Hey frens 👻! We’re back this week with the most exciting update so far in the history of Aavegotchi. The Aavegotchi GHST token distribution went off without a hitch, and is now live at this contract address: 0x3F382DbD960E3a9bbCeaE22651E88158d2791550.
You can view the token live on Etherscan here.
This Week’s Updates
- Aavegotchi GHST Token launched on Mainnet this week! Almost 7mil DAI deposited into reserves, as of this post
- GHST token held by over 2000 unique addresses
- AavegotchiDAO Genesis (V1.0) live on Mainnet
- This week’s Mission: Just DAO it!
- Development update: Journey to Mainnet w/ the Diamond Standard
- Around the Block — Aavegotchi in the News
Aavegotchi GHST Token launched on Mainnet this week! Almost 7mil DAI deposited into reserves, as of this post
After months of preparation, the Aavegotchi core team finally summoned GHST token into existence on Monday, September 14 at 9:36PM SGT time, in block 10860423 of the Ethereum Mainnet.
The token distribution consisted of two distinct phases — first, a presale of 500,000 GHST at 0.1 DAI each, used to bootstrap liquidity; and second, the launch of the GHST token bonding curve, a continuous Automated Market Maker (AMM) that mints and burns GHST on demand, starting at 0.2 DAI / GHST.
In less than a minute, the presale was sold out, as more than 100 Level 6 Verified Aagents competed for an allocation. All participants had been warned beforehand that anyone purchasing more than 50,000 GHST would be stripped of their Aagent levels and whitelisting credentials. We’re proud to say that all Aagents followed the rules, as verified by Etherscan’s transaction history.
The Bonding Curve
Immediately after the presale ended, trading on the token bonding curve opened at 0.2 DAI each. Within minutes, millions of DAI worth of liquidity flowed into the bonding curve, minting new GHST supply and raising the price.
As of publishing, GHST has a total circulating supply of 25,107,602.
GHST token held by over 2000 unique addresses
Fair distribution has lately become a buzzword in the DeFi space, but its exact meaning varies, depending on who is using it.
For Aavegotchi, fair distribution means:
- equal access to opportunity (not necessarily equal outcome);
- complete transparency;
- no excessive premine
These principles were our Northern Star, guiding us as we selected our distribution mechanism and designed the token economics of Aavegotchi GHST token.
As mentioned above, GHST is distributed via a continuous token bonding curve, which ensures an always-on market where anyone (except for those from restricted jurisdictions, due to securities regulations) can mint and burn their GHST tokens at will. This mechanism obviates the most stressful aspect of a token launch: the need to create liquidity events (i.e, exchange listings) to grow the community. Liquidity is built-in to the GHST token, ensuring equal access to a deep liquidity pool for anyone.
Our presale selection process was also an example of equal-opportunity transparency. Any Aavegotchi Aagent who had earned Level 6 and was KYC-eligible had a fair crack at joining the presale, but in the end, those with the quickest transactions won out.
Finally, we refrained from doing an excessively large premine, as is common in many crypto projects. Our total premine was 7.5 million GHST, with the following distribution:
- 5 million to private sale participants
- 500,000 to presale participants
- 2 million to team/advisors/ecosystem
The primary motivation for the private sale was to ensure our Summoning Team has the resources needed to carry out development of the Aavegotchi ecosystem up to Mainnet and beyond. In crypto terms, it is an extremely modest and conservative allocation, which we hope will give the community confidence that our team is here to “buidl”, not raise and run.
We believe it is this combination of equal access, transparency, and conservatism that has led to such spectacular results so far: over 2200 unique addresses hold GHST token, with no airdrop needed.
Now that’s fair distribution.
AavegotchiDAO Genesis (V1.0) live on Mainnet
Another name for our unique token distribution method is a DAICO — a decentralized, autonomous token sale, where funds are managed by a tap mechanism controlled by the DAO.
This is exactly what AavegotchiDAO Genesis is, and we are proud to say that our DAO is live on Mainnet, powered by Aragon.
The main purpose of AavegotchiDAO Genesis is to manage this tap mechanism, ensuring that incentives between the Summoning Team and GHST tokenholders are aligned. In the coming weeks, the Summoning Team will begin withdrawing and allocating tap funds from the reserve, at a rate of 50,000 DAI / month. Currently the reserve contains over 7 million DAI (at publish time), so this withdrawal will have very little effect on the TBC liquidity.
We will be allocating these funds to pay for initiatives such as:
- Community management
- International marketing
- Aavegotchi ecosystem growth
- Community proposals
Speaking of community proposals…
This week’s Mission: Just DAO it!
Recently, a new off-chain voting platform called Snapshot has become popular. Snapshot allows tokenholders to easily create and vote on proposals, without spending gas.
Gasless voting is extremely exciting to us, as it allows a community to easily signal their preferences. That’s why we’ve chosen to use the Snapshot platform for our first DAO-related Mission!
This week’s Mission, if you choose to accept it:
- Navigate to the official Aavegotchi Snapshot page, at: https://snapshot.page/#/aavegotchi
- Use GHST to vote on an existing proposal. You’ll need a wallet with some GHST token in it.
- (Optional): Create a proposal for an idea you’d love to see the AavegotchiDAO fund or enable.
(If you create a proposal, set the start date to 12 hours ago (to avoid date confusion), and the end date 7 days after the current day. Set the block number to 45,800 blocks higher than the current Ethereum block height.)
- Once you’ve clicked the “Vote” button, you’ll be asked to sign a transaction. Take a screenshot of the transaction, as seen below (taken from the SWRV DAO):
5. Click “Sign” to cast your vote
6. Paste that screenshot into the #mission-report7 channel, and claim your Level Up!
Good luck, Aavegotchi Aagent!
(This message will not self-destruct in thirty seconds!)!
To celebrate the launch of AavegotchiDAO, we’ll be giving away 333 DAI each to the TOP 3 proposals that pass with the highest amount of accrued voting power.
What kind of ideas are we looking for?
The idea of this Mission is to bring everyone together and brainstorm as many aavesome ideas as possible. This also gives our core team a better sense of the wider community’s priorities. No idea is too wild, silly, or serious for that matter.
Don’t worry too much about implementation at this point. We’re excited to see what comes and where this collective brainstorm can lead. It’s very possible some of the most upvoted ideas are too big to implement, don’t fit our roadmap, or are already very similar to things we’re already building. So don’t over think it, don’t under think it, and let’s enjoy exploring the possibilities Aavegotchi offers us all.
The snapshot for highest voting power will be taken September 24, 6PM SGT time. The winners will be announced in next week’s community update.
When Aavegotchis, sir?
Originally we were going to post a dev update in this Community Update, but it’s already gotten so long, that we’ve decided it deserves its own piece. Big news on Aavegotchi development coming in a few days!
Around the Block — News/Media about Aavegotchi
- Crypto Chico (Crypto Youtuber) mentioned Aavegotchi in video about DeFi NFTs https://youtu.be/okGmq6jGkvE?t=238
- Cagjyan (Crypto Youtuber) mentioned Aavegotchi and GHST token sale https://youtu.be/6y_pLmXmumk?t=222
- Aavegotchi CEO @coderdannn spoke about Aavegotchi at the WIP Asia event held in Cryptovoxels
- Aavegotchi COO @gldnxross presented Aavegotchi at BlockLive Asia
That’s it for this week’s community update!
Stay spooky fam,