What is Ampleforth Governance Token (FORTH)?

Deep Dive

1. Purpose & Governance Mechanism

FORTH was launched in April 2021 to decentralize control of the Ampleforth Protocol. Its sole purpose is governance. Holders use FORTH to vote on proposed changes to the protocol's code or economic parameters. They can also delegate their voting rights to representatives, forming a community-run DAO that decides the project's strategic direction without centralized control.

2. Role in the Ampleforth Ecosystem

FORTH is the governing layer for the broader Ampleforth ecosystem (Ampleforth). This ecosystem is based on AMPL, the first "rebasing" cryptocurrency, which adjusts its supply daily based on market demand to target stable purchasing power. Users can deposit AMPL into a vault to create two derivative tokens: SPOT, designed as a decentralized low-volatility asset, and stAMPL, which offers amplified exposure to AMPL's rebases. FORTH holders govern the evolution of this entire toolkit.

3. Tokenomics & Current Context

FORTH has a hard cap of 15 million tokens, making its supply non-dilutive. This structure aims to preserve the value of each token's voting power. It's important to note that as of March 2026, Binance announced it will delist FORTH and seven other tokens on April 1, 2026, after a periodic review found they no longer meet the exchange's listing standards. This has impacted its liquidity and trading accessibility on a major platform.

Conclusion

Fundamentally, FORTH is a specialized governance token designed to manage a unique elastic-supply monetary protocol and its associated financial derivatives. With major exchange support shifting, how will its community leverage its fixed governance power to navigate the project's next phase?