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.
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:
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.
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.
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:
Minipools can be in 7 distinct states:
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
The total amount of GGP staked by users.
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.
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.
|Avax Total Assets
|Avax Total Supply
In this way ggAvax will become more valuable over time due to the always decreasing ratio of supply to assets.