According to ChainCatcher, Fragments, the Ampleforth protocol development company, announced that the Ampleforth Foundation's decentralized, low-volatility commodity currency SPOT project has completed a $1 million strategic round of financing, with Coinbase Ventures participating.
It is reported that SPOT aims to combine the characteristics of fiat currencies such as the US dollar and gold or Bitcoin to create a "fully decentralized" and "significantly low volatility" asset that can be used in the on-chain economy. The project team stated that SPOT is not intended to be stable like a stablecoin. The SPOT flatcoin, currently available on Ethereum, will also be launched as part of the protocol on Base, the Coinbase-incubated Layer 2 network.