[Updated] FGP: FORTH Community Grants Program

Author: @Guzman_MassAdoption

Label: #ampleforth-governance

Reference: Proposal - Hourglass Grant ,FGP: FORTH Community Grants Program


Hourglass’s recent grant proposal has raised the necessary, and pertinent, topic of forming a community-operated FORTH Grants program. Continuing to use HourGlass’s proposal as precedent, all ideas - in the form of a formal proposal - should be submitted by FORTH’s community and further deliberated upon by the encompassing community members.

FGP Rationale

Update (May 19, 2022):

Current FORTH DAO Treasury Market Value: $22.036m (24.251m AMPL)

At the time of writing (April 5th, 2022), the FORTHClaim contract holds ~3,558,156 $FORTH (current USD market value: $27,682,460.06). Upon April 16th, these unclaimed $FORTH tokens will be repossessed and transferred to the FORTH DAO treasury. Taking this into consideration concurrently with Brandon’s proposal to execute first FORTH mint (which would further fund the FORTH DAO treasury with 300,000 FORTH tokens - worth $2,334,000 at today’s market value) the FORTH DAO would kick off operations with a healthy treasury worth 3,858,156 FORTH ($30,016,453.68)!


Updated (May 19, 2022):

Inspired by precedent-settings forerunning initiatives such as Compound, Uniswap, and Aave Grants Program it is imperative that FORTH DAO follows suit to incentivize, reward, and often interrogate current Ampleforth mechanisms/systems/features that would largely improve the experience for all community participants.

As an experimental phase, it is proposed to initiate & monitor a pilot program that will run for 2 fiscal quarters (6 months total). A max grants budget of $1.5M (433,526.0116 FORTH) is requested - relative to the size of the FORTH DAO treasury we believe this is a reasonable amount to initiate an MVP product (program). Upon the completion of this experimental phase, a subsequent proposal will be submitted to gauge community sentiment regarding the continuation of the program.

It is also proposed that a small operating committee is formed consisting of 6 members: 1 Lead and 5 Reviewers in an effort to mobilize and exhibit an efficient, transparent, and methodical application review process. For a well balanced committee, it is proposed that at least one core team member holds a reviewer role. It is intended to keep the committee to 6 members as it will enable judicious feedback loops and immediate iteration(s). The FORTH Grant Committee (FGC) will have the ability to administer grants on a discretionary basis based on the following criteria:

  1. Swift Grants: <$100,000
  • Straightforward & Simple application process that is assessed by the FGC.
  • FGC decision is to be made within 10 days after receiving the application.
  1. Community Grants: $100,000 - $500,000
  • Applicants must post their proposal on FORTH’s governance forum.

  • Based on the feedback given by the community, the committee will decide whether or not to approve these grants.

  • Funds will be released based on deliverables (‘Gates’). Upon successful deployment of each Gate, % of the grant’s funding will be released to the grantee.

  • At the conclusion of the final ‘Gate’, the entirety of the grant’s funds should be allocated to the grantee - based on deliverables.

It is worth noting that applicants can seek grants that exceed $500,000, however these proposals will not be reviewed by the FGC. Instead, they will need to be posted on FORTH’s governance forum, deliberated upon by the community, and approved via an on-chain vote.

Quarterly Budget:

  • Maximum quarterly budget of $750,000
  • Budgets and caps will be evaluated & adjusted every 6 months.

Grant Allocation Committee:

Updated (May 19, 2022):

  • FGC will consist of 5 committee members:

    • 1 Lead
    • 5 Reviewers
  • Each committee will serve 2 fiscal quarters (6 months). After which, the committee members’ positions will be put up for renewal and voted upon by the community via on-chain vote.

  • FGC will operate a 4 of 5 multi-sig that will distribute the funds to grantees.

  • Any excess funds remaining at the maturation of the program will be returned to the FORTH DAO Treasury.

