Ampleforth is Now Censorship-Resistant

The Ampleforth Protocol was developed to create the first independent, non-censorable synthetic money for denominating stable contracts in decentralized finance.

It did so by introducing the world to a supply elastic cryptocurrency called the AMPL that is non-dilutive like Bitcoin, and exists without any centralized intermediaries or lenders of last resort. However, unlike Bitcoin, whose price is highly volatile, AMPL is designed to serve as a stable unit of account in a decentralized, bankless system.

The Steady Beat of Decentralization

Continuing the Foundation's commitment to transparency and community-led development via an open proposal process, further decentralization of the protocol has been achieved by removing upgradability of the token smart contract.

This continues to execute on the vision first described in a 2019 governance post here. This action cannot be reversed, but the Ampleforth community has become sufficiently decentralized and mature where it is ready for this moment.

As of March 5th, 2021, this important decentralized feature has been achieved.

What Does This Mean?

Ampleforth has always been on a path towards decentralization; this is yet another step forward in this journey. Removing upgradability of the token enshrines the protection of the ledger, such that it can only be modified by normal transfer and rebase operations, and nothing else. This protects the integrity and simplicity of the system and protects the protocol to function as it was originally designed.

Future protocol maintenance and upgrades will only be achievable through on-chain governance by the Ampleforth community. Further information on this will be announced by the Foundation in the near future.

Please stay tuned as major community updates will be forthcoming!

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