Network Ownership

Network ownership refers to the percentage of the AMPL supply that any given wallet controls. For assets like Bitcoin that feature a fixed supply, network ownership is simple as the supply doesn't change.

However, AMPL features a dynamic supply, as shown below:

The AMPL Token's Supply Over Time

While there is no fixed scarcity in AMPL's supply, there is still scarcity in network ownership. So, AMPL is a non-dilutive asset, similar to Bitcoin.

AMPL's non-dilutive nature stems from the rebase being universal - meaning that all wallets holding AMPL experience the exact same rebase adjustments each day.

If the Ampleforth Protocol rebases by +2%, every single wallet will see the tokens in their wallet increase by +2%.

Thus, the only way to gain or lose market share with raw AMPL is to purchase or sell AMPL on the open market.

Example:

Say there are 100 AMPL tokens, and you own exactly 10 tokens (10% market share).

Demand for AMPL increases, and thanks to the rebase, there are now 200 AMPL tokens in existence. You now have 20 tokens.