See Multi-Sig community vote/poll here: FGP: FORTH Community Grants Program - #42 by Fiddlekins

All members of the FGC must introduce themselves using the template provided below:

  • Ethereum Address (provide the one you will be using for the Multi-Sig)
  • Discord Handle
  • Twitter Handle (optional)
  • Statement of Intention
    • This includes your values, vision, and reasoning behind why you want to be a part of the FGC
  • Web3 Qualifications / Skills (optional)

(Introductions can be found in the concluding 'Introductions section below).

Committee Members

Updated (May 19, 2022)

The rationale behind forming a small grants committee (as mentioned before), is to enable efficient feedback loops towards facilitating grant evaluation and disbursal. Ultimately, the goal of this program is to bolster, promote, and fuel the utilization and growth of the Ampleforth ecosystem in tandem with the FORTH DAO.

We suggest the grants program is managed by a single lead. Herein we propose Jeremy Guzmán, author of this proposal. Jeremy has assisted in broadening AMPL & FORTH adoption through a multitude of video tutorials, written walkthroughs, and discord discussions - some of which have served as essential reference points for new community members.

The remaining 5 committee members should be recognized as “Reviewers.” These are individuals within the FORTH community that will assist in the maintenance of the grants program by ensuring Jeremy is leading efficaciously, prudently, and, of course, coherently. It is the reviewers’ responsibility to conserve FGC accountability by means of north star, key performance indicators. By adhering to this framework, FGC members are obligated to operate with the FORTH community and Ampleforth Ecosystem in mind. Compensation for the lead and reviewer roles are discussed below.

Program Lead: @Guz_MassAdoption | Jeremy Guzmán

Reviewer 1: @richy | Richy Qiao

Reviewer 2: @Pricelessjohn

Reviewer 3: @Nestor

Reviewer 4: @Brandon | Ampleforth

Reviewer 5: @ducc

Committee Compensation

Remuneration should be done on a per proposal basis. The Lead should be compensated $750/proposal with a rate limit of 3 proposals per week. This compensation will be allocated to the FGC multisig as part of the overall funding of the program.

Reviewers will not be compensated in the FORTH Grants program.

Compensation will be distributed the first of every month throughout the 6 month term.

Areas of Focus

The following target areas will be evaluated during the grant review process:

  • Community (marketing, educational, etc.)

  • Ecosystem Growth (e.g. Events & Hackathon, Bounties)

  • Technical (e.g. Protocol Development, Application Development, etc.)

  • Governance (e.g. Committees, Sub-committees, and DAOs that assist the FORTH & Ampleforth ecosystem)

Key Performance Indicators (KPIs)

The success of this program will be based on, and measured by, the following criteria:

  • Quantifiable criteria:

    • Number of applications submitted vs. # of application approved
    • Project engagement post-funding
    • Number of active engagement within community forums (e.g. Governance Forum, Discord)
    • Growth in AMPL (and FORTH) pools funded via grants (e.g. increased TVL, unique addresses holding $AMPL and $FORTH, increase in delegates)
  • Impressionistic criteria:

    • Overall community engagement & sentiment
    • Improvement to Ampleforth’s brand and market positioning.
    • Increase in # of holders vs. voters (delegates)

Timeline & Process

Updated (May 19, 2022)

The Grants Program will kick off with two 3-month funding rounds. Applications will be accepted on a rolling basis and any grants funded during this period will be included in the corresponding round. The first round will be for 3 months, beginning one day after the approval of the Grants Program proposal. For example, if the proposal is approved on 5/20/2022, Round 1 will begin on 5/22/2022 and close on 8/22/2022. The following round (Round 2) will commence on 8/22/2022 and close on 11/22/2022. Upon the conclusion of the Grants Program’s experimental phase, a follow-up proposal will be submitted on the FORTH Governance forum to discuss the reinstatement of the program.

Upon the approval and ratification of this proposal, the FGC will begin accepting applications on a rolling basis. Funding of these applications will be determined by the FGC on a case-by-case basis. Primarily the goal of this program is to prioritize long-term value capture for the Ampleforth community as well as for AMPL & FORTH holders.

