Comfy in SPOT price

SPOT v5 is now live. The dashboard labels the Funding Rate (formerly known as the “Enrichment Rate”). What’s unchanged? The underlying value-transfer formula that moves yield between SPOT (stability) and stAMPL (high volatility). 1. Positive rates pay $SPOT holders 2. Negative rates subsidize $stAMPL holders What did change? Before v5, the funding transfer was executed only when weekly tranche rotations were successful; if rotations stalled, enrichment and debasement also stalled. v5 breaks that link, allowing the Funding Rate to run independently, thereby keeping incentives alive even in cases of heavy imbalance. Additionally, all protocol fees now scale with the deviation ratio (DR): actions that pull the system toward equilibrium are inexpensive (or even free), while moves that push DR away incur higher costs. That makes costs transparent and self-balancing. Lastly, 100% of fees now flow to stAMPL depositors, the biggest and most widely supported change of SPOT v5, boosting returns for risk-takers. Overall, SPOT v5 is an efficiency upgrade: - Clearer language: Enrichment Rate → Funding Rate - Continuous value flow that is decoupled from rotations - Smarter fees & better incentives Track the live Funding Rate and explore the new flows at

I respect the idea behind drift, but I don’t fully agree with the points being made here. Outlining an MM perspective on the comments made by @cindyleowtt 1. Access to Solana’s atomic global state is at odds with deep ACTIVE liquidity. - Atomic global state is expensive for market makers to update quotes, forcing wider and therefore worse active liquidity. - Priority lanes are crowded. To stand out from the crowd, a market maker will have to pay greater than epsilon to update quotes. 2. Being built on Solana L1 does not mean anything. The front end is the wallet. The wallet routes to protocols. Spot DEXs are commodity businesses. And the biggest Solana front end just chose Hyperliquid as the protocol to route flow to. Because it has the deepest liquidity. And it’s not even close. 3. Asset issuance is not the slam dunk metric you think it is. Net asset velocity on Solana is super high because of the memecoin mania. High quality community assets (SPOT) will ultimately have more liquidity on a CLOB. Even with Hyperliquid, in 9/10 situations, the most spot liquidity is on Binance. Hyperliquid carved out its niche by being fast to list new perps, but got griefed and have therefore taken a different approach. 4. In the universe of users, the L1 with the most liquidity will see the highest user flows because the front ends that are in touch with users have much better scope for ARPU by doing just that. Users won’t go to “ They will go to a front end. The front end will send them to where it makes most sense for them. 5. Re building out the microstructure for L1 DEFI, I fully agree. You guys have done an incredible job pushing capital efficiency. I view L1 DeFi as a great bootstrapping business. But ultimately you need to own your block space to optimise for tight active liquidity.

$AMPL is a decentralized unit of account that serves as base money for DeFi. It’s introducing a fundamentally different economic model compared to traditional cryptocurrencies and fiat currencies. Unlike fixed-supply assets, such as Bitcoin or fiat currencies, which central banks can inflate at will, AMPL features an elastic yet non-dilutive supply. E l a s t i c i t y means that the total amount of AMPL in circulation automatically adjusts in response to market demand, expanding or contracting daily through a mechanism called rebasing. Despite these supply changes, each AMPL holder maintains the same proportional ownership of the network as supply changes are evenly distributed across all holders. AMPL targets a stable purchasing power by aiming for a value of approximately one 2019 US dollar, adjusted over time to account for inflation. Rather than relying on reserves or collateral to stabilize value, AMPL translates market-driven price volatility directly into supply volatility. Building upon this innovative mechanism, the Ampleforth ecosystem provides users with the opportunity to deposit their AMPL tokens into the Rotation Vault, which splits their position into two derivative assets with distinct volatility profiles: SPOT, a low-volatility asset, and stAMPL, a high-volatility asset. Staked AMPL ( $stAMPL ) is designed specifically for users seeking amplified exposure to AMPL’s elastic rebasing dynamics. When depositing AMPL into the vault, users opting into stAMPL essentially accept all the volatility forgone by SPOT holders, resulting in enhanced exposure to rebases, typically around 1.1 x to 1.2 x the daily rebase compared to standard AMPL. The arrangement creates a distinctive dynamic: stAMPL holders may see their proportional ownership of the network change after each rebase. Specifically, in positive rebases, stAMPL holders gain additional network ownership because SPOT holders exchange volatility (and thus network exposure) for greater stability. In other words, stAMPL holders capture the volatility premium that SPOT holders willingly forgo, presenting a leveraged opportunity that is directly aligned with the growth cycles of the AMPL network. Through AMPL and stAMPL, Ampleforth provides a novel financial toolkit that enables crypto investors to manage their exposure to volatility and stability in a unique manner, all within a fully decentralized and algorithmically governed framework.

Got that dog in me 💨 I'm calling this latest phase of the bull market the "Everyday Rally," with $HOOD the poster child Here's why