Master the Ampleforth Profit Playbook
Inside SPOT’s Real-Yield Engine
The Spot Protocol has matured into a diverse real‑yield playground creating three primitives:
- AMPL (elastic unit‑of‑account)
- SPOT (low volatility asset, bounded volatility, flatcoin)
- stAMPL (leveraged AMPL)
Since the Vault v2 upgrade and SPOT v5 (Jul 2025) the system now supports instant flash minting/redeeming and weekly tranche roll‑overs with dynamic fees. Below are eight strategies with updated numbers and key caveats.
Not financial advice. Historical APRs are shown for context only; forward performance may vary. Always factor in gas, protocol fees (dynamic as of v5), and smart‑contract risk. Leverage this playbook at your own risk. The protocol changes rapidly and some mechanics aren't talked about here that could be leveraged in the future like lending/borrowing, and a future stablecoin implementation built on SPOT.
Strategy 1 · Rotation Vault v2 Flash‑Arbitrage
| Aspect | Details (updated) |
|---|---|
| Observed returns | ~0.3 – 1.2 % per opportunity (spreads close within minutes; larger events happen around weekly tranche caps). |
| Risk level | Low–Medium – execution / gas competition. |
| Capital needed | > $1 000 to outpace gas; more = bigger blocks. |
How it works. When SPOT diverges > 1 % from AMPL, a flash‑mint (or burn) in Rotation Vault v2 lets you swap the cheaper asset for the expensive one and dump on DEXs the same block. The opportunity reloads each Wednesday after tranche roll‑over.
Dynamic fees. The FeePolicy contract sets a mint‑fee that currently hovers ≈ 2‑3 % (scales up if the vault is short seniors) and a burn‑fee that tops out at 10 % when the system is over‑levered. Always query mintFeeBp() & burnFeeBp() before executing. (source: FeePolicy.sol).
Strategy 2 · stAMPL Vault – Leveraged Rebases
| Aspect | Details (updated) |
|---|---|
| Observed APR | 8 – 25 % APR (Q2 2025 median incl. rotation fees). |
| Risk level | High – leverage magnifies both positive & negative rebases. |
| Capital needed | > $500. |
The stAMPL multiplier floats with vault liquidity (currently ≈ 1.30 ×). Example: a ±20 % AMPL rebase becomes +33 % / –26 % on stAMPL.
FORTH rewards are optional: deposit stAMPL LP tokens into a Geyser to drip FORTH; the vault alone does not auto‑distribute governance tokens.
Strategy 3 · SPOT / USDC Liquidity Provision
| Aspect | Details (updated) |
|---|---|
| Observed APY (2025‑to‑date) | 5 – 22 % APR on Uniswap v3 (30‑day rolling). |
| Risk level | Low–Medium – IL mitigated by SPOT mean‑reversion. |
| Capital needed | > $2 000 for efficient v3 ranges. |
Place ± 10 % concentrated‑liquidity bands and rebalance monthly; wider ranges trade return for lower IL.
Strategy 4 · Bill Broker Passive Market‑Making
| Aspect | Details (updated) |
|---|---|
| Observed APR (DAO treasury) | ≈ 6 % annualised since Dec 2024. |
| Risk level | Low – inventory‑managed AMM. |
| Capital needed | > $5 000 to notice compounding. |
Provide balanced SPOT/USDC; Bill Broker auto‑adjusts fees to mean‑reverting flow.
Strategy 5 · Rotation Rewards (Enrichment / Debasement)
Demand imbalance between stAMPL & SPOT triggers rotation fees that flow to the less‑desired side – up to 20 % enrichment or 10 % debasement per cycle. Position accordingly: in bull phases SPOT holders collect enrichment; in risk‑off phases stAMPL captures debasement.
Strategy 6 · Accumulating FORTH Governance
Earn FORTH by:
- Staking an available LP in the Geyser.
Expected effective APR 3 – 8 % plus potential upside from governance influence.
Strategy 7 · Core AMPL Network‑Growth Play
| Aspect | Details (updated) |
|---|---|
| Return driver | Circulating‑supply contraction as SPOT locks AMPL (≈ 9.3 % of supply as of Jul 2025, up from 8.75 % in 2023). |
| Risk level | Medium. |
| Suggested stake | $500 + foundational holding. |
DCA during negative rebases; trim on extended positive cycles.
Strategy 8 · v5 Pair Minting & Tactical Rebalancing
| Aspect | Details (updated) |
|---|---|
| Typical rotation edge | ~3 – 7 % per rotation when fees deviate; fully variable. |
| Risk level | Medium. |
| Capital needed | > $3 000 recommended. |
Pair Mint / redeem SPOT & stAMPL together to keep 1 × AMPL delta while farming rotation fees. Shift weight toward stAMPL in bull markets, toward SPOT in chop.
Implementation Roadmap
- Months 1‑2 Build core AMPL, dip toes into stAMPL (≤ 30 % allocation), set up monitoring & alerts.
- Months 3‑4 Add SPOT/USDC LP, start opportunistic flash‑arbs, stake LP in Geyser.
- Month 5+ Layer on Bill Broker and pair‑mint balancing.
Risk Checklist
- Smart‑contract & oracle risk on every vault.
- Protocol fees (Flash‑Mint / Burn, Rotation) can eat edge – model them.
- Diversify across multiple strategies; size positions to pain tolerance.
- Stay plugged into forum.ampleforth.org & Discord for parameter changes.
The Upshot
Ampleforth is no longer a thought experiment – it’s a functioning, fee‑generating monetary stack with Coinbase Ventures backing and proven mean‑reversion dynamics. The sooner you master these mechanics, the more of the enrichment curve you capture.