At the end of each round, the FGC will share an application report containing all recipients and the amounts rewarded along with a description of each project. It is the FGC’s objective to operate in full transparency with the FORTH DAO community. This said, the FGC must do the following:

A. Hold all conversations via a visible channel within the Discord’s Ampleforth server.

B. Publish monthly reports mentioning: (1) Amount of funds disbursed, (2) Applications approved, (3) Description of Grantee projects, (4) KPI tracking.

C. Hold monthly twitter space events allowing grantees the opportunity to showcase their project, discuss the intentions behind applying for a FORTH Grant, and the roadmap associated with the project moving forward. These events will be recorded and shared in a dedicated #ForthDAO section within the Ampleforth discord.

Majority of the grants will have 1-2 milestones to accomplish. Based on the completion of these deliverables, the recipient will receive half of the grant upfront and the remaining portion upon the completion of all milestones associated. For larger grants, we expect to see multiple milestones (3+). To this end, payments will be divided amongst each completed deliverable.

Overall, any & all grant applications submitted will be thoroughly assessed with the overarching improvement of the Ampleforth protocol in mind.

If the FGP (Forth Grants Program) has exhausted the allotted funding amount, the FGC can propose increasing the budget to governance. The final decision will be contingent on the FORTH community to vote on whether this budget increase will transpire.


Updated (May 19, 2022)

If the community sentiment & feedback is positive, the FGP will escalate this proposal to a temperature check via Signal (Snapshot). If ratified, application submissions will be accepted on a rolling basis post-approval.

Our objective with this program is to act as the catalyst for Ampleforth ingenuity and innovation. We want to encourage and fully support any & all projects that want to build on top of Ampleforth Protocol which, as consequence, will translate to community growth, mass adoption, and utilization.

Lastly, it must be emphasized that we too are AMPL & FORTH holders. This being said, we are committed to seeing out the success of this program in parallel with the scaling & growth of the Ampleforth Protocol. However, we must also bear in mind that this is indeed an experiment. If for whatever reason it does not work, we must learn for any & all mistakes, reflect, iterate and improve towards more effective solutions.

We’re excited to see what the community has to say with this proposal and look forward to hearing everyone’s feedback below!



  1. @ducc

Hey I’m ducc. You may know me from such works as: this forum, discord, and telegram. I’ve been an active poster in the AMPL community since late 2019.
0x0ddC3Eaf066b2C46B154A2e368e83c37CDE67665 (Fresh wallet)
Discord: ducc#7344
I don’t have a twitter account.

Statement of Intention:
I’m a strong believer that people are only as good as their incentives. Current monetary systems create perverse incentives for those who control its creation. AMPL is the closest thing to a perfect form of money that has ever been created, and its mass adoption could radically improve the way we relate to one another economically. As such, I’d like to be a member of the FGC to ensure that it protects the core values of AMPL which I view as:

  1. Decentralization
  2. Censorship resistance
  3. Non-dilutive monetary policy
  4. Freedom from market manipulation (including by the Forth DAO itself)
  5. Accessibility for all (maintaining options for low-fee AMPL transactions)
  6. Utility (responding to true market demands for financial instruments)

I tend to be critical of radical changes to Ampleforth at the protocol level because the protocol has proven itself time and time again and one shouldn’t “fix what ain’t broke.” However, I am also a strong believer in entrepreneurship and the Forth DAO now has a unique opportunity to fund the creation of new DeFi protocols and derivatives to build the elastic stack and propel AMPL to its rightful place as DeFi’s unit of account. As a reviewer, I will support projects which create utility for all AMPL users and drive true market demand for AMPL. I will also not be afraid to criticize proposals which I believe are designed for the self-interest of the creators at the expense of AMPL holders.

As for my Web3/technical skills, I’m not much of a web developer but I’m a molecular biologist by trade and I do professional statistics, modeling, and data science, mostly in R and Python. I have well-developed critical thinking skills from being intellectually bullied by scientists a lot smarter than me. You may have seen some of my data visualizations on the Tellor oracle proposal or the Sigmoid rebase proposals here, and on discord. I’m a big proponent of using objective data to inform decisions.

