Tokens and Utility
GoGoPool has two tokens - the liquid staking token ggAVAX and the protocol token GGP.
When a user deposits AVAX into the deposit pool, they receive a synthetic derivative token called ggAVAX.
ggAVAX represents a staker’s deposit plus the rewards it gains over time. This token is considered liquid and can be used like AVAX whereby users can:
- Hold it to accrue staking rewards
- Sell it, or
- Use it to earn additional yield.
If there is floating AVAX in the deposit pool, users will be able to exchange ggAVAX back for AVAX (which burns the ggAVAX, and draws AVAX from the deposit pool). Alternatively, they will have the option to exchange it for any token they would like on exchanges that list the token.
GGP is an ERC20 token and serves as the protocol token for GoGoPool. The GGP tokens allow Node Operators to launch minipools i.e. full Avalanche Validator nodes matched with liquid staking funds for 1000 AVAX.
Node Operators have to stake a minimum amount of GGP tokens to secure their assigned staking funds as insurance for good behavior. At genesis the minimum will be 10% of their AVAX staked amount, but the operator can choose to stake as much as 150%. The higher their GGP stake, the higher their monthly GGP rewards will be. Node Operators can use these GGP rewards to launch new validator nodes, increasing their overall yield. In the future, Node Operators may restake their monthly GGP rewards to request AVAX delegation from liquid stakers onto existing minipools.
If a node operator has excessively low uptime and causes a loss of rewards for the protocol, stakers can be compensated from the GGP insurance put up by the Node Operator. This socializes the risk of being matched with a bad operator, and minimizes any potential losses. Slashed GGP can be sold to token holders at a discounted rate, with AVAX proceeds awarded to Liquid Stakers.
GGP token holders will have the ability to participate in the GoGoPool Protocol DAO, which allows members to propose and vote on a range of governance issues including inflation schedule of GGP, removing/replacing bad actors, smart contract upgrades, payment of community developers for future work, and rewarding outstanding members of the community (as well as other configuring the settings of the protocol).
Total Supply: 22,500,000 GGP
- GoGoPool Foundation: 41.42% | The below allocations are subject to change according to DAO voting. Snapshot voting will be used to gauge sentiment, with recommendations executed by the Foundation.
- DAO Fund: 16.42% | allocated as per the DAO — eg. growth capital, additional grants, liquidity incentives, airdrop schemes, strategic alliances, advisors, etc.
- Ecosystem Development Grants: 15% | To fund engineering, business development, and marketing.
- Liquidity Incentives: 10% | To be deployed as the DAO sees fit.
- Original Team: 20%
- Seed Round: 15.58%
- GGP Staking Rewards: 15%***
- Advisors: 3%
- Pre-IDO Partner Sale: up to 3%
- Liquidity: 1%
- IDO: up to 1%. Any remainder rolls over to Foundation
***GGP Staking Rewards are split between 3 parties, and unlocked when issued:
- 70% to node operators
- 10% to Oracle DAO
- 20% to Protocol DAO Treasury
- GoGoPool Foundation: Locked for 3 months, to be deployed under DAO snapshot voting over the following 48 months.
- Original Team: 12-month lock up, 36-month with quarterly vesting.
- Seed Round: 12-month lock, 36-month with quarterly vesting.
- GGP Staking Rewards: 48 months, monthly vesting.
- Advisors: 12-month lock, 36-month with quarterly vesting.
- Pre-IDO Partner Sale:
- Tickets under 100k USD: minimum 12-month lock with 12-month quarterly vesting.
- Tickets over 100k USD: 12-month lock, 36 month quarterly vesting.
- Liquidity: Fully unlocked at TGE.
- Avalaunch IDO: Fully unlocked at TGE.
- Liquidity pool—500K ($250K AVAX + ~188K GGP)
- IDO sale: 300k USD—225,000 GGP tokens
- Initial Market Cap (excluding liquidity): ~250K USD
Note: The only day 1 circulating tokens, excluding liquidity, will belong to Avalaunch IDO participants.