Xcoin—The world's first absolutely stable stablecoin(Based on the AMPL)

Ampleforth Governance
1

First of all, think about how important it is to always have the next “rebase=0” moment

Based on the rules of AMPL, AMPL achieves that there must be the next rebase=0. So, we will establish a mechanism and define a token called Xcoin to assign a value to Xcoin only when rebase=0. This will make any Xcoin equal to the 2019 purchasing power of 1 USD. In fact, we will carry out the time and space transformation and extract all the rebase=0 points to filter out all the fluctuations.This would result in an absolutely stable stablecoin.

Xcoin protocol will be based on the following three rules:

  1. Only when rebase=0, Xcoin and AMPL exchange will be started, at 1:1 exchange rate.
  2. Xcoin circulation should never exceed AMPL inventory.
  3. The Xcoin protocol itself does not bear any risk of economic boom or bust.

If AMPL inventory goes through a period of negative rebase during the recession, and AMPL inventory is less than Xcoin issuance, the Xcoin protocol will suspend Xcoin conversions to AMPL, and Xcoin to be converted to AMPL will enter the interest accrual phase, with interest being paid linearly using FORTH. Start the exchange until the next rebase=0 and AMPL inventory is greater than Xcoin’s issuance.

Xcoin is not available yet, but it is definitely not based on collateral.Xcoin is just a continuous mapping of AMPL (rebase=0 time point), refining and aggregating all the rebase=0, through AMPL fluctuations to the next rebase=0, Xcoin is just a continuous expression of this stable state.

The value or price of everything in the world is generated through exchange. Any exchange of Xcoin is priced at USD2019. From the underlying logic, Xcoin is truly absolutely stable.

Note:

1.Xcoin is automatically destroyed when Xcoin is converted to AMPL.
2.The exchange fee will be paid using FORTH, which is also Xcoin’s governance token.
3.There is no gain or loss from owning Xcoin, but the Xcoin protocol has fee income and can capture value.
4.The initial amount of Xcoin issued is 0, unless someone exchanges AMPL for Xcoin when rebase=0.

2

I like that you’re thinking of different concepts. not a fan of the name, Xcoin. sounds 2013/14 altcoin scammy.

but essentially a stablecoin with ampl as collateral… will need to think about this.

3

Thank you for writing this proposal! I’m a bit confused about the mechanics though. How does Forth get paid out as interest, and how is the peg back to 1:1 Xcoin and AMPL maintained during long periods of negative and positive rebases? I think a good place to start is to list out all the actors in this system and what actions they can take.

1 Like
4

AMPL + E + FORTH = Ampleforth
Renamed “E” ?

3 Likes
5

Wouldn’t an AMPL denominated contract (like what’s in the pipeline with AAVE) achieve the same goal to create a fully stable coin that equals to 1 AMPL? (in this case it’s a debt instrument).

7

That would be perfect!!