Original Post: FGP: FORTH Community Grants Program - #44 by ducc

  1. @Brandon
  • Ethereum Address:
    brandoniles.eth (0xb9259aeEdF68948647bE301844174F5E249c2948)
  • Discord Handle: Brandon | Ampleforth#3382
  • Twitter Handle: @brandoniles
  • Statement of Intention

If you don’t know me (hi), I’m one of the authors of the Ampleforth whitepaper and a core dev of the protocol. I’ve been working on the project since when it started in 2018. I associated myself pretty closely with what I call the “first wave of defi”–my interest in the space stemmed originally from my experiences living through the 08 financial crisis, with the idea that perhaps there could be a system that’s somehow safer, more resilient, and more transparent. I believe AMPL is an important building block for this next financial stack. However, for its value to be fully unlocked, it needs a vibrant and diverse supporting ecosystem made from disparate groups. The FGC can be instrumental in further accelerating the development of this surrounding ecosystem.

As a member of the first cohort of the FGC, I plan to offer my technical background for advice to reviewers, to help assess technical feasibility and scope, but to otherwise take a light touch. I want to leave room for those outside the core development team to have a say in the direction of the grants and surrounding ecosystem. I am also happy to make introductions to any interesting groups I meet along the way to help increase the flow of proposals.

Original Post: FGP: FORTH Community Grants Program - #47 by Brandon

  1. @richy

Hi All - please see my FORTH CGP nomination information below, I’ve been following the conversation and am on board with the decisions made (e.g., foregoing comp, adding ducc, etc).

Ethereum Address: 0x020e3BAB43C5e1bC5116bD13fF0ca012f15D32E3 (or 0xqwow.eth)
Discord Handle : Richy#3753
Twitter Handle : @richy_qiao
Statement of Intention
Hi everyone - for those of you who don’t know me, my name’s Richy - I was the first business hire for Ampleforth, joining the team in late '18/early '19. Prior to Ampleforth, I was a strategy consultant in the financial services and also spent time as an investor at a crypto hf/vc fund. During my time at Ampleforth, I led many of the non-technical initiatives. In late 2021, I transitioned to an advisor role and moved on to coinbase, Even more recently, I’ve joined a CeDeFi startup, Seashell, to lead Strategy + Crypto initiatives.

I joined crypto in late 2017 because I believed in the spirit of decentralization, access and optionality for all. I have also come to value community action as an important heartbeat of any decentralized crypto project. In terms of Ampleforth, I was immediately drawn to it in 2018 because of its roots in economic thought. Ampleforth remains the originator of rebase, the most robust algorithmic “building block” (i.e. longest lifespan) and continues to have a high ceiling within DeFi. I believe the FORTH CGP will go a long way to continuing to unlock this potential and engage the community.

Based on my time and experience in crypto, I hope to act as a “network node” - connecting other projects/communities/individuals and educating others about the program. Also, with my background in investing+operating, I hope to help in evaluating the potential of early stage teams and projects & give them practical operational advice. I take it as a serious sign of belief and responsibility to be in the first CGP cohort, as we may set the tone, culture and direction for others to come. I would like to set a culture around openness and collaboration, as I believe the community should begin taking more and more active steps to be involved in the future of the project.


Original Post: FGP: FORTH Community Grants Program - #49 by richy

  1. @Nestor

Ethereum Address: 0x2Ab27CE797b95030650B3369Edb850C14f017426
Discord Handle: Nestor#8357
Twitter Handle: @lifeofcrypto

Statement of Intention

Hey Everyone - Nestor here:

I value what the AMPL team has created and their focus around first principles and UNIX like philosophies. This is what attracts builders to participate in this unique elastic ecosystem. I also value all the contributors in this community that see the future of what a better monetary system can look like.

Frankly AMPL has “had it’s hand tied behind it’s back” for the last 2 years due to the novel rebase function. AMPL needs a healthy ecosystem of elastic primitives and protocols to succeed and to me this can only be achieved with a mindset of abundance over scarcity. My hope is FORTH & FGC unlocks this abundance and we can empower builders to grow and sustain.

If approved as a reviewer i’ll be a voice focused on AMPL ecosystem/community growth. I will support projects which grow the use of AMPL and will keep the interest of AMPL holders and the core mission in creating an AMPL liquidity layer at heart. In my view AMPL should be everywhere.

