Is DeFi Fever Growing?
It seems that excitement regarding DeFi tokens in Ethereum's ecosystem is as high as ever. During the past few weeks a handful of new DeFi tokens launched and quickly gained in popularity such as Compound Protocol (COMP). In addition to that, more established DeFi tokens such as Bancor (BNT) have also climbed the listings. Ampleworth (AMPL) a "dynamic money supply" protocol asnd part od the DeFi ecosystem managed to increase sharply in value.
Ampleworth's Recent Rise
During the past 24 hours AMPL managed to gain 25% which brought its price up to $3.90 in its fiat evaluation. Its Bitcoin and Ethereum valuations have also grown at a similar rate and is trading at 0.01607207 ETH, & 0.00041883 BTC respectively.
Uniswap, Ampleworth & It's Demand
One of the things fueling Ampleworth is its popularity on Uniswap. It along with ETH is currently the most popular pair on the platform with $9,192,031 in 24 hour volume and $14,127,602 total liquidity.
As previously mentioned AMPL is a dynamic money supply token. They claim that fixed asset supply like Bitcoin and gold have a risk of failure in times of sudden demand. As such, AMPL adjusts its supply in response to demand via the use of smart contracts. This should solve any supply inelasticity problems and should create a distinct movement pattern that differs from Bitcoin.
Additionally, they have introduced a Geyser, which allows staking of Uniswap liquidity tokens. It's popularity on Uniswap and utility may have been what pushed its price up.
Currently with DeFi excitement at a high and Ethereum's ETH v2.0 on the horizon, we might hear more about Ampleworth and other DeFi tokens.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado