Ampleforth Governance (FORTH)
AMPL governance token. Elastic supply stablecoin protocol.
Ranked 213th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
FORTH scores 84 of 250 across the 25-variable framework, which places it 213th of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
The score rests on P/S Multiple 5/10, 38th of 251, Insider Selling 5/10, 42nd of 251, Supply Inflation 6/10, 43rd of 251 and Holder Concentration 4/10, 58th of 251.
Against the same universe, FORTH sits in the bottom third on Social Mindshare 2/10, 230th of 251, Catalyst Calendar 2/10, 222nd of 251, Active Users 2/10, 220th of 251 and Exchange Depth 3/10, 220th of 251. These are the variables that would have to move for the verdict to change.
Only 71.3% of FORTH's total supply is in circulation, so 1.4x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 28.7% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
FORTH trades 99.85% below its all-time high of $180.47. Recovering that level is a 666.7x move, not a 99.85% one, which is the arithmetic most drawdown charts hide.
The framework score gained 84 points against the previous pass (0 to 84). Revisions of this size follow a change in the underlying variables, not a change in price.
FORTH clears 7 of 10 on none of the 25 variables. Its best three are Supply Inflation at 6, Vesting Schedule at 6, Circulating / FDV Ratio at 6. The market prices none of those, so there is nothing here it is failing to notice either. This is a low score on things nobody is bidding for. It is weak on Active Users, Market Share, Institutional Adoption, Exchange Depth and 2 more, which the market does price, so that damage is already done and visible in the valuation.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 2 | 166th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 6 | 43rd of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 2 | 220th of 251 | |
| Developer Activity | 4 | 158th of 251 | |
| Network Growth | 2 | 215th of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 3 | 220th of 251 | |
| Social Mindshare | 2 | 230th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 2 | 222nd of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Governance of Ampleforth's elastic supply protocol and potential rebasing yield.
Principal risk
Elastic supply model creates unpredictable token supply and user adoption challenges.
Market and supply
| Price | $0.2746 |
| Market cap | $3.0Mrank 2085 |
| All-time high | $180.4721 Apr 2021 |
| Circulating supply | 10,903,547 |
| Eventual supply (total supply) | 15,297,897 |
| Dilution to full supply | 1.4x |
| Listed on | Coinbase, Gate.io, Uniswap |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to FORTH measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
FORTH compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Common questions
- What is the Early Thunder score for Ampleforth Governance (FORTH)?
- FORTH scores 84 out of 250 on the 25-variable framework, ranking 213th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are FORTH's strongest fundamentals?
- FORTH ranks highest on P/S Multiple 5/10, 38th of 251, Insider Selling 5/10, 42nd of 251, Supply Inflation 6/10, 43rd of 251 and Holder Concentration 4/10, 58th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the FORTH thesis?
- FORTH scores in the bottom third of the universe on Social Mindshare 2/10, 230th of 251, Catalyst Calendar 2/10, 222nd of 251, Active Users 2/10, 220th of 251 and Exchange Depth 3/10, 220th of 251. The single risk carried on the scorecard is: Elastic supply model creates unpredictable token supply and user adoption challenges.
- How much FORTH supply is still to enter circulation?
- 71.3% of eventual FORTH supply is circulating today, leaving 1.4x the current float still to arrive. At a flat price per token that is 28.7% of fully diluted value ahead of current holders.
- How far is FORTH from its all-time high?
- FORTH trades 99.85% below its all-time high of $180.47. Returning to that high requires a 666.7x move from the level used in this scoring pass.
- Which tokens have a similar profile to FORTH?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to FORTH are BOND (82), IDEX (77), MCB (76) and BADGER (100). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for FORTH?
- Governance of Ampleforth's elastic supply protocol and potential rebasing yield.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.