If you are not generally on twitter or discord - I started https://twitter.com/amplcast to host twitter spaces for the AMPL community of which there have been seven recorded episodes highlighting AMPL projects and initiatives, the goal to add another medium for people to digest the discussions from the discord/telegram groups.

Original Post: FGP: FORTH Community Grants Program - #50 by Nestor


Ethereum Address: 0xC86cf9759184554FDF4E397F8453418379283e2A
Discord Handle: pricelessJohn#6208

Hi all, John here. The community grants program is a great initiative and will spur development in the AMPL ecosystem and that is the reason why I decided to join. I found out about AMPL right before the ICO and was intrigued after reading through the white paper. I reached out to Richy and asked if there was any way I can assist with the project and have been assisting with social media moderation ever since.

Going through FORTH voting for proposals may be the best way to gain the community’s sentiment on a proposal but it’s not ideal. It’s a slow process and raises conflict of interest issues especially when you have a large holder/friend voting for a proposal he submitted. Also, another issue I’ve seen is people voting for whatever option is winning at the moment and not taking time to read the proposal to see if brings any value to the ecosystem. I believe having a small committee of people is a good compromise that will streamline the process.

If nominated for this position, I’ll make sure to take the voice of the community into my decision-making process. I’m active on the AMPL discord and Telegram community channels and think that I have a good sense of community sentiment on very topics which will be vital to this committee.



Thanks for the revised version, looks good. Just a few figures that need firming up:


These contradict one another, I’m guessing the fix is to reduce max budget to $1M?


I believe this is meant to be $750/proposal


Not super important but always good to be accurate. I believe this is meant to read “(Round 2) will commence on 8/22/2022”


Can this notion of the Lead publishing their proposal review strategy be included too please?
Here’s the brief outline of what I mean by this:

I think it would best fit in the quantifiable KPI section.

1 Like

Since the max grants budget is $1.5m, the maximum quarterly budget should be adjusted to $750k. I must’ve overlooked this when updating (good catch!).

Another good catch, I will update the proposal now to reflect this.

For consistency-sake, that is correct. If Round 1 was to conclude on 8/22/2022 and the FGP proposal for renewal is approved Round 2 would commence the same day on 8/22/2022.

A proposal review strategy will be included as well. Although, I think this will be evident via the community-visible FGP channel in the Discord along with the publicly-viewable airtable (once it’s created).


Proposal has been updated.

1 Like

$3 million budget annually is almost 15% of the treasury, and that’s not including additional grants issued separately from the FGC. That seems unnecessarily large considering the number of proposals we have seen written directly. As a forth holder I’d also like to utilize voting for deployment of some of this capital directly instead of incentivizing all grants to go to the committee. I think it makes sense to keep the annual budget for this <10% of the treasury, with market cap growth of Forth and AMPL im hoping we can get this to <5% especially considering the option always exists to submit a proposal to the ForthDAO directly, and we want the ForthDAO to also hold a bunch of tokens in reserve. With a 2% inflation of Forth annually a 5% burn annually would keep this swifter net capital allocation around 3%, which in my mind is a good target.

The more we front load grants before the financial tooling is deployed to do bonds also decreases the treasury faster because of the sell pressure generated by the grants. Obviously we want to put some the capital to work but it’s a balance. I think instead of adjusting the quarterly budget to $750k we keep the $500k quarterly budget and reducing the half year budget to $1mil makes more sense to me given the current size of the treasury. This can always be reevaluated later but no need to start so large in my opinion. As I’ve stated previously in the other proposal I think it pays to be very selective especially during this time.


Since this is an experimental pilot, that is why we decided to go with a 6 month window. Based on the performance & success of the program and the feedback given by the community a follow-up proposal for FGP renewal will be submitted.

In regards to putting capital to work, I believe that is outside the scope of FGP as it will need a separate yield-generating proposal to be submitted (assuming that is what you were alluding to).

