
Pool 5 will model itself against megamillions (5 picks, plus ‘Mega ball’) system, with a cap of 500,00 ample each day.
Each pool will have multiple winners to spread the winnings. The number of winners per pool is still something that needs to be fleshed out.
If Ample is in a negative or neutral rebase, the pools will not execute. If the pools do not execute for 3 consecutive days, the users are issued a refund(minus any negative rebases).
Why aren’t the pools eligible during non positive rebase? The motivation of Amplify is to push Ample to a positive rebase or extend an existing positive rebase cycle.
Players are motivated to buy Ample knowing that a huge jackpot is at stake, and knowing the pool will expire after 3 days. Also, players are motivated to buy ample during a price below $1, because they can buy more ample to play Amplify at a cheaper price. This will help shorten the negative rebase cycles.
The investors that help fund the project will be given exclusive access to Amplify for the first 2 weeks of the release as a bonus.
Amplify.Money will aim to be as decentralized as possible, no single entity owns or controls the platform. There may be votes to make changes by the community. A small percentage of the Amplify pool will be used to fund development efforts. Amplify will not issue or use its own token.
Budget/cost: Estimate of 50-150k for smart contract development, dapp development, and auditing. Again, this just a ball park estimate. This could be signifantly more or less. I can work on this myself part time for free, but it will take longer to come to fruition.
Examples of similar ideas: No lottery like games exist for Ample at the moment.
Idea Timeline: How long would it take for the idea to be executed? Estimate of 6 months to a Year if solidity / dapp developers are contracted and paid
Ive only just noticed this idea. I am enjoying the ideas that are coming out to make AMPL more broadly known about and hopefully educate people on the genius monetary application to solve many of the issues we see in todays financial markets.
Keep the ideas flowing!!
Interesting idea. Anything that builds Ampl usage is a good thing. Is there a cut down version of this possible to reduce the costs. Also I’d prefer more winners and lower prizes. No one needs 25 million Ampl or even 1 million. But 1000 winners getting anything from 1000 to 100,000 Ampl (or something similar) is very appealing to me. The more that benefit the more interest you’ll get.