📐Grafana Explained

The math behind the numbers.

GoGoPool contains a great deal of information that feels pretty inside baseball until you fully grasp the mechanics of the protocol. Much of the important protocol information we have displayed on Grafana. Lets go through Grafana's page number by number.

Protocol TVL

Total Value Locked (TVL) is a metric for the total value of locked digital assets in the protocol, in this case it is a combination of the assets that are used for staking in our protocol. There are three:

  1. GGP Stake

  2. ggAvax Stake

  3. Minipool Avax Stake

TVL=GGPStake+ggAvaxStake+MinipoolAvaxStake\text{TVL} = GGP Stake + ggAvax Stake + Minipool Avax Stake

Liquid Staking APY

This number is an estimate. The way we calculate liquid staking APY is by viewing the real performance of ggAvax over the course of 90 days, and multiplying by 4 to get an estimate of it's performance over the course of the year.

NodeOp APR

This number is an estimate. Node Operator APR is determined by the rewards gained by a minipool for a one month cycle multiplied by 12 to get an estimate for a year.

APR=(ggpRewardsAsAvax+AvaxRewardsAvaxStaked+ggpStakedAsAvax)×100%×12\text{APR} = \left( \frac{{ggpRewardsAsAvax} + {AvaxRewards}}{{AvaxStaked + ggpStakedAsAvax}} \right) \times 100\% \times 12

Available Minipools

In order for minipools to be available, there must be 1000 available staking avax. For every 1000 staking Avax, 1 new minipool can be made. Therefore:

Available Minipools=(AvailableStakingAvax1000)\text{Available Minipools} = \left(\frac{Available Staking Avax}{1000}\right)

Active Minipools

Minipools can be in 7 distinct states:

  • Cancelled

  • Error

  • Finished

  • Withdrawable

  • Launched

  • Prelaunch

  • Staking

These states are mutually exclusive. When a minipool is made it first is in Prelaunch state, where the user has created a minipool but their funds have not yet been matched. When their funds have been matched they are placed in the Launched state. During this state contract calls are made to make the minipool available for staking. When the appropriate contract calls are confirmed, the minipool begins Staking. A minipool is considered Active if it is in the Staking state. This means the assets are locked in the minipool for the staking duration of the minipool which is set by the user upon creation. When a minipool is done staking it moves to the Withdrawable state until the funds are removed, where it's finally moved to Finished.

GGP Staked

The total amount of GGP staked by users.

GGP Price

The current price of the GGP Token.

Reward Cycle's Explained

Reward cycles are on a 30 day timeframe. There are 4 related variables in grafana:

  • Reward Cycle Start

  • Reward Cycle End

  • Rewards Eligibility Cutoff Date

  • Next Rewards Eligibility Date

Start and end are self explanatory. A minipool must be created before the Rewards Eligibility Cutoff Date in order to earn rewards for the 30 day cycle. If you missed the current cutoff date, our grafana page also displays the following cutoff date for the next 30 day cycle.

ggAvax Last Rewards

ggAvax is our protocol's liquid staking token. This token accrues value by rewards from each 30 day reward cycle. When a rewards cycle ends some of the money that the minipool made from staking on the Avax network is returned to the assets pool. Just over 50% the amount made from staking on the Avax network is given to node operators because of an included node op fee. Just under 50% is returned to the liquid staking pool to accrue value.

Half Rewards=(avaxTotalRewards2)\text{Half Rewards} = \left(\frac{avaxTotalRewards}{2}\right)

Liquid Staker Reward Amount=HalfRewards(HalfRewards×NodeOpFeePercent)\text{Liquid Staker Reward Amount} = {Half Rewards} - \left(Half Rewards\times{Node Op Fee Percent}\right) Node Operator Reward Amount=TotalRewardsLiquidStakerRewardAmount\text{Node Operator Reward Amount} = {Total Rewards} - {Liquid Staker Reward Amount}

As of 01/10/2024 the node op commision fee percent is 15%. Meaning liquid stakers will receive 42.5% of rewards and node operators 57.5%.

How ggAvax Works

ggAvax is the protocol's liquid staking token. It uses ERC-4626 which is a tokenized vault contract. You can think of ggAvax as shares that accrue value over time. The value increases as the asset pool increases in relation to the supply. Liquid staking puts Avax into the Avax Total Assets and the Avax Total Supply. The ratio is increased by ggAvax last rewards, when the rewards from the minipool are put into the assets, but not the total supply.

EventAvax Total AssetsAvax Total Supply

Liquid Stake

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Rewards Cycle

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In this way ggAvax will become more valuable over time due to the always decreasing ratio of supply to assets.

ggAvax=AvaxSupplyAvaxAssets\text{ggAvax} = \frac{Avax Supply}{Avax Assets}

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