It’s fair to reiterate that any & all remaining funds left at the end of the pilot period will be returned to the FORTH DAO treasury in the event that FGP is not renewed/extended.

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For comparison, 1inch has a fully diluted market cap of 1.5billion and their proposal for a community grants program is initially capped at 2million annually, $500k quarterly. [1IP-8] 1inch Community Grants Program - 1inch DAO - 1inch Network Governance Forum

Forth fully diluted market cap is currently about 30x less ($50m) yet this proposal is proposing a quarterly budget that is 50% higher. If anything the budget for Forth should be lower initially, not higher. Am I the only one here that is thinking this? I haven’t heard any other feedback from the community on the budget.

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These guys are crooks and need to be stopped

I think @kbambridge’s concerns are reasonable. Furthermore playing it cautious isn’t a problem if we later found there was a good reason to use more, we can simply raise a proposal at that time to utilise more funds if necessary.



Please check yesterday’s discord message here

In ~24 hours I will escalate the FGP Proposal to a Snapshot vote to obtain community sentiment. Based on it’s outcome, we may/may not proceed with an on-chain vote thereafter.

During this time, please reply with any & all comments, questions, concerns you may have!

It does concern me that we are jumping out of the box with $1.5 million annually.

It would seem a much more modest level of $250k-$500k on first round. There could be a clause that allows coming back to community to increase as ecosystem grows or aforementioned mkt cap %.

It seems would be destructive of FORTH treasury at the current price if liquidation of tokens is strategy to raise funds which would seem to be a negative feedback loop.

Can anyone speak to mechanism of raising the funds for the FGP? Will it be selling tokens on market or other options being considered?

I think important to remember this is significant assets we are dealing with in the treasury!

I am fully supportive of this type of initiative and appreciate Guzman efforts. I just feel more clarity on how funds would be raised for FGP? Dumping our tokens at predefined dates to fund also seems could be a potential event that could be manipulated by the market as well. So I feel a process would need to be laid out for this as well.


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The FORTH designated for FGP allocation will simply be transferred to the Multi-sig (please peruse the proposal above). Thus, there will not be a selling of treasury funds - no dumping will occur.

At current value, the proposed allocation ($1.5m) only accounts for ~7% of the FORTH DAO treasury - in much respects this is fairly negligible.

I would like to emphasize that the primary goal in forming the FGP (and FGC) is not to simply deploy as much capital as possible, rather to identify, evaluate, and attain positive ROI opportunities with net-positive, long-tailed results.

To this end, it’s best to mention that the FGC - alongside the community - will exercise a diligent and prudent evaluation process to ensure that the FORTH Grants program is assisting the best quality projects that will further reinforce the Ampleforth ecosystem.

Ultimately, it all comes down to the evaluation and selection of applications which, in turn, will require FORTH distribution. FORTH’s market value will always have an effect on how the community perceives grant distribution (imo).

Does this imply the trusting in the committee members? Absolutely, 100% - at least for applications <$100,000 (as mentioned in the proposal above). Which is why it’s our #1 priority to carry-out the evaluation process as transparently as possible.

At the end of the day, the goal of the FGP is to maintain a holistic approach, with the treasury’s & ecosystem’s health in mind.

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@kbambridge thanks for referring my 1inch proposal here, have done a lot of home work in bringing that to life.
If this forth grants proposal gets rejected for a second time on snapshot i though to run a though sentimental analysis and iron out the details so that we can onboard more than a majority. As i believe that Grants is an import part of the greater decentralisation of the DAO


The signal vote was a success and passed with 8,400 FORTH voting in favor for the formation of the FORTH Grants program. Interesting enough, there was a sizable amount of FORTH in opposition of the proposal. Although this was a simple sentiment (temperature) check, in my opinion, it’s imperative that we address any questions, comments, or concerns about the proposal before escalating to an on-chain vote.

As shown in the thread above, I’m open to any & all suggestions brought on by the community.

This being said, let’s allow for a 4 day review/discussion period before proceeding with an on-chain vote. The 4 day window is currently active and should conclude on Saturday, June 4th, 2022 at 3:46 PM EST - exactly 4 days after the end of the signal vote.