Hi frens! How was your week? For us it was aamazing. We thoroughly enjoyed reading your comments on the Litepaper, and have answered all of them and more in the upcoming Aavegotchi Whitepaper.
Check out the highlights of our week below, and keep reading to get all the luscious details.
- Our Aavegotchi Aagent program has successfully onboarded more than 60 Aavegotchi Aagents of Aavesome
- This week’s mission: The Aagent Buddy System
- $GHST Token Distribution Update
Our Aavegotchi Aagent program has successfully onboarded more than 60 Aavegotchi Aagents of Aavesome
When Aavegotchi launches on Mainnet (Q4 2020 or Early 2021) Aagents will be entered into giveaways for Aavegotchi swag, including $GHST tokens, fabulous wearables, and consumables. Each Level will have its own giveaway, so the higher your level, the more chances you’ll have!
In addition, Aavegotchi Aagents who have successfully completed all Missions will each receive a rare wearable, and will be entered into a giveaway for a FREE Aavegotchi.
Don’t know what an Aavegotchi Aagent is, or how to become one? Read last week’s Community Update for more details.
Last week’s mission was designed to give Aagents the crucial understanding of Aavegotchi they’ll need to complete future missions, while also giving us helpful feedback about what concepts need further explanation. It was a great success (borat emoji)!
We received over 80 comments, many which contained valuable questions or feedback that we’ll be answering in detail in the upcoming Aavegotchi whitepaper.
A big thank to you all who participated.
This week’s mission: The Aagent Buddy System
Being an Aagent can be a lonely job…Aavegotchi is innovating in so many areas that explaining it to friends can be a bit overwhelming. That’s why we’re making the Aagent Buddy system!
This week’s Mission, if you choose to accept it:
1. Join the official Aavegotchi Discord if you haven’t already.
2. Invite one friend to the Discord
3. Once they’ve joined, take a screenshot of their join log from the #welcome-portal channel and post it into the #mission-report2 channel. (Note that each mission has its own report channel!)
That’s it — you’ve now gained one more Aagent level!
Good luck, Aavegotchi Aagent!
(This message will not self-destruct in thirty seconds!)
$GHST Token Distribution Update
This week we confirmed various details about the upcoming $GHST distribution after deep discussions with token economics and legal advisors.
Distribution of $GHST will take place in three rounds:
- An open private round of 250K DAI, in which participants who perform KYC and meet a 20K DAI minimum can join;
- A pre-sale round of 50K DAI open to anyone who meets KYC requirements. This round is mainly for bootstrapping liquidity into the Token Bonding Curve described below;
- A Token Bonding Curve round, in which the token will be distributed on the bonding curve similar to the one described in this whitepaper.
Participants in Round 1 and 2 will have their $GHST tokens vested over a period of one year, beginning from the close of Round 2. After 180 days, an initial release equivalent to roughly 50% of the total amount will be released, followed by a drip release of the remaining tokens over the next 185 days.
We are planning to use the Aragon Fundraising template to perform this distribution. More details about Aragon Fundraising can be found here.
Why private sale, sir?
In the spirit of transparency that Aave and Aavegotchi embody, we believe the community should be aware of the open private round, and know that participants will be getting a discount on $GHST token in exchange for a significant lockup period. The DAI raised from this private sale will give the Summoning Team the initial funds its needs to build out the Aavegotchi vision.
The alternate to the private sale would be a model similar to dxDAO, in which there was no private sale, but the bonding curve has an extremely low reserve ratio of 10%. That means that buyers cannot sell without losing a large percentage of their funds. We believe that liquidity is extremely important, so our bonding curve will have a 100% reserve ratio, which will enable buyers and sellers to trade into the curve with minimal slippage.
That’s it for this week’s update! Until next time…
Stay spooky fam,