According to BlockBeats, on July 9, according to The Block, Fragments, the Ampleforth protocol development company, announced that the Ampleforth Foundation's decentralized low-volatility commodity currency SPOT project completed a $1 million strategic round of financing, with Coinbase Ventures participating.

It is reported that SPOT aims to combine the characteristics of legal 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 on Base, a Layer 2 network incubated by Coinbase, as part of the protocol.