Ampleforth Integrates with Meter Passport Infrastructure to Create the First Ever Blockchain Agnostic Asset Class
Ampleforth announced it has completed its integration with the Meter Passport infrastructure to bring AMPL cross chain. Meter.io’s high performance infrastructure will allow AMPL to bring its Ethereum-born rebasing token to Binance Smart Chain’s low latency Proof-of-Stake smart contract network. This marks the world’s first ever multi-blockchain asset class with a supply policy that communicates across chains. Starting today, AMPL is on BSC and is available on PancakeSwap, the leading BSC decentralized exchange (DEX) with liquidity mining and new Syrup Pools.
Meter Passport is a N-way blockchain router that allows assets and information to flow directly from one blockchain to another within minutes or even seconds. It is secured by a group of decentralized relayers. The initial set of relayers includes Protofire, Hashquark, Wetez, InfinityStones, and Meter.io An implementation with an unlimited number of relayers will be available later this towards the end of the year.
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“We are excited to partner with Ampleforth to build the world’s first multi-chain asset class and showcase the possibility of composable DeFi across multiple blockchains,” said Xiaohan Zhu, CEO of Meter.io. “With the help of such infrastructure and this multi-chain asset class, DeFi smart contracts will be able to automatically move liquidity, find the best price and yield across different blockchains in the future.”
The Ampleforth Protocol was developed to create the first independent DeFi building block for denominating stable contracts in Web 3.0 finance. It did so by introducing the world to a supply elastic building block called the AMPL that would be uncensorable and non-dilutive like Bitcoin, and be able to exist without centralized intermediaries or lenders of last resort. However, unlike Bitcoin, AMPL was designed to serve as a stable unit of account in a decentralized, bankless system.
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“Meter.io’s robust bridging infrastructure allows us to bring AMPL to new platforms. Being chain-agnostic will make the AMPL more useful and ubiquitous across the Web3 ecosystem,” said Evan Kuo, CEO of Fragments, Inc., the development company behind the Ampleforth Protocol. “We are excited to bring AMPL beyond Ethereum to take advantage of the growing suite of DeFi applications that can leverage its unique monetary properties.”
Binance Smart Chain launched in September 2020 and currently boasts of more than 180 projects, many of which are focused on DeFi. Some benefits of being part of BSC include cheap transaction fees, high performance across the network, cross-chain DeFi mechanisms that increase DeFi interoperability, a supportive ecosystem of millions of users, and more. It allows users to get the best of both worlds: the high transaction capacity of Binance Chain and the smart contract functionality of BSC. The network has grown significantly, with 76,998,164 unique wallets as of June 10, 2021 and $7.6 billion total value locked (TVL) on PancakeSwap.
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