Elastic-supply token project Ampleforth has announced an expansion of its “Geyser” liquidity mining initiative, now integrating with 1inch’s Mooniswap exchange.

Users will now receive rewards for providing liquidity to Mooniswap for AMPL based trading pairs, including nine popular DeFi tokens.

The Mooniswap Geyser has been named “Geyser Enceladus”, designed to further boost on-chain liquidity of the AMPL token and fairly distribute it to those contributing to the ecosystem.

How it works

$225,000 worth of AMPL pool rewards will be distributed to Mooniswap liquidity providers, over a three-month period.

Users will deposit AMPL and an equivalent amount of one of the nine supported tokens into Mooniswap, and receive MOON-V1 liquidity provider (LP) tokens in return.

These MOON-V1 LP tokens then must be staked in the Ampleforth Geyser, where they will be rewarded with AMPL. Rewards will be paid in proportion to both the number of LP tokens and the amount of time they are staked.

A look at the Mooniswap “Geyser Enceladus” staking interface, via Ampleforth.org

It has also been stated that AMPL rewards will double for the top three liquidity pools in about a week, on August 28.

Supported Assets

As mentioned above, Geyser Enceladus will reward liquidity provided in the form of AMPL combined with any one of nine supported tokens. These include:

  • Balancer (BAL)
  • bZx Protocol (BZRX)
  • Compound (COMP)
  • Curve (CRV)
  • Chainlink (LINK)
  • Maker (MKR)
  • Numeraire (NMR)
  • yEarn Finance (YFI)
  • yUSD

Mooniswap in a Nutshell

Mooniswap is an automated market-making (AMM) platform created by 1inch, modeled after Uniswap‘s interface.

It was designed to allow liquidity providers to capture a proportion of profits made on price-slippage – instead of losing it all to arbitrage traders.

This is done by adjusting exchange rates slowly (rather than immediately) following large trades that un-balance liquidity pools, reducing the amount of profits that arbitrageurs can “steal” over the adjustment period.

Ampleforth Competes

Whereas Ampleforth was long known as one of the only projects leveraging rebasing, the recent rise in food coins like YAM and pasta alongside biblical projects like TOB and XAMP have gone to push the notion of rebasing to the brim.

For those who didn’t follow along, Ampleforth’s first liquidity mining program kickstarted the rise of AMPL to the top 50 cryptocurrencies by marketcap, leading AMPL liquidity to take the #1 slot on Uniswap’s liquidity pool rankings.

his drove huge demand to AMPL as traders would hold their rebased tokens as price increased, rather than selling as the system is designed to reach it’s $1 peg. This rollercoaster ride has given AMPL a notorious rep in DeFi circles, all of which are being addressed through programs like extended liquidity mining and the basis for elastic supply currencies.

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