SPOT (Ampleforth)
An inflation-resistant flatcoin built on Ampleforth's AMPL, engineered to hold long-term purchasing power without pegging to any fiat currency. SPOT wraps a rotating basket of senior AMPL tranches so the system bends rather than breaks under market stress, avoiding the death-spiral mechanics of algorithmic stablecoins. Live on Ethereum and Base with backing from Coinbase Ventures and Pantera Capital.
The most serious live attempt at a flatcoin: debt-free, fully crypto-collateralized, inflation-indexed money that decouples from the dollar peg without algorithmic death-spiral risk. Monetary design is near the M69 frontier; adoption is not — negligible real-economy usage and a unit of account still derived from the US dollar.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x4.0
Minting is a permissionless on-chain action against AMPL tranche collateral with no debt mechanism — tranching, not lending (IM-01/IM-02 strong); supply expands and contracts through deposits, redemptions and rotations. Held at 4 because issuance tracks a CPI-adjusted price target, not real economic output (IM-03).
Spending Power Stability2x4.0
The entire design distinguishes short-term volatility from long-term purchasing-power drift (SPS-05 exemplary): AMPL's rebase targets the CPI-adjusted 2019 dollar and SPOT inherits that anchor with dampened volatility, all on-chain and auditable. ~3.5 years live with discount episodes but no collapse (SPS-04 mid).
Fiat Independence & Interoperability2x3.0
Collateral is 100% crypto-native with zero fiat reserves and no banking dependency (FI-02/FI-03 top band), but the unit of account is still a fiat derivative — an inflation-adjusted US dollar — with CPI oracles as a structural dependency and no defined path away from the dollar reference (FI-01/FI-06).
Traction2x3.0
Team active with continuous development (monorepo commits through July 2026), credible backers and real media coverage (Forbes, The Block), but holder base is small, merchant acceptance is effectively zero, and SPOT is not used as a unit of account anywhere (TR-04/TR-05 floor).
Sovereignty4.0
Fully on-chain, non-custodial, open-source and self-hostable with no KYC and no censorship capability in the core protocol; capped by Ethereum/oracle dependencies (SO-06) and the prominence of the founding team (SO-05).
Governance3.0
FORTH token governance with public on-chain votes and open documentation, but voting power is concentrated and SPOT parameter control retains multisig elements; monetary rules enjoy no formally stronger protection than operational ones (GO-08 mid).
Resilience3.0
The AMPL system survived multiple crypto winters and the 2020 crash operating as designed, and the bend-don't-break tranche design is explicitly built for stress (RE-06); complexity is high (RE-04) and funding rests on a VC-backed company plus foundation (RE-07).
Inclusivity4.0
Open to anyone with a wallet, no identity requirements (IN-06 top band), identical rules for all holders; gas costs and the sophistication barrier of a tranche-based instrument limit practical access for low-income users (IN-02/IN-03).