The current round of geysers is ending, let’s look to what’s next.
State of Ecosystem Liquidity
| Platform | Pair | TVL | Dashboard |
|---|---|---|---|
| Uniswap v2 | AMPL/ETH | $2.2M | (link) |
| Uniswap v3 | WAMPL/WETH | $1.2M | (link) |
| stAMPL Flash Swap | AMPL/SPOT | 617.81k AMPL | (link) |
Treasury Spotlight
As of July 16th, 2025
| DAO Assets | Balance | Value |
|---|---|---|
| AMPL | 1,938,022.79 | $2,558,190.08 |
| WAMPL | 13,971.91 | $56,167.09 |
| FORTH | 1,901,583.70 | $4,868,054.26 |
| SPOT | 4,735.83 | $5,825.07 |
| USDC | 2,572,850.29 | $2,572,850.29 |
| ETH | 4.20 | $11,130.02 |
| WETH | 4.75 | $12,576.67 |
| GRT | 47,500.10 | $4,334.48 |
| Total | $10,089,127.96 |
| Liquidity Positions | Balance | Value |
|---|---|---|
| ETH/AMPL UniV2 | 0.07746149151 | $739,122.85 |
| WETH/WAMPL UniV3 (Charm) | 45,336.51 | $646,913 |
| FORTH/WETH UniV3 (Charm) | 100,000.00 | $502,690 |
| stAMPL | 1,797.38 | $719,044.31 |
| Total | $2,607,770.56 |
Inflows From Managed Vaults
| Asset | Amount | Value |
|---|---|---|
| WETH | 4.747793 | $12,083.89 |
| WAMPL | 1,175.649484 | $4,443.95 |
| USDC | 4,059.24 | $4,059.24 |
| SPOT | 4,399.01 | $5,410.78780029 |
| Total | $25,997.86 |
Inflows from Bill Broker
| Asset | Amount | Value |
|---|---|---|
| USDC | 7058.956314 | $7,058.95 |
| SPOT | 1389.899923 | $1,709.57 |
| Total | $8,768.53 |
Proposed Configuration
Last January, the Crystal WAMPL/WETH geyser was given 37,500 FORTH to distribute to liquidity providers over the course of six months. That geyser currently shows $203,221 of deposits with the following APYs (dashboard):
- LP APY: 24.61%
- Geyser drip rate: 13.10%
When putting the impact of the geysers into perspective, there are a few things to note: The base LP APY is a healthy 24.6%, rivaling many other incentive programs’ top line numbers. The geyser incentives are below the real yield of the marketplace, by nearly 50%. The total liquidity share of geyser deposits are < 6% of the total Uniswap liquidity, and this is not accounting for the AMPL liquidity accessed via SPOT and stAMPL flash swaps. The DAO is also sitting on > $2M of USDC. Combined with matching AMPL, this is more than 20x what the geyser program is generating.
One long term goal of the DAO has been to own enough liquidity, and/or develop a liquidity landscape that is profitable enough, such that spending down assets to rent liquidity temporarily is no longer necessary.
When you look at the geyser program in comparison to the broader landscape, it seems that renting out liquidity is no longer an impactful activity. If so, this would mark a major achievement and milestone for the ecosystem and the DAO.
Since there is ongoing development with the SPOT ecosystem, from v5 to a potential launch with Asymmetry, there is still potentially great value in continuing with the Riverside geyser. With respect to SPOT and stAMPL, the correct side to incentivise is the stAMPL side. stAMPL depositors hold the largest upside, but also the most risk. And if there is any excess demand for stAMPL that easily propagates towards demand for the lower vol SPOT asset liquidity.
The proposed period for the next program is 6 months, as used in the last cycle.
| Geyser | Platform | Pair | Chain | Period | FORTH Amount |
|---|---|---|---|---|---|
| Riverside | Rotation Vault | stAMPL | Ethereum | 6 months | 50,000 FORTH |
| Total | 50,000 FORTH |