Smart commodity money protocol, Ampleforth, has joined its DeFi brethren with a new governance token announcement.
Ampleforth detailed the launch of its new governance token, FORTH. It will distribute to users of the protocol through a points system for those that have made on-chain transactions with its AMPL cryptocurrency.
“Where AMPL represents an independent currency that functions as a unit of account, FORTH is the governing mechanism that oversees its evolution.”
May the FORTH be with you
FORTH tokens are now live. The community can claim them until April 16, 2022. Any FORTH tokens remaining undistributed one year from the launch date will be reclaimed to a community-governed DAO.
The deflationary token is modeled on the Compound finance system to offer incentives for all network participants. There are 15 million FORTH minted at the genesis event. The initial supply will be available immediately, with future inflation set at 2% per year.
The distribution breakdown is pretty simple. 67% will go to the community, while the remaining 33% goes to early backers, the core development team, advisors, supporters, and the Ampleforth Foundation. Community allocation will be governed by a points system, scored by on-chain activity.